I would let them join, under the conditions outlined in the first paragraph ob
Bob's mail.

Lucinao Steve

Robert Pickel wrote:

> Shortly before the teleconference Board meeting two weeks ago we received an
> application from the Bank of England for subscriber membership. When we have
> considered central banks or government agencies for membership in the past,
> consideration has focused on the nature of the applicant's derivatives
> activities, its regulatory role and the type of information they are likely
> to obtain from ISDA. Because of their derivatives activities, we have
> generally admitted these applicants (e.g., the Kingdoms of Belgium, Denmark
> and Sweden, the Reserve Banks of South Africa and New Zealand). We have even
> admitted the Bank for International Settlements as a member. In general, we
> let them know that they may not be able to receive the full range of ISDA
> materials (e.g., draft comment letters or position papers) and that there
> may be a need to exclude them from certain committees or discussions.
>
> In previous Board discussions, a higher degree of concern has been expressed
> if, theoretically, the Federal Reserve, the Bank of Japan, the Bank of
> England or similarly influential central banks were to apply for membership.
> These central banks typically have a greater degree of involvement in the
> regulatory debates (particularly on capital) and are better positioned to
> influence the process.
>
> Since some of those previous debates, the regulatory role of the Bank of
> England has diminished and the role of the Financial Services Authority has
> correspondingly increased. The Bank of England still plays the traditional
> central bank roles of controller of the money supply, dealing in the market
> and lender of last resort, but the supervisory role has shifted to the FSA.
>
> In light of these developments, but recognizing the concerns previously
> expressed on central bank membership, I would appreciate your views on the
> application of the Bank of England. We have also had overtures from the Hong
> Kong Monetary Authority regarding membership although we have not received
> an application.
>
> Please share your views with the other members of the Board.
>
> Bob