The Swap
The Swap is a podcast from the International Swaps and Derivatives Association that explores developments in derivatives and financial markets. Episodes cover risk management, regulation and technology, with interviews featuring experts in trading, policy and economics. The show explains why key market issues matter and how they affect the broader financial system. It is aimed at professionals and others interested in derivatives and financial market structure.
Episodes
Modelling Margin
The ISDA Standard Initial Margin Model has proved to be one of the most consequential industry models ever developed. The Swap talks with two industry veterans involved in its development.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Reducing Burdens
As she nears the end of her term as chair of the European Securities and Markets Authority, Verena Ross joins The Swap to discuss progress in simplifying and reducing the burden of EU financial regulation, including transaction reporting.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
The AGM Agenda
This year’s ISDA Annual General Meeting featured discussions on the growth of digital assets and tokenized collateral, how AI is being used in financial services and changes to the regulatory framework. The Swap looks back at the conversations.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Clarity on Crypto
As the Clarity Act works its way through Congress, US regulators are evolving their approach to digital assets. SEC commissioner Hester Peirce joins The Swap to talk about crypto regulation, Treasury clearing and artificial intelligence.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Countdown to Treasury Clearing
With less than nine months to go until the first US Treasury clearing mandates come into force, BlackRock’s Tyler Wellensiek and BNY’s Nate Wuerffel discuss industry progress.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Tokenization in Derivatives Markets
Tokenization has the potential to bring much-needed efficiency and flexibility to collateral management. Sandy Kaul from Franklin Templeton and the DTCC’s Joseph Spiro talk about the opportunities and the path to broader adoption.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
A Modernization Agenda
ISDA’s chair Amy Hong sets out priorities for the association in 2026 and the important role that technologies like tokenization and artificial intelligence will play in modernizing derivatives markets.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
The IOSCO Agenda
Global policymakers are focused on a wide-ranging set of issues, including NBFI and the rapid development of advanced technologies. IOSCO secretary general Rodrigo Buenaventura unpacks the regulatory agenda.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Innovative Thinking
The pace of change in derivatives markets shows no sign of letting up, with rapid evolution across trading, regulation and technology. Industry veteran Don Wilson, founder of trading firm DRW, talks to The Swap about some of the biggest trends.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Trading Places
Markets have been volatile so far this year, but what has this meant for market liquidity? The Swap talks to Chris Edmonds from Intercontinental Exchange on trading activity and the market, economic and geopolitical outlook.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
The Value of Derivatives
A new report from ISDA shows that companies all over the world use derivatives to alleviate uncertainty, transfer risk and enhance profitability. ISDA discusses the findings with BCG’s Roy Choudhury.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Meet the ISDA Chair
The start of ISDA’s 40th anniversary coincided with the appointment of a new ISDA chair, Jeroen Krens. In this episode, we hear about his plans for the association and main strategic priorities.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
ISDA at 40
To mark ISDA’s 40th anniversary, The Swap meets two pioneers of the derivatives market, Tom Jasper and Jeffrey Golden, to discuss the emergence of derivatives and the importance of standardsProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Basel, Treasury Clearing and NBFI
In this review of the year, ISDA CEO Scott O’Malia and Chairman Eric Litvack look back at the derivatives market and regulatory issues dominating 2024, including Basel III, Treasury clearing and non-bank financial intermediation.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Building a Voluntary Carbon Market
Voluntary carbon markets could play an important role in the shift to net zero but what’s needed to build liquidity and ensure transparency in this market? ISDA CEO Scott O’Malia talks to Rubicon Carbon’s Tom Montag.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Understanding NBFI Risks
As regulators look to tackle perceived risks posed by non-bank financial intermediation, Bruce Tuckman from the Stern School of Business gives his views on what’s driving these concerns and how they might be resolved.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
US Election: Impact on the Financial Sector
With just weeks to go until the US election, ISDA talks to Rhod Shaw from government affairs consulting firm Alpine Group about the key policy issues and the implications for the financial sector.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Spotlight on Clearing
Clearing of derivatives has been a key regulatory objective since the 2008 financial crisis, but proposed changes to US capital rules would make clearing much more expensive. Scott O’Malia discusses the implications with LSEG’s Daniel Maguire.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Managing Geopolitical Risk
Geopolitical risk has become a focus for financial institutions, with the potential to cause extreme volatility in financial markets. How are banks thinking about this? Scott O’Malia talks to Citi’s Brent McIntosh.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Exploring GenAI
A new paper from ISDA Future Leaders in Derivatives explores the potential for generative artificial intelligence in the derivatives market. Scott O’Malia talks to IFLD participants Tom Reynolds and Katherine Arden about the paper’s findings and recommendations.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Making the US Treasury Market More Resilient
Regulators have looked for ways to make the US Treasury market more efficient, competitive and resilient. What’s been achieved and what else is needed? ISDA talks to Michelle Neal at the Federal Reserve Bank of New York.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Exchange of Views
Sustainable and green finance will play a critical part in the transition to net zero. SGX’s Michael Syn talks about how the exchange is approaching this issue.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
US Treasuries and Bank Balance Sheet Capacity
Darrell Duffie, professor at the Stanford Graduate School of Business, has highlighted shrinking bank balance sheet capacity as a key reason for bouts of illiquidity in the US Treasury market. What’s the answer?Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Goodbye 2023
From the final farewell of LIBOR to release of the long-awaited US capital proposals, several key issues have dominated derivatives markets in 2023. ISDA’s Scott O’Malia and Eric Litvack look back on the year.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
The EU Regulatory Agenda
Key pieces of EU financial market regulation have been reviewed, resulting in several key changes. What will this mean for derivatives market participants? ISDA speaks to ESMA executive director Natasha Cazenave.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Reporting Revamp
Regulators around the world have been revising their derivatives reporting rules to incorporate global data standards. JP Morgan’s Eleanor Kelly and DTCC’s Syed Ali discuss the importance of the rules and the benefits of taking a digital approach to implementation.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Changing Treasury Market Structure
The US Securities and Exchange Commission has proposed increased clearing of certain US Treasury securities, but what impact would that have on market structure? Frank La Salla, president and chief executive of DTCC, gives his views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Building Local Markets
The development of local derivatives markets can help boost economic growth and financial market liquidity in emerging market and developing economies, but how can jurisdictions ensure these markets are efficient and resilient? The EBRD’s Axel van Nederveen and Frontclear’s Romina Lopez Martinez give their views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more inform
Talking TAC
The threat of cyber attacks and vulnerabilities in the crypto market are among the issues being discussed by the Commodity Futures Trading Commission’s Technology Advisory Committee. The committee’s sponsor, CFTC commissioner Christy Goldsmith Romero, discusses its priorities and objectives.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
The Global Regulatory Agenda
A recent series of liquidity crunches has prompted a global regulatory effort to identify and remediate potential vulnerabilities in financial markets. How is that work progressing? ISDA talks to IOSCO’s Martin MoloneyProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Balancing Energy Security and Transition
The invasion of Ukraine and subsequent rise in energy costs have brought the issue of energy security to the fore. How are policymakers responding, and what impact will this have on the transition to a green economy? ISDA talks to BP’s Niamh StauntonProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Outlook for Treasury Clearing
Regulators would like to see increased central clearing of US Treasury securities to further strengthen the resiliency of the financial system. What are the implications of this potential change? ISDA talks to Brian Ruane at Bank of New York Mellon.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Meeting the Press
The collapse of FTX and the knock-on effects on the crypto market continue to make headlines, but what other stories are likely to feature prominently in 2023? Bloomberg’s Tracy Alloway and the FT’s Philip Stafford give their views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Unexpected Events
From the war in Ukraine and surging energy prices to the sell-off in UK gilts and the impact on liability-driven investment funds, the past year has seen a succession of unexpected, market-moving events. ISDA’s Scott O’Malia and Eric Litvack look back at an astonishing yearProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Phase Six and Beyond
The sixth and final phase of margin requirements for non-cleared derivatives came into effect on September 1. How did the market react – and what’s next? Scott O’Malia talks to Wayne Forsythe at State Street and Liz Lindsay at Bank of Montreal.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Outlook for Global Energy Prices
Energy prices have reached stratospheric levels, triggering predictions of a challenging winter in the northern hemisphere. What’s the outlook for global energy markets, and how will the current landscape impact the switch to renewables? Scott O’Malia talks to Kevin Book at ClearView Energy Partners.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Credibility in Carbon Trading
The voluntary carbon market is seen as having a key role in the transition to a green economy, but transparency and integrity are critical to its success. Annette Nazareth, chair of the Integrity Council for the Voluntary Carbon Market, talks to Scott O’Malia.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Turbulent Times
The crypto market has experienced a period of significant volatility, with the value of major cryptocurrencies falling sharply in recent weeks. What impact will this have on the crypto derivatives market? Nicola White of B2C2 and Purvi Maniar of FalconX share their perspectives.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Delving into DLT
Distributed ledger technology could potentially revolutionize financial markets by overhauling legacy systems and slashing infrastructure costs. Where are the greatest opportunities in derivatives markets, and what will it take to effect change? Scott O’Malia talks to Digital Asset CEO Yuval Rooz.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
The CFTC’s Priorities
The US Commodity Futures Trading Commission has a full agenda, with climate change, crypto assets, benchmark reform and swap reporting requirements just a few of the issues on the to-do list. CFTC chair Rostin Behnam talks with ISDA about the commission’s priorities.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
From Climate to Crypto
Central banks face a wide range of issues in 2022, from the rapid development of sustainable finance to the rise of crypto assets and the potential for central bank digital currencies. Sylvie Goulard, second deputy governor at the Banque de France, joins ISDA’s Scott O’Malia to discussProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Growing China’s Derivatives Market
China’s derivatives market is fairly small relative to the size of its economy, but forthcoming legal and market developments could help to further grow the country’s capital markets. Chong Liew from Linklaters and LSEG’s Jenny Cosco give their perspective.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Advancing Crypto Derivatives
With banks and institutional investors showing increased appetite for crypto assets, what role will derivatives play in this exciting asset class, and what steps need to be taken to build a robust and liquid derivatives market? Mark Wetjen, head of policy and regulatory strategy at FTX US, gives his views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Pioneering Change in DEI
Promoting and maintaining diversity, equity and inclusion in the workplace is fast becoming a risk and compliance priority for financial institutions. Tuvia Borok, global head of policy and documentation at Goldman Sachs, talks to ISDA CEO Scott O’MaliaProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Monitoring Financial Stability
It’s the job of financial stability authorities to ensure the financial system is resilient and to identify any potential vulnerabilities. The Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, discusses the current areas of focusProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Crypto and Derivatives
Crypto assets are growing at a rapid pace, with increasing interest from institutional investors, which is driving renewed focus on developing robust standards and legal foundations. Former CFTC chairman J. Christopher Giancarlo talks to ISDA CEO Scott O’MaliaProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
The EC’s Regulatory Agenda
The European Commission has a busy end to 2021 in store, with publication of new capital measures due in October, continuing work to enable the transition to a climate-neutral economy by 2050 and an ongoing initiative to review its flagship markets legislation. The EC’s Sean Berrigan discusses the EU’s regulatory prioritiesProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more
The Future for Investment Banking
Regulatory reforms over the past decade helped banks weather the coronavirus crisis, but what’s in store in the future? What will it take to be a leading investment bank, and to what extent will technology be the differentiating factor? JP Morgan analyst Kian Abouhossein gives his views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Capital and the Pandemic
Higher capital and liquidity requirements are widely thought to have helped banks weather the COVID-19 crisis, but do parts of the Basel III framework need to be reconsidered in light of the pandemic? Deutsche Bank group treasurer Dixit Joshi talks to ISDA CEO Scott O’MaliaProduced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Resilience by Margin
The requirement to post initial margin for non-cleared derivatives was one of the main post-financial crisis reforms. As the industry prepares for the final two phases of implementation, Greg O’Donahue of the Ontario Teachers’ Pension Plan and Jérôme Blais of BNP Paribas Securities Services reflect on the impact and challenges of the requirements.Produced by Hangar Studios Hosted on Acas
Adapting to Change
Market participants face a huge number of changes, from the death of LIBOR to adapting to the post-Brexit landscape. How is this affecting trading patterns and customer behavior? Sian Hurrell, head of global sales and relationship management at RBC Capital Markets, gives her views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Investing in Innovation
Technological innovation could transform derivatives markets, but how do you identify technologies with true potential, and what parts of the trade lifecycle are most in need of a tech upgrade? Industry veteran Mark Beeston, founder and partner at Illuminate Financial, shares his perspective.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information.
Diversity and Derivatives
The financial industry has increased its focus on improving gender diversity in the workforce in recent years, but there is still a long way to go. How can firms gain momentum in tackling this issue and what impact has the coronavirus pandemic had on diversity initiatives? PIMCO’s Tracey Jordal and
Brexit: Moving to Strategic Rivalry
What has the end of the Brexit transition period meant for derivatives markets, and how will the priorities of EU and UK regulators shift now that Brexit is finally done? Are the EU and UK entering into a new era of strategic rivalry in financial services? Donald Ricketts, head of financial services at FleishmanHillard, gives his thoughts.Produced by Hangar Studios Hosted on Acast. See acast.com/p
Derivatives and Sustainable Finance
As sustainable finance rises up the agenda around the world, ambitious targets are being set to support the transition to a green economy. What role will the derivatives market play in supporting hedging and standardization? Bob Litterman, founder of Kepos Capital and chair of the CFTC’s climate-related market risk subcommittee, shares his perspective.Produced by Hangar Studios Hosted on Acast. Se
2021: Benchmarks, Biden and Brexit
After a year that saw a global pandemic, a US election and ongoing negotiations over a post-Brexit trade deal between the EU and UK, what does 2021 have in store? How will Brexit, LIBOR reform and a Biden administration affect derivatives markets? D. E. Shaw’s Darcy Bradbury and Société Générale’s Eric Litvack give their views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for m
What Next for US Financial Markets Regulation?
We know the Biden administration will prioritize major issues like COVID-19 and climate change, but what does the US election result mean for the direction of US financial regulation? Paul Atkins, chief executive of Patomak Global Partners, and Fred Hatfield, director, Intercontinental Exchange, give their views.Produced by Hangar Studios Hosted on Acast. See acast.com/privacy for more information
Building Momentum in Alternative Rates
LIBOR is on its way out – but what will replace it? What alternative rates are available, how widely used are they and what needs to happen to bolster liquidity? In this episode, Jack Hattem, managing director in global fixed income at BlackRock, and Subadra Rajappa, head of US rates strategy at Société Générale, give a traders’ perspective on the benchmarks that are being introduced to replace th
The Milestones to LIBOR Transition
With hundreds of trillions of dollars in derivatives, bonds, loans and mortgages linked to LIBOR, shifting to alternative rates is one of the biggest structural changes financial markets have ever faced. In this episode, Frances Hinden, vice president for treasury operations at Shell and vice chair of the Working Group on Sterling Risk-Free Reference Rates, and Tom Wipf, vice chairman of instituti
Goodbye LIBOR
With the clock ticking until the end of 2021, the point at which LIBOR is expected to cease, the derivatives market is working hard to transition to alternative reference rates. ISDA CEO Scott O’Malia speaks to Edwin Schooling Latter, director in markets and wholesale policy at the UK Financial Conduct Authority, about progress in shifting from LIBOR and the challenges posed by ‘tough legacy’ expo
Introducing The Swap
In Episode Zero of The Swap, hosts Nick Sawyer and Scott O’Malia preview the big issues that will be covered on ISDA’s brand new podcast. With influential guests from the public and private sectors, The Swap will cover the information you need on topics ranging from benchmark reform to Brexit, technology and sustainable finance. As Nick and Scott explain, there has never been a better time to deli
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