The ISDA Industry Governance Committee (IIGC) is made up of senior business professionals of which a proportion are ISDA Board members. Other members include the ISDA Steering Committee Chairs, and 4 buy side representatives as nominated by the AMG and MFA. Its role is to oversee all strategic issues and lead regulatory dialogue in market practice and post trade issues in the OTC derivatives market. This Committee is at the top layer (layer 1) of the ISDA Governance Structure and provides an escalation point for the Steering Committees (layer 2) The industry’s governance structure determines its relationships with other industry stakeholders, including regulators and vendors, as well as other industry infrastructure providers. The Steering Committees are listed below; for information about the Implementation Groups (layer 3) and the Working Groups (layer 4) please see the Industry Governance Committee Structure document.
Committee Co-Chairs: Athanassios Diplas, Deutsche Bank and Charles Mulhern, Wellington Management Company
ISDA Staff Contact: Julian Day
ISDA Steering Committees (layer 2)
The second layer of the ISDA Governance Structure, the Steering Committees, are asset class specific (Credit, Rates, Equity, and Commodities). They are made up of senior business management at the asset class level and focus on business and market practice issues. They oversee and validate the work of the relevant asset class Implementation Groups. Steering Committees also exist for Collateral (COLSC) and Operations (OSC).
ISDA Implementation Groups (layer 3)
ISDA Implementation Groups (IGs) are aligned with the above Steering Committees and are responsible for the tactical implementation and delivery of the agenda determined for the industry by the IIGC and SCs. In order to successfully deliver this agenda the IGs will from time to time establish short or long terms sub groups to focus on specific aspects of the agenda. These sub groups may include all or a subset of the firms active in the IG but will operate under their guidance.
ISDA Working Groups (layer 4)
The ISDA Working Groups are smaller focus groups concentrating on achieving specific regulator targets, and on items affecting their market, as defined by their relevant Implementation Group.
Equity Groups
ISDA Equity Steering Committee (ESC)
Committee Chair: Eric Litvack, Société Générale
ISDA Staff Contact: Clive Ansell
Equity Implementation Group (EIG)
Committee Chair: Martin Gould, DB; Michaela Ludbrook, GSAM; and Peter Garratt, GS
ISDA Staff Contact: Clive Ansell
Equity Derivatives Reporting Repository (EDRR) Governance Committee
The Trade Repository Governance Committee works with the repository vendor on the repository build and steers development and liaises with regulators. It is made up of representatives both from the buy side and sell side firms, and the repository vendor.
ISDA Staff Contact: Clive Ansell
Equity Working Groups
- Electronic Working Group
- Equity Architecture Working Group
ISDA Staff Contact: Clive Ansell
Asia-Pacific Equity Derivatives Operations Working Group
ISDA Staff Contact: Jeffrey Kan
Visit the Equity Derivatives Asset Class page
Interest Rates Groups
ISDA Interest Rates Steering Committee (RSC)
Committee Chair: Jon Eilbeck, Deutsche Bank and Andrew Powell, JPMorgan
ISDA Staff Contact: Anna Box
Rates Implementation Group (RIG)
Committee Chairs: Katherine Andrews, Bank of America Merrill Lynch; Rohan Murphy, Morgan Stanley; Tracey Bissell, Wells Fargo; and Atul Chug, Citi
ISDA Staff Contact: Anna Box
The Repository Governance Committee
The Trade Repository Governance Committee works with the repository vendor on the repository build and steers development and liaises with regulators. It is made up of representatives both from the buy side and sell side firms, and the repository vendor.
ISDA Staff Contact: Anna Box
Interest Rates Working Groups
- Rates Legal Advisory Group
- Regulatory Target Delivery Working Group
- IRP Operations Working Group
- Metrics Benchmarking Working Group
- Architecture Working Group
- Electronic Allocations Delivery Working Group
- Rates Electronic Novation Consent Working Group
ISDA Staff Contact: Anna Box
Asia-Pacific Interest Rates Derivatives Operations Working Group
ISDA Staff Contact: Jeffrey Kan
Visit the Interest Rates Derivatives Asset Class page
Credit Derivatives Groups
ISDA Credit Steering Committee (CSC)
Committee Chairs: Athanassios Diplas, Deutsche Bank & Tom Benison, JPMorgan Chase
ISDA Staff Contact: Andrew Kayiira
Credit Implementation Group (CIG)
Committee Chairs: Lee Silverwood, Barclays; Todd Sullivan, Morgan Stanley
ISDA Staff Contact: Andrew Kayiira
Credit Working Groups
- Consent Equal Confirmations Working Group
- Credit Operations Working Group
ISDA Staff Contact: Andrew Kayiira
Asia-Pacific Credit Derivatives Operations Working Group
ISDA Staff Contact: Jeffrey Kan
Visit the Credit Derivatives Asset Class page
Commodities Groups
ISDA Commodities Steering Committee (COSC)
Committee Chairs: Alan Haywood, BP & Tani Nath, Barclays Capital
ISDA Staff Contact: Nichole Framularo
Commodities Implementation Group (COIG)
Committee Chairs: Bill Hirshorn, Morgan Stanley; Rachel Simon, Credit Suisse; and Stephen Bell, JPMorgan.
ISDA Staff Contact: Nichole Framularo
Commodities Working Groups
- Metrics and Electronic Matching Working Group
- Portfolio Compression Working Group
- Collateral and Portfolio Reconciliation Working Group
- Trade Repository Working Group
- Documentation Self-Assessment Working Group
ISDA Staff Contact: Nichole Framularo
Visit the Commodities Derivatives Asset Class page
Collateral Groups
ISDA Collateral Steering Committee (COLSC)
Committee Chairs: Mike Clarke, UBS & Arthur Magnus, JPMorgan Chase
ISDA Staff Contact: Nichole Framularo
Collateral Working Groups
- Best Practice Working Group
- Dispute Resolution Working Group
- Dispute Resolution Testing Group
- Supervisory Dispute Reporting Working Group
- Portfolio Reconciliation Working Group
- Collateral Infrastructure Working Group (CIWG)
ISDA Staff Contact: Nichole Framularo
Asia-Pacific Collateral Management Operations Working Group
ISDA Staff Contact: Jeffrey Kan
Visit the Collateral page
Asia-Pacific Groups
Asia-Pacific Implementation Group
Committee Chairs: Sheila Thangavelu, Morgan Stanley, Singapore, and Mandy Chan, HSBC, Hong Kong
ISDA Staff Contact: Jeffrey Kan
Asia-Pacific Working Groups
- Asia-Pacific Equity Derivatives Operations Working Group
- Asia-Pacific Interest Rates Derivatives Operations Working Group
- Asia-Pacific Credit Derivative Operations Working Group
- Asia-Pacific Collateral Management Operations Working Group
ISDA Staff Contact: Jeffrey Kan
Visit the Asia-Pacific Region page
Operations Groups
ISDA Operations Steering Committee (OSC)
Committee Chairs: Anne Marie Davis, Citadel; Charles Mulhern, Wellington; Oliver Stuart, Morgan Stanley; and David Inggs, Goldman Sachs
ISDA Staff Contact: Julian Day
Settlements Implementation Group (SIG)
Committee Chairs: Augustine Vargetto, Credit-Suisse; Mark Gardner, Morgan Stanley; and Sandra Aldersley, UBS
ISDA Staff Contact: Catherine Brady
Settlements Working Groups
- Metrics Working Group
- Settlement Fails Working Group
ISDA Contact: Catherine Brady
ISDA FX Confirmations Working Group
A working group focusing on the development and implementation of best practices in the FX market and around the preparation and process of paper confirmations. It provides a broad forum for member discussion and feedback.
ISDA Staff Contact: Anna Box
Visit the Market Infrastructure homepage
Data Infrastructure
Data Infrastructure Working Group
The Data Infrastructure Working Group is a cross-product group, under IIGC, to cover Trade Repositories and other data matters, such group having representation from both trading businesses and infrastructure and from buy-side and sell-side. The mandate for this group is to bring a cross-discipline focus to and take ownership of ISDA strategy with respect to matters such as Trade Repositories, algorithmic messaging and identifiers.
Committee Chairs: Oliver Stuart, Morgan Stanley and Jon Eilbeck, Deutsche Bank
ISDA Staff Contact: Karel Engelen
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