History
ISDA was initially created in 1985 as the International Swap Dealers Association and subsequently changed its name switching swap dealers to Swaps and Derivatives. This change was made to focus more attention on their efforts to improve the more broad derivatives markets and away from strictly interest rate swap contracts.
Mark C. Brickell was the President of the International Swaps and Derivatives Association from 1988-1992. He helped defeat US Congressional efforts to regulate derivatives in 1994 and again in 1998.
In 2009 a New York Times article mentioned that in 2005 the ISDA allowed rule changes to CDO payouts (Pay as You Go) that would benefit those who bet against (shorted) mortgage-backed securities, like Goldman Sachs, Deutsche Bank, and others.
Read more about this topic: International Swaps And Derivatives Association
Famous quotes containing the word history:
“Every generation rewrites the past. In easy times history is more or less of an ornamental art, but in times of danger we are driven to the written record by a pressing need to find answers to the riddles of today.... In times of change and danger when there is a quicksand of fear under men’s reasoning, a sense of continuity with generations gone before can stretch like a lifeline across the scary present and get us past that idiot delusion of the exceptional Now that blocks good thinking.”
—John Dos Passos (1896–1970)
“Properly speaking, history is nothing but the crimes and misfortunes of the human race.”
—Pierre Bayle (1647–1706)
“I am not a literary man.... I am a man of science, and I am interested in that branch of Anthropology which deals with the history of human speech.”
—J.A.H. (James Augustus Henry)