The Swap

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Take a walk into the world of derivatives, as ISDA explores developments in financial markets, risk management, regulation and technology. Featuring interviews with top experts in trading, policy, risk and economics, The Swap asks why the issues that matter actually matter. See acast.com/privacy for privacy and opt-out information.

International Swaps and Derivatives Association, Inc.


    • Apr 23, 2025 LATEST EPISODE
    • monthly NEW EPISODES
    • 34m AVG DURATION
    • 51 EPISODES


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    Latest episodes from The Swap

    The Value of Derivatives

    Play Episode Listen Later Apr 23, 2025 32:19


    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. Hosted on Acast. See acast.com/privacy for more information.

    Meet the ISDA Chair

    Play Episode Listen Later Mar 18, 2025 21:11


    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. Hosted on Acast. See acast.com/privacy for more information.

    ISDA at 40

    Play Episode Listen Later Jan 31, 2025 33:44


    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 standards Hosted on Acast. See acast.com/privacy for more information.

    Basel, Treasury Clearing and NBFI

    Play Episode Listen Later Dec 17, 2024 35:26


    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. Hosted on Acast. See acast.com/privacy for more information.

    Building a Voluntary Carbon Market

    Play Episode Listen Later Dec 11, 2024 30:23


    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. Hosted on Acast. See acast.com/privacy for more information.

    Understanding NBFI Risks

    Play Episode Listen Later Oct 17, 2024 28:09


    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. Hosted on Acast. See acast.com/privacy for more information.

    US Election: Impact on the Financial Sector

    Play Episode Listen Later Oct 3, 2024 40:32


    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. Hosted on Acast. See acast.com/privacy for more information.

    Spotlight on Clearing

    Play Episode Listen Later Sep 3, 2024 47:18


    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. Hosted on Acast. See acast.com/privacy for more information.

    acast clearing daniel maguire
    Managing Geopolitical Risk

    Play Episode Listen Later Jul 25, 2024 38:09


    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. Hosted on Acast. See acast.com/privacy for more information.

    Exploring GenAI

    Play Episode Listen Later Jun 3, 2024 35:00


    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. Hosted on Acast. See acast.com/privacy for more information.

    Making the US Treasury Market More Resilient

    Play Episode Listen Later Apr 10, 2024 29:34


    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. Hosted on Acast. See acast.com/privacy for more information.

    Exchange of Views

    Play Episode Listen Later Mar 21, 2024 44:36


    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. Hosted on Acast. See acast.com/privacy for more information.

    US Treasuries and Bank Balance Sheet Capacity

    Play Episode Listen Later Feb 12, 2024 26:49


    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? Hosted on Acast. See acast.com/privacy for more information.

    Goodbye 2023

    Play Episode Listen Later Dec 20, 2023 32:59


    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. Hosted on Acast. See acast.com/privacy for more information.

    The EU Regulatory Agenda

    Play Episode Listen Later Dec 7, 2023 43:32


    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. Hosted on Acast. See acast.com/privacy for more information.

    Reporting Revamp

    Play Episode Listen Later Nov 16, 2023 28:10


    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. Hosted on Acast. See acast.com/privacy for more information.

    Changing Treasury Market Structure

    Play Episode Listen Later Oct 17, 2023 39:46


    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. Hosted on Acast. See acast.com/privacy for more information.

    Building Local Markets

    Play Episode Listen Later Aug 17, 2023 38:44


    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. Hosted on Acast. See acast.com/privacy for more information.

    Talking TAC

    Play Episode Listen Later May 25, 2023 46:30


    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. Hosted on Acast. See acast.com/privacy for more information.

    The Global Regulatory Agenda

    Play Episode Listen Later May 4, 2023 31:55


    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 Moloney Hosted on Acast. See acast.com/privacy for more information.

    Balancing Energy Security and Transition

    Play Episode Listen Later Apr 18, 2023 18:23


    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 Staunton Hosted on Acast. See acast.com/privacy for more information.

    Outlook for Treasury Clearing

    Play Episode Listen Later Mar 28, 2023 30:17


    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. Hosted on Acast. See acast.com/privacy for more information.

    Meeting the Press

    Play Episode Listen Later Jan 24, 2023 47:11


    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. Hosted on Acast. See acast.com/privacy for more information.

    Unexpected Events

    Play Episode Listen Later Dec 13, 2022 36:08


    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 year Hosted on Acast. See acast.com/privacy for more information.

    Phase Six and Beyond

    Play Episode Listen Later Nov 3, 2022 42:43


    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. Hosted on Acast. See acast.com/privacy for more information.

    Outlook for Global Energy Prices

    Play Episode Listen Later Sep 8, 2022 40:40


    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. Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

    energy outlook prices global energy kevin book clearview energy partners
    Credibility in Carbon Trading

    Play Episode Listen Later Sep 6, 2022 30:43


    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. Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

    Turbulent Times

    Play Episode Listen Later Jul 11, 2022 29:35


    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. See acast.com/privacy for privacy and opt-out information.

    Delving into DLT

    Play Episode Listen Later Jun 20, 2022 38:29


    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. See acast.com/privacy for privacy and opt-out information.

    The CFTC's Priorities

    Play Episode Listen Later Apr 21, 2022 44:54


    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. See acast.com/privacy for privacy and opt-out information.

    priorities cftc isda rostin behnam
    From Climate to Crypto

    Play Episode Listen Later Apr 4, 2022 29:28


    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 discuss See acast.com/privacy for privacy and opt-out information.

    Growing China's Derivatives Market

    Play Episode Listen Later Mar 2, 2022 29:34


    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. See acast.com/privacy for privacy and opt-out information.

    Advancing Crypto Derivatives

    Play Episode Listen Later Feb 15, 2022 35:20


    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. See acast.com/privacy for privacy and opt-out information.

    Pioneering Change in DEI

    Play Episode Listen Later Dec 14, 2021 43:11


    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'Malia See acast.com/privacy for privacy and opt-out information.

    Monitoring Financial Stability

    Play Episode Listen Later Nov 22, 2021 47:05


    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 focus See acast.com/privacy for privacy and opt-out information.

    Crypto and Derivatives

    Play Episode Listen Later Oct 27, 2021 41:51


    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'Malia See acast.com/privacy for privacy and opt-out information.

    The EC's Regulatory Agenda

    Play Episode Listen Later Oct 13, 2021 34:09


    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 priorities See acast.com/privacy for privacy and opt-out information.

    The Future for Investment Banking

    Play Episode Listen Later Sep 24, 2021 34:11


    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. See acast.com/privacy for privacy and opt-out information.

    Capital and the Pandemic

    Play Episode Listen Later Jul 23, 2021 40:04


    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'Malia See acast.com/privacy for privacy and opt-out information.

    Resilience by Margin

    Play Episode Listen Later Jun 30, 2021 27:06


    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. See acast.com/privacy for privacy and opt-out information.

    Adapting to Change

    Play Episode Listen Later May 27, 2021 27:34


    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. See acast.com/privacy for privacy and opt-out information.

    Investing in Innovation

    Play Episode Listen Later Apr 8, 2021 32:27


    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. See acast.com/privacy for privacy and opt-out information.

    Diversity and Derivatives

    Play Episode Listen Later Mar 4, 2021 40:40


    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 Amanda Pullinger from 100 Women in Finance give their perspectives. See acast.com/privacy for privacy and opt-out information.

    Brexit: Moving to Strategic Rivalry

    Play Episode Listen Later Feb 1, 2021 37:02


    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. See acast.com/privacy for privacy and opt-out information.

    Derivatives and Sustainable Finance

    Play Episode Listen Later Jan 6, 2021 33:22


    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. See acast.com/privacy for privacy and opt-out information.

    2021: Benchmarks, Biden and Brexit

    Play Episode Listen Later Dec 15, 2020 37:57


    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. See acast.com/privacy for privacy and opt-out information.

    What Next for US Financial Markets Regulation?

    Play Episode Listen Later Nov 30, 2020 42:34


    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. See acast.com/privacy for privacy and opt-out information.

    Building Momentum in Alternative Rates

    Play Episode Listen Later Nov 3, 2020 30:53


    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 the IBORs. See acast.com/privacy for privacy and opt-out information.

    The Milestones to LIBOR Transition

    Play Episode Listen Later Nov 3, 2020 28:45


    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 institutional securities at Morgan Stanley and chairman of the Alternative Reference Rates Committee, describe what firms need to do and the major milestones that must be met to ensure a smooth transition. See acast.com/privacy for privacy and opt-out information.

    transition milestones morgan stanley working group libor alternative reference rates committee
    Goodbye LIBOR

    Play Episode Listen Later Nov 3, 2020 26:23


    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' exposures. See acast.com/privacy for privacy and opt-out information.

    Introducing The Swap

    Play Episode Listen Later Oct 15, 2020 3:14


    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 deliver punchy, insightful and digestible intelligence on global financial markets. See acast.com/privacy for privacy and opt-out information.

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