ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Friday, February 8, 2002

For More Information, Please Contact:

Stacy Carey, ISDA New York, (212) 332-1200; Fax (212) 332-1212; scarey@isda.org

ISDA RELEASES WORKING DRAFT OF FpML VERSION 3.0

NEW YORK, Friday, February 8, 2002 - The International Swaps and Derivatives Association (ISDA) today released the Working Draft for Financial products Markup Language (FpML) Version 3.0. FpML is the XML-based, freely licensed, e-commerce standard supporting OTC trading of financial derivatives.

FpML Version 3.0 will include coverage of all previously defined IRD products in FpML Version 2.0 together with FX products such as FX Spot, Forwards, Non-deliverable forwards, FX Swaps and FX OTC Options. The Working Draft represents work in progress and a commitment by ISDA to pursue work in this particular area. The full text of the Working Draft is available at: www.fpml.org/spec/index.html

FpML is a business information exchange standard for electronic dealing and processing of financial derivatives instruments. It establishes a new protocol for sharing information on, and dealing in, financial derivatives over the Internet. It is based on XML (Extensible Markup Language), the standard meta-language for describing data shared between applications. All categories of over-the-counter (OTC) derivatives will eventually be incorporated into the standard.

^®ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.