ICBC official becomes first from China to join Isda board

A Chinese financial institution will be represented on the board of directors of the International Swaps and Derivatives Association for the first time, following the election of an executive from the Industrial and Commercial Bank of China (ICBC).

Lili Wang, senior executive vice-president at ICBC, was elected to a two-year term on the board at Isda’s annual general meeting in Vienna on April 17.

The addition of a Chinese bank official to the board highlights the increased importance to the privately negotiated derivatives business of the Asia-Pacific region in general and of China in particular, says Isda. A further indication of the region’s significance is that Isda’s 2009 AGM will be held in Beijing next April.

The other new board directors are: Atsushi Takahashi, general manager of derivatives products division at Mizuho Corporate; Dixit Joshi, London-based head of equity-linked products at Barclays Capital; and Stephen O’Connor, global head of counterparty portfolio management at Morgan Stanley.

Meanwhile, the association also appointed Jacqueline Mei Lin Low as senior counsel for Asia, effective May 7. She will be based in Singapore and reports to David Geen, London-based general counsel.

Low joins from DBS Bank, where she was regional treasury counsel, heading the global financial markets treasury legal group. She will cover legal and documentation matters and co-ordinate with colleagues on regulatory issues in the Asian region, focusing on south Asia.

Her appointment is part of Isda’s plan to move towards a more regionally diversified representation, says the association.

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