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By Gillian Tett
Published: August 26 2010 19:45 | Last updated: August 26 2010 19:45
Five years ago, the International Swaps and Derivatives Association held a lavish 20th anniversary dinner among the dinosaur skeletons in London's National History Museum.
The mood was triumphant. No wonder: back then the derivatives market was exploding, and ISDA's belief in the value of self-regulation was so widely shared that one senior banker quipped that ISDA did not need external lobbyists "since we have Alan Greenspan [former Federal Reserve chairman] doing that". How times change. This year, ISDA marked its 25th birthday. However, there was no public bash. Instead, the word "ISDA" has become distinctly toxic in Washington and Brussels' political circles. Meanwhile, as financial reform intensifies, some of its own members are quietly asking questions about the future of the group.
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