I am attaching a list of questions prepared by Sullivan & Cromwell for your
review as we consider our approach on moving forward with comments regarding
Sections 23A and 23B.  We have invited Michael Wiseman and Willem Gravett of
Sullivan & Cromwell to participate in our conference call on Thursday at
10:00 a.m.

These questions are designed to solidify our thinking on our approach. As
the memo states, we may choose not to respond to certain questions.  It
would be extremely helpful if you would review the questions and be prepared
to offer your thoughts on Thursday about which concepts ISDA should address
in a comment letter.  We would also appreciate your thoughts on additional
issues that may not be included in this list.

If you have colleagues in your institution specifically following this
issue, please feel free to have them join Thursday's call -   just let us
know who will be participating.

Many thanks.  Please call if you have any questions.

 <<Section 23A and 23B Questions.doc>>


Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org



 - Section 23A and 23B Questions.doc