Isda chair on the swaps market’s power shift

A decade ago, dealers held 18 of 19 board seats – but crisis has forced trade body to change

Eric Litvack, International Swaps and Derivatives Association

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Read all our coverage from the Isda AGM here

One way to tell the story of the over-the-counter derivatives market – its recent past and near future – is to look at who calls the shots at the International Swaps and Derivatives Association.

A decade ago, 18 of the board members were from banks, with most of the directors being senior traders or salespeople of one stripe or another. The sole interloper was from oil trading giant BP.

Today’s board is almost unrecognisable. The story it tells –