Wall Street Maverick

Musings on a Career of Innovation, Derivatives, Credit, and Risk

IN THE WALL STREET boom of the 1980s and 1990s, markets were invented, fortunes were made, and the rules were still being written.

Where others saw risk, Tom Jasper saw opportunity, but never at the expense of his moral compass. Wall Street Maverickis as much the story of Jasper’s contributions to derivatives, swaps, and credit markets as it is the story of a career defined by flexibility, curiosity, and a willingness to operate on the edge. He traversed steep learning curves to thrive in a highly competitive—and sometimes cutthroat—environment.

This is not your typical Wall Street memoir. It is, instead, a firsthand account of how one modern financial market was built, told by a man who helped build it.

At the start of his career, Jasper stumbled into Lower Manhattan and seized the change to transform his well-known high risk tolerance into innovation. He recounts building and running Salomon Brothers’ thriving interest rate swap desk (one of the largest in the industry), helping found and co-chair the ISDA by uniting highly competitive market participants, and later creating new credit default swap distribution models at Primus Guaranty.

Yet innovation never came without danger. Jasper writes candidly about navigating scandal, global emergencies, and the 2008 financial crisis—surviving by staying flexible, surrounding himself with exceptional talent, and never losing his ethical code as he walked the tightrope between risk and respect for the bottom line.

Wall Street Maverick offers a rare, honest look at building a career—and an industry—on the edge between risk and reward.

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ISBN: 979-8-89138-981-6
Imprint: Amplify Publishing
SKU: 18-1541-01
Categories:Amplify Publishing, Memoirs and Biographies

“The as-it-was record of one man’s journey through some of the seminal moments of financial history over the past fifty years. Tom Jasper is a founding father of the modern over-the-counter derivatives industry and provides an insider’s view of the birth of what, over time, would blossom into the huge, multi-hundred-trillion-dollar notional market that underpins global financial risk management.”

—ERIC LITVACK, chairman of ISDA (2014–2024)

“Tom Jasper is that rare breed of investment banker who combines an understated Midwestern sensibility with a razor-sharp intellect and deep understanding of how things really work on Wall Street.”

—JAY SHIDLER, cofounder of Primus Guaranty Ltd.

“The legendary Tom Jasper took some impressive risks in his own career to lay the groundwork for the derivatives industry that today enables global financial market participants to manage trillions of dollars of risk. The reader of this memoir will be inspired by Tom’s innovations, including viewing swaps as a tradeable product and leading the formation of ISDA, which publishes the standard contract that one English court has called ‘the most important standard market agreement used in the financial world.’”

—RICK GROVE, derivatives lawyer and banker, CEO of Rutter Associates, and former ISDA CEO (1997–2001)

“Tom was a maverick when Wall Street needed one. Now, he is a legend in his own time. It would be impossible to overstate the contributions that his vision and leadership have made to the build-out of the global derivatives industry—a marketplace that today measures outstanding trading in hundreds of trillions of dollars! It is especially good of him to share his inspiring story, which will be read with admiration by all who joined in his journey.”

—JEFFREY GOLDEN KC (HON), founder and chair emeritus, P.R.I.M.E. Finance Foundation, former ISDA counsel and a principal author of the ISDA Master Agreements

“Tom Jasper recognized early on that the burgeoning swaps market was not a passing trend but a financial innovation destined to grow and evolve. In the mid-1980s, his foresight brought together global market participants to strengthen operational controls and standardize legal documentation, helping lay the foundation for what would become one of the largest and most influential markets in the world. Thank you, Tom.”

—GAY HUEY EVANS, former ISDA chair (1994–1998), board member (1990–1998)

Thomas Jasper

Innovator, Risk Manager, and Entrepreneur

Thomas Jasper, MBA, is a Risk Magazine “Risk Pioneer” and 2002 Risk Hall of Fame inductee for his profound contributions to the field of risk management. He was instrumental in creating the foundations for today’s $800+ trillion derivatives market, among other successes, during his 40+ year career on Wall Street. A business creator and innovator throughout his career, Jasper was a managing director at Salomon Brothers, where he established and led its interest rate swap business. While at Salomon, he founded and co-chaired the International Swaps and Derivatives Association (ISDA). Jasper went on to become chief executive of Primus Guaranty Ltd., a highly innovative credit default swap business. He is currently a managing partner of Manursing Partners, LLC, serves on several Blackstone Credit and Insurance (BXCI) Fund boards, and continues to give back to his community. He and his wife reside in Connecticut.

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