ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, May 14, 2003

For More Information, Please Contact:

Louise Marshall, ISDA New York, (212) 901-6000; Fax (212) 901-6001;

ISDA adds 4pm setting to HK$ ISDAFIX

New York, May 14, 2003 - The International Swaps and Derivatives Association (ISDA) today announced the addition of a 4pm fixing to its Hong Kong Dollar (HKD) ISDAFIX swap rate service, published on Reuters. The new fixing time complements the daily 11am fixing in the Hong Kong Dollar. Both the 11am and 4pm Hong Kong Dollar ISDAFIX are published on Reuters page <ISDAFIX5>.

“In launching this addition to the Hong Kong Dollar fixing service, ISDA and its partners in the ISDAFIX par rate service are responding to increased market demand for reliable rate fixings in this growing market,” said Robert Pickel, Executive Director and CEO of ISDA. “As volumes in privately negotiated derivatives around the globe continue to climb, we at ISDA endeavor to respond to market needs wherever appropriate.”

ISDAFIX, ISDA’s par rate screen service was introduced in 1997 to facilitate swaps terminations and the valuation of cash-settled swaptions. ISDA launched its Hong Kong Dollar fixing on June 25, 2002, in response to industry need for a swaption settlement reference rate in the local market. The Hong Kong dollar swap rates are part of a series of rates for various currencies sponsored by ISDA, based on information collected and published by Reuters and Garban Intercapital. Rates for U.S. Dollar, Euro, Sterling, Swiss Franc, and Japanese Yen, as well as U.S Dollar swap spreads, are available on various Reuters ISDAFIX pages. Further details are provided on the Reuters ISDAINFO page and at ISDA’s web site (www.isda.org)

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.

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

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