---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/28/2000 
07:41 AM ---------------------------


Andrei Osonenko <andrei@swapsmonitor.com> on 07/27/2000 08:18:05 AM
To: (Recipient list suppressed)
cc:  
Subject: Swaps Monitor Research


We have today published information about our estimates of the replacement 
cost of the global OTC derivatives market. This research is contained in the 
attached pdf files.

Through our web site, SwapsMonitor.com, you can obtain additional information 
about OTC derivatives dealers, including rankingsand a database of 
outstandingsgoing back to 1994.

As an e-mail subscriber to our research, you will automatically receive all 
free research at the same time it is placed on our web site. If you wish to 
remove your name from the e-mailing list, please use the Reply feature of 
your e-mail application and type the word "Remove" in the subject line.

Regards,


 - total_rc.pdf
Andrei Osonenko
Research Department