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Mr Steve Targett, General Manager, Global Markets was appointed to the Board of the International Swaps and Derivatives Association (ISDA) based in New York, effective 15 March, 2000. He is the first Australian to be appointed as a representative to the Board. The International Swaps and Derivatives Association (ISDA) is the global trade association representing leading participants in the over-the-counter (OTC) derivatives industry. This includes interest rate, currency, commodity and equity swaps, as well as related products such as caps, collars, floors and swaptions. Mr Targett's career in Australian financial markets spans 22 years and has included senior roles at ANZ Banking Group and The State Bank of South Australia. He is also the current Chairman of the Australian Financial Markets Association (AFMA). He has been the head of National Australia Bank's Global Markets division for the past 18 months. In this new role Mr Targett, 44, joins senior managers from some of the world's largest financial institutions (see attached). Following his appointment in Amsterdam Mr Targett said: " The appointment recognises both Australia's development as a global centre for financial services and its pre-eminent position in the region. It also acknowledges the size and global nature of the National." "As the chairman of AFMA, for the past two years, we have worked to build a close relationship with ISDA. AFMA facilitates the use of the ISDA Master agreements for all OTC financial market products in Australia. "As a member of the Board I will be representing all Australian banks, institutions and corporates who use and rely on the ISDA master agreements for their financial transactions," Mr Targett said. The ISDA's board of directors, is drawn from and elected annually by its primary members, and sets the Association's strategy and policies. Headquartered in New York City, ISDA also has an office in London and will open offices in Tokyo and South East Asia later in 2000. ISDA was established in 1985, and today has over 450 members (including National Australia Bank) from 37 countries on five continents. These members include most of the world's major institutions. The International Swaps and Derivatives Association was established to: promote practices conducive to the efficient conduct of the OTC derivatives industry,; including the development and maintenance of standard documentation for derivatives;
create a forum to discuss issues of mutual concern in order to promote common interests;
advance international public understanding of derivatives;
inform its members of legislative and administrative developments affecting participants in (OTC) derivatives industry.
Current ISDA Board of Directors
Mark D. Harding, Chairman
General Counsel
Warburg Dillon Read Thomas K. Montag, Vice-Chairman
Managing Director
Goldman Sachs
Keith Bailey, Treasurer
Managing Director
Merrill Lynch Capital Services, Inc. Douglas Bongartz-Renaud, Secretary
Global Head of Structured Products
Directorate Fixed Income & Derivatives
ABN AMRO Bank N.V.
Directors Shigeru Asai
Deputy General Manager
The Sanwa Bank, Limited
William Hirschberg
Managing Director
Deutsche Bank Suneel Bakhshi
Head of Derivative Trading
Salomon Smith Barney/Citibank
George James
Head of Global Fixed Income Derivatives
Morgan Stanley Dean Witter Henning Bruttel
Senior Manager, Head of Foreign Exchange/Commodities
Dresdner Bank AG
Jonathan Moulds
Head of Global Rates
Bank of America Sebastian Cahen
Global Interest Rates Derivatives Director
Societe Generale
Dennis Oakley
Managing Director
The Chase Manhattan Bank Jerry del Missier
Managing Director
Barclays Capital
Ernest Patrikis
Senior Vice President & General Counsel
American International Group, Inc. Diane Genova
Managing Director and
Associate General Counsel
J.P. Morgan & Co. Incorporated
Maurits Schouten
Managing Director and Head of European Equity Derivatives
Credit Suisse Financial Products Richard E. Grove, Jr.
Executive Director and
Chief Executive Officer
ISDA
Luciano Steve
Head of Fixed Income
Banca Commerciale Italiana Mark E. Haedicke
Managing Director & General Counsel
Enron Capital and Trade Resources Corp.
Teruo Tanaka
Senior Manager, International Treasury
The Industrial Bank of Japan, Limited Jose Manuel Hernandez-Beneyto
Director General Adjunto
Banco Santander
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