Mid-Year 2004 Market Survey: Credit Derivatives
   at $5.44 Trillion

In September ISDA announced the results of its Mid-Year 2004
Market Survey. The results demonstrate a strong increase in notional
principal outstanding volumes in credit derivatives and continued
steady growth in interest rate and equity derivatives.

Credit derivatives notionals grew 44 percent in the first half of 2004
to $5.44 trillion, compared with 33 percent growth reported during
the second half of 2003.

Credit derivatives, for the purposes of the Survey, consist of credit
default swaps on single names, indices, baskets, and portfolios of
credits.

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A Year of Celebration Planned for ISDA’s 20th Anniversary

2005 marks an important milestone for ISDA and the derivatives
and risk management industry: the Association’s 20th anniversary.
Throughout the year, ISDA will be commemorating this occasion in
a number of ways. The Association will hold a special event in
London to celebrate its achievements over the last two decades.
The celebration, which promises to be a major industry event, will
be held on Wednesday, May 11, 2005. Further details will be
released in the coming months.

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