Deutsche Bank’s Mr CDS heads for the exits
Athanassios Diplas, global head of systemic risk management at
Deutsche Bank and a key figure in the $650 trillion market for privately
negotiated derivatives known as "swaps," left the bank Monday.
Circumstances surrounding his departure couldn't be learned, and a spokeswoman for Deutsche Bank declined to comment.
Diplas is expected to assume new
responsibilities at the International Swaps and Derivatives Association,
having already held a range of senior roles at the industry trade group
in recent years, said a person close to the matter. This person
declined to be identified because the new ISDA role hasn't yet been
finalized.
Outside Deutsche Bank, Diplas has
been serving as co-head of the swaps association's credit steering
committee working group, which, among other things, is overhauling the
credit default swaps market in the face of criticisms following the
Greek debt restructuring earlier this year. That revamp isn't expected
to be completed until 2013.
Also at ISDA, he has been serving as
the lead bank representative of the organisation's Industry Governance
Committee, which oversees the group's dialogue with regulators and
market participants. The IIGC is a layer above the credit steering
committee in the association's structure.
The specifics of Diplas's new role
are still under discussion, said the person familiar with the matter,
but may involve him assuming a new post above the IIGC.
Regulators in the US, Europe and
Asia are pushing to overhaul the swaps market, blaming it for
exacerbating the financial crisis.
- By Katy Burne
