STAFF DIRECTOR OF HOUSE AG PANEL ON RISK MANAGEMENT WILL JOIN ISDA AS U.S. REGULATORY POLICY DIRECTOR

NEW YORK, Tuesday, August 3, 1999 -- The International Swaps and Derivatives Association announced the appointment of Stacy Carey as Director of U.S. Regulatory Policy, a new position in which she will coordinate regulatory and legislative policy for the industry association in the United States.

Ms. Carey, staff director of the House Agriculture Committee's subcommittee on risk management, research and specialty crops, will join ISDA in September, according to Richard E. Grove, Jr., executive director and chief executive officer. Along with directing U.S. regulatory activities, Ms. Carey will be active in other policy areas including risk management, he said.

Ms. Carey, who has served in her present post in Washington since early 1995, has been responsible for coordinating the subcommittee's legislative agenda, overseeing its efforts to modernize the Commodity Futures Trading Commission and providing policy analysis to committee members and staff.

"Stacy Carey will bring to ISDA the experience and skills of 14 years of increasingly important involvement in legislative and regulatory affairs in Washington," said Mr. Grove. "We are pleased and fortunate to strengthen our team with a senior staff member of her caliber."