Members of the International Swap Dealers Association are expected to approve a new name for their organization in the next few weeks.

The association's board of directors recommends that the group, which comprises over 200 financial institutions involved in derivatives, be called the International Swaps and Derivatives Association.

The name change will better reflect the activities of the association's members, according to Joseph P. Bauman, chairman of the association and head of business development for global derivatives at Citibank.

"In addition to interest rate and currency swaps, ISDA now covers a variety of options-based products, swaptions, [foreign exchange] and currency options, [over-the-counter] equity and commodity linked transactions, and other instruments," Bauman said in a release.

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