Derek Smith, head of credit-default swap trading at Goldman Sachs in New York, has been named as the North American chairman of the International Swaps and Derivatives Association's credit derivatives market practice committee. The former head, Blythe Masters, managing director at JPMorgan in New York, stepped down earlier this year. An ISDA official confirmed the move.
Smith said he will poll the market to find out what issues credit participants want the committee to examine. He predicted, however, that it would largely be further refining the details of the single name credit-default swap contract with the aim of making sure it works as consistently as possible across a broad spectrum of events.
