To the ISDA U.S. Regulatory Committee:

I am faxing you a note that I have received from Howard Davies (head of the
UK FSA) relating to the report of his G-7-sponsored Financial Stability
Forum working group on highly-leveraged institutions (hedge funds).  ISDA
gets a couple of mentions for our 1999 Collateral Guidelines and for meeting
with the members of the working group last year.  The full report is
available on the FSF website at http:www.fsforum.org.

Rick Grove