ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Monday, September 22, 2008

For More Information, Please Contact:

Louise Marshall, ISDA New York, 212-901-6014, lmarshall@isda.org

Cesaltine Gregorio, ISDA New York, 212-901-6019, cgregorio@isda.org

ISDA COMMENTS ON GOVERNOR PATERSON'S PLAN

TO REGULATE SWAP MARKET

NEW YORK, Monday, September 22, 2008 – The International Swaps and Derivatives Association, Inc. (ISDA) today made the following comment on New York Governor David Paterson's call on the Federal Government to regulate the credit default swap market:

"There is a welcome role for regulators to review the activities of those they regulate, and in that vein the State Insurance Department can and should monitor all the activities of NY insurance companies including their swaps business. However, going beyond this common sense approach threatens to disrupt global derivatives markets which have continued to function amidst the current turmoil. The State of New York should proceed very cautiously and in consultation with Federal regulators before acting in a way that may ultimately cause more harm than good," said Robert Pickel, Executive Director and Chief Executive Officer, ISDA.

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 850 member institutions from 56 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.