I am attaching a brief one-page outline of  talking points supporting the
treatment of energy products in Lugar's legislation.  Would you take a quick
look and add additional points that will assist Walt in defending these
provisions.

Also, any statistics pointing to the size of the industry would be helpful.
I could only find a 1992 ISDA survey that showed the
energy swap market at $15 billion in notional principal and the energy
options market at $5 billion in notional principal.  These numbers are too
dated to be relevant to today's debate.

Many thanks!!

 <<Energy Derivatives - Lugar Legislation.doc>>

Stacy Carey
Director North American Regulatory Policy
International Swaps and Derivatives Association
(202) 457-6545 ph
(202) 457-6315 fax
scarey@isda.org



 - Energy Derivatives - Lugar Legislation.doc