Hmm...the CEO of ISDA Just Announced He's Stepping Down

Conrad Voldstad, CEO of the International Swaps and Derivatives Association, just announced his resignation.

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According to Bloomberg, he will be replaced by Robert Pickel, the association's current vice chairman, on January 1.

Voldstad will remain a special advisor to the association's board.

Voldstad's resignation announcement comes at a precarious moment for the credit swaps, as questions swirl about the possibility of a credit event in Greece.

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Tyler Stalman

The ISDA has stated that it cannot decide yet whether or not the proposed 50% haircut on Greek bonds for private bondholders will provoke a credit event and swap payouts. They're waiting on the specific details of the deal.

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"A simple rule to follow is that if you are going to opine on a contract, you have to read the contract," Voldstad and Pickel wrote in a blog post earlier this week (via eFinancialNews).

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