I have attached the Board minutes for the September and November
Board meetings. Please review them and provide me with any comments.

 At the November Board meeting several specific items were noted for
follow-up.

 1. Rick will speak with Derivatives Net Inc. (Blackbird) and report
back at the next Board meeting on January 18, 2001.



 2. I have instructed Allen & Overy to prepare a brief paper on
ring-fencing without providing specific language to be included in an
agreement.



 3. A small group of Directors will review the issue of the
Association's relationship to FpML in advance of the next Board meeting on
January 18, 2001. Mr. Bailey, Mr. Bongartz-Renaud, Mr. del Missier, Ms.
Genova, Mr. James, Ms. Mandell, Mr. Moulds, Mr. Oakley Mr. Pickel and Mr.
Steve volunteered for this review.



 4. Board members agreed to determine if their institutions could
assist the Association in its technology acquisitions by obtaining a volume
discount. There are certain purchases of computers, which we propose to buy
from Dell, that we have budgeted for this year and plan to proceed on. If
you have a relationship with Dell that we could rely upon, please let me
know as soon as possible. There are other purchases, principally of servers,
some additional computers and other equipment, that we will be making early
next year. Those are likely to be from Compaq, Dell and other suppliers.
Please let me know if you can assist on any of those purchases.

 Bob


 - Board Minutes November 15.doc
 - Sept. 2000 minutes.doc