Mark C. Brickell

Mark C. Brickell is a trader in the derivatives industry.[1]. He was a managing director at J.P. Morgan and served as chairman of the International Swaps and Derivatives Association from 1988 to 1992. In 1989 and 1990 he was sent by JP Morgan to New Zealand to deal with the failure of Development Finance Corporation (DFC), which was a government-owned development bank. He was tasked with unwinding their swaps portfolio, which resulted in the largest corporate finance advisory fee ever earned by JP Morgan at that time. In 1993 he was a principal author of the influential Group of Thirty study "Derivatives: Practices and Principles", which suggested that internal risk controls and best practices at financial institutions, including mark to market, and not government regulation, would facilitate safe and efficient trading of derivatives by the financial industry. In 1996 he served on the Board of Directors of the CME Depository Trust, an Illinois-based bank which was created for the purposes of moving collateral between banks. This was a centralized collateral depository facility established by the CME. In 1998 he was sent by JP Morgan to Korea to try and recover up to $700 million in defaulted swaps contracts from state-owned banks, and is reported to have recovered more than half of that money. He worked at JP Morgan Securities for nearly 25 years, and was present when credit default swaps were first conceived at a bankers' retreat in Florida in 1994. I've known people who worked on the Manhattan Project," says Mark Brickell, who at the time was a 40-year-old managing director at JPMorgan. "And for those of us on that trip, there was the same kind of feeling of being present at the creation of something incredibly important. As a policy shaper and strategist for the derivatives industry, in 1994 Brickell led an effort to defeat legislation proposed by Congressman Jim Leach (R-IA) that would have regulated the OTC derivatives industry. Leach proposed the legislation a