MEMORANDUM TO ISDA REGULATORY CONTACTS

ISDA is currently finalizing plans for its Annual General Meeting in
Washington, D.C., April 3-6, 2001, and we wanted to send you a note letting
you know that we will be offering an informative program that will be of
particular interest to those following regulatory developments.

Senator Richard Lugar, the U.S. Senate sponsor of the Commodity Futures
Modernization Act of 2000 legislation containing key legal certainty
provisions for OTC derivatives products, will deliver a keynote speech on
Wednesday, April 4th. William McDonough, President of the Federal Reserve
Bank of New York is also scheduled to deliver a keynote address focusing on
the Basel Accord.  A special panel on global derivatives public policy
issues is scheduled for Thursday's general session.  Panelists will provide
insight on current and future regulatory developments in Europe and the
United States.  There are also plenary sessions covering Latin America and
Asia, which will have a regulatory and policy focus.  Informative breakout
sessions are also planned.  In one of the afternoon panels, member firms
will present an in-depth panel discussion covering current developments in
the derivative markets with respect to weather, energy, electricity and
bandwidth.  The impact of changes in law and regulation will be discussed in
the afternoon Netting, Documentation and Risk Management panels. The
afternoon session relating to equity derivatives will include discussion on
accounting treatment and U.S. commodity law changes.

The rest of the agenda is equally exciting, including panel discussions on
the influence of e-business on derivatives and on e-trading systems for
derivatives as well as regionally based panels.  We believe that, in the
light of new regulatory changes this is an important year to attend the ISDA
Annual General Meeting.  Of course, the AGM offers a variety of exciting
social events and the ability to exchange ideas with over 600 industry
professionals.  This year's afternoon breakout sessions, as discussed above,
will allow you the opportunity to focus on issues of particular relevance to
your area of expertise and benefit from sharing thoughts with your industry
peers.

Look for the brochure describing the program.  You may also visit our
website at www.isda.org for more information on the AGM agenda and
registration details.  We hope to see you there.


Stacy Carey

Policy Director