Dear Derivatives Week subscriber: 

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Top stories this week: 
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At this year's International Swaps and Derivatives Association
meeting, which drew the largest crowd ever, Internet and e-commerce
issues were on everybody's mind and crept into most presentations
and discussions. 

Leading U.S. banking agencies have proposed changes to their
risk-based capital rules to address the exposure of banks, bank holding
companies? and thrifts to credit risk. The paper proposes, among other
things, that credit derivatives be included in the definitions of credit risk
arising from securitizations and that the capital charge be based on the
credit rating of the underlying obligation. 

Merrill Lynch is reorganizing its global debt group and recently appointed
Dow Kim to a new position as head of the newly formed integrated global
enterprise solutions group. The move is meant to integrate the bank's
previously less centralized derivatives businesses. 

Hanjin Heavy Industries & Construction Co., the South Korea ship
building and construction giant, is considering its first use of U.S.
dollar/Korean won currency options and interest-rate swaps. 

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