Attached is a document that contains an update of developments on a number
of ISDA fronts over the course of the last week or so. This was prepared in
response to requests at the strategic planning session that some regular
update of the status of various ISDA initiatives would be helpful to the
Board.

In order to keep this brief I have relied heavily on embedded links to the
web and embedded email addresses. If you have Microsoft Word, that
information should be highlighted in color. If you are connected to the
internet, clicking on the reference will take you to the portion of our
website containing the information. Clicking on an email address should call
up your email program to send a note to the relevant person requesting
information.

In terms of style, format and content, this is all subject to your reaction
and the reaction of staff. My goal would be to make this report brief and
informative, and any suggestions you have to achieve those goals would be
welcome.

If you find this useful, please feel free to share this information with
others within your firm.

Bob Pickel

 - BOD-Update-June 8.doc