John Pucciarelli sits down with ISDA CEO Scott O’Malia for an in-depth discussion on the evolving landscape of the derivatives markets. Scott outlines the impact of recent geopolitical developments and explains how derivatives play a critical role in managing market risk. We also explore key regulatory shifts under the Trump administration, including changes in leadership at U.S. regulatory agencies. The conversation covers the semi-annual recalibration of the Standard Initial Margin Model (SIMM), the industry's preparedness, and the future of treasury clearing. Additional topics include capital requirements, the implications of the Basel III endgame in the U.S., and its broader effects on the global financial system—and more.