Hmm...The CEO of ISDA Just Announced He's Stepping Down


Photo: Tyler Stalman

Conrad Voldstad, CEO of the International Swaps and Derivatives Association, just announced his resignation.According to Bloomberg, he will be replaced by Robert Pickel, the association’s current vice chairman, on January 1.

Voldstad will remain a special advisor to the association’s board.

Voldstad’s resignation announcement comes at a precarious moment for the credit swaps, as questions swirl about the possibility of a credit event in Greece.

The ISDA has stated that it cannot decide yet whether or not the proposed 50% haircut on Greek bonds for private bondholders will provoke a credit event and swap payouts. They’re waiting on the specific details of the deal.

“A simple rule to follow is that if you are going to opine on a contract, you have to read the contract,” Voldstad and Pickel wrote in a blog post earlier this week (via eFinancialNews).

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