ISDA NAMES HEAD OF RISK MANAGEMENT AND ASSISTANT EUROPEAN POLICY DIRECTOR

NEW York, Thursday, May 06, 1999 - The International Swaps and Derivatives Association (ISDA) announced today that Emmanuelle Sebton and Richard Metcalfe will join the association June 1 in senior staff positions based at ISDA's European office in London. Ms. Sebton will assume the position of head of risk management and Mr. Metcalfe will join as assistant director of European policy. Both will report to Nick Collier, director for European policy and head of ISDA's European office.

Ms. Sebton, 33, is a French national who has worked on issues relating to reform of the Basle Capital Accord and regulatory treatment of credit derivatives since 1997 at the Bank of England and more recently at the U.K. Financial Services Authority. She was previously at the French Tresor and the Caisse des Depots et Consignations. Ms. Sebton is a graduate of the Ecole Nationale d'Adminstration in Paris and holds Masters degrees in economics and finance.

Mr. Metcalfe, 34, a well-known derivatives journalist, is leaving his post as editor of Futures & OTC World (FOW). Educated at Oxford University, he began his career at Risk magazine and became editor of Financial Products, published by International Financing Review and later sold to the FOW organization. He has been editor of FOW since 1995.

"The addition of Emmanuelle and Richard importantly strengthens our European team, indeed the entire ISDA organization, and we heartily welcome them," said Richard E. Grove, Jr., ISDA's executive director and chief executive officer.