Scott O’Malia, ISDA – The Financial Crisis and Its Aftermath
Scott O’Malia – ISDA
When I first took the job, people said, ‘Scott, you know, it hasn’t been all that busy. You might want to think about getting a hobby.’ Well, the financial crisis hit. We had to implement Dodd-Frank. I had no need for hobbies. I had no time for hobbies.
In this MarketsWiki Education video, Scott O’Malia, CEO of ISDA and a former CFTC commissioner, breaks the aftermath of the great financial crisis into a three act play that parallels his career.
First, O’Malia worked for a senator with a prominent role on the budget committee and helped with the initial legislative response. Then O’Malia became a CFTC commissioner before the G20 mandate and the passage of Dodd-Frank. Suddenly, he had a momentous rulemaking task on his plate. O’Malia admits that it was a less than perfect process and that it is hard to believe that when all’s said and done the rulemaking process will have taken a decade.
Now, O’Malia is living his third act as CEO of ISDA on yet another side of the regulatory equation, this time working to practically implement the aforementioned rules in a manner that isn’t disruptive to the industry. As O’Malia says, when it comes to this play, the jury is still out. We won’t have the critics’ full reviews for years to come.
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