Robert Pickel, the former CEO of industry trade group ISDA, will join the board at TraditionSEF, the swap trading arm of Tradition Group, as a non-executive director.
The appointment comes as part of Tradition’s fulfilment of CFTC requirements that 35% of each swap execution facility’s board be comprised of independent directors.
Pickel had been with ISDA since 1997 and stepped down. He was succeeded by former CFTC Chairman Scott O’Malia.
“Swap execution facilities are playing an increasingly important role in derivatives trading and the market landscape and this is only set to continue over the coming years,” said Pickel in a release.
“As these become a greater part of the new derivatives market infrastructure I hope to bring a bit broader of a perspective to the company through my experiences at ISDA gaining broader familiarity with the principles of Dodd-Frank.”
SEFs were created by Dodd-Frank with the intention of increasing transparency in over-the-counter swaps markets by forcing the instruments to trade through exchange-like platforms.