ISDA Study Examines Concentration of Credit Risk Among
   Major Dealers

At its annual general meeting in Chicago, ISDA published an analysis of credit exposure among major derivatives dealers. The report found that exposures among dealers are reduced to minimal levels after giving effect to netting and collateral. Major findings include:

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AGM 2004 Delivers Distinguished Speakers, Global
   Perspectives on Key Issues; Welcomes New Board Members

Over 700 ISDA members turned out for the Association’s 19th annual general meeting in Chicago, where dynamic speakers, lively discussions and elegant social events all contributed to a highly successful event. Each year, ISDA’s AGM features an impressive roster of keynote speakers, and AGM 2004 was no exception. David A. Coulter, Chairman, Investment Bank, Private Equity, Investment Management and Private Banking Businesses, J.P. Morgan Chase & Co., Carter McClelland, Chairman, Banc of America Securities LLC and Senator Phil Gramm, Vice Chairman, UBS Investment Bank (below), all delivered insightful morning addresses to a packed ballroom.

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Year End 2003 Results:
    Vanilla Swaps Pass $140 Trillion; Credit Derivatives
    Growth Accelerates

At its annual general meeting in Chicago, ISDA announced the results of its Year End 2003 Market Survey of privately negotiated derivatives. According to the Survey, both credit default swaps and equity derivatives grew significantly faster in the second half of 2003 than in the preceding six months. Interest rate derivatives also continued strong growth. A record 120 firms responded to the Survey.

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