ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC

NEWS RELEASE

For Immediate Release, Wednesday, September 26, 2007

For More Information, Please Contact:

Scott Marra, ISDA New York, 212-901-6013, smarra@isda.org

Carmen Neumann, ISDA London, 0203 088 3554, cneumann@isda.org

ISDA Mid-Year 2007 Market Survey: Credit Derivatives at $45.46 Trillion

NEW YORK, Wednesday, September 26, 2007– At its 2007 Regional Member Conference in New York today, the International Swaps and Derivatives Association (ISDA) announced the results of its Mid-Year 2007 Market Survey of privately negotiated derivatives.

According to the Survey, notional amount outstanding of credit derivatives grew by 32% in the first six months of the year to $45.46 trillion from $34.42 trillion. The annual growth rate for credit derivatives is 75% from $26.0 trillion at mid-year 2006. For the purposes of the Survey, credit derivatives comprise credit default swaps referencing single names, indexes, baskets, and portfolios.

Notional amount outstanding of interest rate derivatives, which include interest rate swaps and options and cross-currency swaps, grew by 21 percent to $347.09 trillion from $285.73 trillion. This compares with 14 percent growth during the second half of 2006. The annual growth rate for interest rate derivatives to mid-2007 is 38 percent from $250.83 trillion in mid-2006.

Notional amount outstanding of equity derivatives, which consist of equity swaps, options, and forwards, grew by 39 percent from $7.18 trillion to $10.01 trillion. This compares with 13 percent growth during the second half of 2006. The annual growth rate for equity derivatives to mid-2007 is 57 percent from $6.38 trillion at mid-year 2006.

“Privately negotiated derivatives activity remained robust during the first half of 2007, with credit and equity derivatives representing particularly strong growth,” said Robert Pickel, Executive Director and Chief Executive Officer, ISDA. “We expect this strong volume to continue over the 2007 second half, as privately negotiated derivatives have provided liquidity and functioned efficiently through the recent market volatility.”

The survey collects and aggregates notional amounts outstanding as of the reporting date, adjusted for double counting of inter-dealer transactions. ISDA surveys its Primary Membership twice yearly on a confidential basis. In this survey, 88 firms provided data. All major dealers responded.

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 820 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.

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