Isda appoints new chairman

Credit Suisse’s European and Asia Pacific credit boss, Eraj Shirvani, is taking over as chairman of Isda. Shirvani replaces Jonathan Moulds, who has chaired the Isda board since 2004. The appointment was announced at Isda’s annual general meeting in Vienna today.

Shirvani is head of European credit at Credit Suisse, as well as head of credit sales and trading for Europe and Asia Pacific. He has been a member of the Isda board since 2004 and also sits on the board of DTCC’s derivatives trade matching business, DerivSERV.

Moulds, who is Bank of America’s EMEA and Asia president, has sat on the Isda board since 1998.

Isda also announced the results of its year-end survey today. The trade association calculates that the credit default swap market grew by 81% last year in notional terms. In the second half of 2007, it says the amount of credit derivative notional outstanding grew by 37% to $62.2 trillion.