ISDA PUBLISHES 2000 ISDA DEFINITIONS
New Publication Replaces Three Documents for Future Transactions

New York, July 17, 2000 - The International Swaps and Derivatives Association (ISDA) announced today that it has published the 2000 ISDA Definitions, the successor to its widely-used 1991 ISDA Definitions. Like the 1991 ISDA Definitions, the new document is expected to serve as the standard for interest rate and currency swap transactions documented under the 1992 ISDA Master Agreement.

The new definitions consolidate and update the 1991 ISDA Definitions, the 1998 Supplement to those definitions and certain provisions of the 1998 ISDA Euro Definitions. Parties to interest rate and currency swap transactions will now be able to incorporate a single document in confirmations in order to document the relevant terms of their transactions. Currencies and rate options are separately listed in an annex to the definitions booklet, which will be supplemented as needed to include additional currencies and rates.

"The 2000 ISDA Definitions will be the basic building block for interest rate and currency swap transactions. The structure of the document will facilitate future updates to address new rates and issues that arise," said Robert Pickel, general counsel of ISDA.

In addition to the 2000 ISDA Definitions, ISDA has made available the NCU Supplement, which includes provisions for use in transactions involving the national currency units (NCUs) that have been replaced by the euro.

The 2000 ISDA Definitions are available from the ISDA offices. An order form can be obtained by clicking here.