ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC

NEWS RELEASE

For Immediate Release, Wednesday January 23, 2008

For More Information, Please Contact :

Cesaltine Gregorio, ISDA New York, +1 212 901 6019; cgregorio@isda.org

Carmen Neumann, ISDA London, +44 203 088 3554; cneumann@isda.org

ISDA APPOINTS KATHERINE TEW DARRAS AS GENERAL COUNSEL, AMERICAS,

HEAD OF EQUITY, FX, AND INTEREST RATE LEGAL;

MARK NEW BECOMES ASSISTANT GENERAL COUNSEL

NEW YORK, Wednesday, January 23, 2008 -- The International Swaps and Derivatives Association, Inc. (ISDA) today announced that Katherine Tew Darras has assumed the role of ISDA’s General Counsel, Americas, and Head of Equity, FX and Interest Rate Legal. In her new role, Ms Darras reports to David Geen who became ISDA’s General Counsel, effective January 1.

“This appointment reflects the importance of Katherine’s role within ISDA and the industry. Her extensive work has contributed to refining the process by which a wide and varied range of equity derivatives are documented and transacted globally, said Robert Pickel, Executive Director, Chief Executive Officer, ISDA. “Katherine’s efforts to liaise with all ISDA members and her outreach to the hedge fund community in particular make her a great asset to this organization,” he added.

Ms Darras joined ISDA in 2001 as Assistant General Counsel. Since then, she has focused on equity, FX and interest rate derivatives as well as legal and regulatory matters in Canada. Over the past year, in particular, she has led ISDA’s efforts to identify and execute an equity documentation strategy that is beneficial to the market and its continuing goals of operational efficiency. Ms Darras is based in ISDA’s New York office.

As part of her new role, Ms Darras will also take on responsibility for ISDA’s Latin America Committee and will continue her work in Canada.

Previously, Ms Darras was an associate at Salans in New York where she worked in the financial institutions group. Before that she worked at CIBC in Toronto.

Concurrently, Mark New was promoted to Assistant General Counsel. Mr New joined ISDA in 2007 and is based in ISDA’s Washington D.C. office. He focuses primarily on credit derivatives documentation.

Before joining ISDA in 2007 Mr New was a Structurer on the European Structured Credit Products desk at Citigroup Global Markets Limited in London. In that capacity, he worked on new product development and structuring credit transactions including managed synthetic CDOs and credit CPPI. Prior to that, he was an associate in the Derivatives and Structured Finance group at Allen & Overy in London.

About ISDA

ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has approximately 805 member institutions from 55 countries on six continents. These members include most of the world’s major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org.

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