ICMA President Rene Karsenti

ICMA President Rene Karsenti

Graham Barclay/Bloomberg

Rene Karsenti, who worked on the first currency swap as a junior executive at the World Bank and is now president of the International Capital Markets Association, or ICMA, said, “Clearly the development of the swaps market was extremely important for the bond market. Swaps delinked the currency, the interest rate, the credit rating of a transaction from the needs of the borrower.”