I'm in the need of informing the whole team that Argentina through the 
Argentine Association of Derivatives has developed a document that's 
circulating in the market and will surely be optimised to the extent that 
Argentine companies will use it in the near future if not inmediately. This 
document has been prepared by experienced groups of professionals with 
foreign support on terms of credit and legal issues. 

My impression is that will be competing against that document in a great deal 
of disadvantage. This disadvantage will be a "cultural" disadvantage from the 
moment that latin american countries tend to have "shorter" documents written 
in the local language where the transaction is taking place. 
If the ISDA was at least written in Spanish (rather than French or German) it 
would be of great help. This is an issue that really "tickles" me: Why isn't 
the ISDA document translated into Spanish being that it is after English 
probably the language most spoken through out the globe and second that 
there's much more opportunity of selling Risk Management Products to Latin 
American countries rather than French companies through my more than 
disappointing experience in trying to close a deal with French Total.

I believe Sara's visit would be more that important. I'll try to forward 
everybody a copy of the document that was drafted in Argentina for 
everybody's info.

I strongly believe in the matters of evolution and I'm sure that in the 
future ESA's market will mature in such a way that will just like Enron 
Europe a document to match market's needs.