ISDA along with the Ad Hoc Coalition was invited by Senate Agriculture
Committee staff to meet with the Chicago Board of Trade and the Chicago
Mercantile Exchange on Tuesday to discuss a Chicago proposal on legal
certainty and regulatory reform.  I have attached the Chicago proposal for
your review.  This is a confidential document and should not be circulated
beyond our regulatory committee.  I appreciate your sensitivity to this
request.  We will brief you after the meeting either by e-mail or conference
call.
Should you have any questions please do not hesitate to contact me at home
this weekend - 703-256-1719 or at the office on Monday.  -- Many thanks.

 <<Chicago Proposal.doc>>

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



 - Chicago Proposal.doc