The global derivatives trade group, the International Swaps and Derivatives Association, Inc. (ISDA), has named former derivatives regulator Scott O’Malia as its chief executive.

O’Malia has resigned from his post as a commissioner at the U.S. Commodity Futures Trading Commission (CFTC), a role he’d had since 2009. He will take up his new role at the ISDA as CEO and a director on August 18.

Before joining the CFTC, O’Malia held senior staff positions in the U.S. Senate. When he officially joins the ISDA, O’Malia will be replacing Robert Pickel, who is leaving the organization after nearly 17 years.

“Scott is a respected leader on many key issues affecting our markets, including the need for international cooperation in derivatives rule-making,” said Stephen O’Connor, chairman of the ISDA. “The board is excited and confident that Scott is the right person to lead the industry and ISDA through the many structural changes — including margin, capital, clearing, trade execution and reporting rules and regulations — that are reshaping the global derivatives markets.”

“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. It is a role that remains vital and relevant and I look forward to working with ISDA’s board, staff, members and external constituencies to address the challenges and opportunities ahead,” said O’Malia.