ISDA®
INTERNATIONAL SWAPS AND
DERIVATIVES ASSOCIATION
NEWS RELEASE
For
Immediate Release Monday, March 3, 2003 For More Information, Please Contact: ISDA, EMTA AND FXC
ANNOUNCE AMENDED TAIWANESE DOLLAR
DEFINITION NEW YORK, Monday, March 3, 2003 - The International Swaps and Derivatives
Association (ISDA), EMTA and the Foreign Exchange Committee (FXC) today
jointly announced an amendment to Annex A of the 1998 FX and Currency Option
Definitions to update the Taiwanese Dollar rate source definition. Effective March 3, 2003, Section
4.5(a)(v)(B) of Annex A will be deleted in its entirety (and intentionally
left blank) and a new Section 4.5(a)(v)(C) will be added as follows: “(C) … “TWD TAIFX1” or “TWD03”
each mean that the Spot Rate for a Rate Calculation Date will be the
Taiwanese Dollar/U.S. Dollar spot rate, expressed as the amount of Taiwanese
Dollars per one U.S. Dollar, for settlement in two Business Days reported by
the Taipei Forex Inc. which appears on the Reuters
Screen TAIFX1 Page under the heading “Spot” as of 11:00 a.m., Taipei time, on
that Rate Calculation Date.” Practitioner’s Note: Parties that specify in confirmations that a particular version of Annex A applies to their trades should reference Annex A effective March 3, 2003 if they desire to incorporate the revised Taiwanese Dollar Rate definition into their trades. ISDA is the global trade association representing
leading participants in the privately negotiated derivatives industry. ISDA
was chartered in 1985, and today has more than 600 member institutions from
46 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. |