Robert Pickel will step down from his role as the chief executive of the International Swaps and Derivatives Association later this year, after guiding the association through sweeping regulatory changes to global derivatives markets.

Pickel said in a statement: "After nearly 17 years in a variety of roles at ISDA, and with many reforms implemented or largely under way, I believe that now is a good time to explore other opportunities. I appreciate the support of the ISDA board throughout my time with ISDA and look forward to working with the board to transition to new leadership.