The International Swaps and Derivatives Association (ISDA) has appointed Scott O’Malia as CEO and director of the association. He will assume the role on August 18.

O’Malia previously served as a commissioner of the Commodity Futures Trading Commission (CFTC), a position to which he was sworn in on October 16 2009.

“I am delighted that O’Malia is joining ISDA as we continue our important work in ensuring safe, efficient global derivatives markets,” said Stephen O’Connor, ISDA’s chairman.

“He is a respected leader on many key issues affecting our markets, including the need for international cooperation in derivatives rule-making.”

Prior to his tenure at the CFTC, O’Malia held senior staff positions in the US Senate, which included serving as senior legislative assistant to US senator Mitch McConnell.

O’Malia also co-founded the Washington office of Mirant, where he worked on rules and standards for corporate risk management and energy trading among wholesale power producers.

“The need by thousands of companies around the world to manage and hedge their business and financial risks via derivatives remains as important as ever. ISDA’s role is to ensure derivatives markets help to fulfill this promise,” said O’Malia.

O’Malia succeeds Robert Pickel as ISDA’s CEO. Pickel announced in April he was stepping down as CEO after nearly 17 years with ISDA. Following that announcement the ISDA board of directors conducted a comprehensive global search for a successor to Pickel.

“Scott O’Malia is among the most respected people in financial policy circles today,” said Pickel. “He will be a tremendous asset to ISDA in the years ahead.”