TraditionSEF Names ex-ISDA CEO Robert Pickel to Board

Tradition, an interdealer broker in over-the-counter commodity and financial products, has named Robert Pickel as its newest Non-Executive Director to the Board of TraditionSEF, according to a Tradition statement.

TraditionSEF is the Swap Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term Facility (SEF) specifically operated by Tradition in the United States. Tradition itself is also the interdealer broking affiliate of Compagnie Financière.

Mr. Pickel joins TraditionSEF’s Board after stepping down from the International Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term and Derivatives Association (ISDA) last year. During his tenure with ISDA, he held multiple senior level roles since joining in 1997, including Chief Executive Officer (CEO), Executive Vice Chairman and General Counsel.

According to Scott Fitzpatrick, CEO of TraditionSEF in a recent statement on the appointment, "Bob is an industry leader who has been at the forefront of market reform, transparency, regulatory compliance and best practice for nearly two decades.”

“He brings a tremendous network of relationships and a wealth of knowledge and experience to Tradition, and we are delighted that he recognizes the value of Tradition's SEF strategy and has agreed to join our SEF Board,” he added.

"Swap execution facilities are playing an increasingly important role in derivatives trading and the market landscape. This is only set to continue over the coming years. Tradition is a major SEF operator in the US, and its strong history and experience in the derivatives industry put its SEF in an excellent position to capitalize on the many opportunities that lie ahead for it and for its customers. I am delighted to be a part of those efforts and look forward to working with other members of the Tradition team,” noted Mr. Pickel in an accompanying statement.

According to Mike Leibowitz, Tradition Group COO, Americas and EMEA, "Tradition's electronic trading capabilities have grown significantly in recent years, and SEF-compliant trading is a core part of the Group's ongoing strategy in the United States and abroad. Bob will be a major asset to our business and his appointment demonstrates our commitment to maintaining the highest levels of quality, standards and leadership that enabled Tradition to establish an early market-leading position in the SEF industry".

Back in February, Tradition made a series of executive hires to its business, including John Wilson, Dan Torrey, and Rob Mountain.