NICK COLLIER TO HEAD ISDA'S LONDON OFFICE AS EUROPEAN POLICY DIRECTOR AS OF MAY 21

NEW York, Wednesday, April 14, 1999 -- The International Swaps and Derivatives Association (ISDA) announced that Nick Collier will head its European office in London as director of European policy as of May 21.

He will succeed Matthew Elderfield who is leaving to supervise exchanges and clearing houses at the UK's Financial Services Authority.

Mr. Collier, 35, joined ISDA in January of this year as deputy director of the European office from the UK Permanent Representation to the European Union where he was first secretary for financial services, tax and statistics. He previously was an analyst at the Bank of England. Mr. Collier holds an MSC in economics from the London School of Economics and a BA with honors from Oxford University.

"Nick Collier comes to his new responsibilities with the running start gained as Matthew's deputy," said Richard E. Grove, Jr., ISDA's executive director and chief executive officer. "Our confidence in Nick has been strengthened by the way in which he has rapidly and effectively put his knowledge and leadership qualities to work for our member firms, particularly on regulatory and accounting issues and the emerging markets of eastern and central Europe."