Following the recent administration of Railtrack and the draft Memorandum to Members of 11 October circulated by ISDA (copy attached for info), a number of you have expressed a wish to formally respond to ISDA on the issues raised.

I've attached the draft we propose to send to ISDA.  If you could let me have any thoughts/comments on the draft as soon as possible. 

I'll leave the decision as to when/if to submit the letter to Bryan.

Thanks and regards,

Edmund