The UK's Financial Services Authority (FSA) booked its first high-profile transfer from the private sector last month, appointing Gay Evans of Bankers Trust as director of markets and exchanges. Evans will report to head of financial supervision Michael Foot from September.
She is best known as chairman of the International Swaps & Derivatives Association (Isda); having piloted it since 1994 through some of its most difficult years. She maintained an excellent dialogue with the regulators, re-establishing the reputation of over-the-counter derivatives and those who deal in them responsibly. "I kept a balance then," says Evans, "which I hope I'll do in my last few months as chairman." She also broadened Isda's scope into all areas of risk management.
Being London-based, Evans began to cure Isda of its North American bias and led its charge into the most complex questions thrown up by European monetary union. Isda has made important contributions to the euro debate.
She looks forward to a non-bureaucratic FSA which will preside over a big change in the structure of regulation. "Nobody wants over-regulated markets," she says. "That's been the success of the UK."
"Gay's appointment to the FSA is quite a signal to the markets," gushes Isda chief executive Rick Grove.