ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC

NEWS RELEASE

For Immediate Release Thursday, October 18, 2007

For More Information, Please Contact:

Louise Marshall, ISDA New York, lmarshall@isda.org; Scott Marra, 212-901-6013, smarra@isda.org

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

ISDA TO EXPAND PRESENCE IN ASIA,

REFLECTING DERIVATIVES INDUSTRY GROWTH

Leading Global Trade Association Opens Hong Kong Regional HQ Office and Names Keith Noyes as Regional Director, Asia-Pacific

NEW YORK, Thursday, October 18, 2007– The International Swaps and Derivatives Association (ISDA) today announced that it is expanding its presence in Asia-Pacific to best support the industry’s continued growth in the region. The Association is opening a regional headquarters office in Hong Kong and has named Keith Noyes as Regional Director, Asia-Pacific.

Mr. Noyes, whose appointment is effective October 22, will serve as ISDA’s primary Asia-Pacific representative. He will coordinate with the Association’s CEO, Board of Directors, staff and members to develop and lead ISDA’s activities and strengthen ISDA’s relationships with key constituencies in China, Hong Kong, Singapore, India, Australia and other countries in the region. Mr. Noyes will head ISDA’s office in Hong Kong and its existing office in Singapore and will report to Robert Pickel, Executive Director and Chief Executive Officer, ISDA.

“ISDA’s decision to strengthen its Asia-Pacific presence reflects the growing importance of China, India and neighboring countries to the world’s financial markets, as well as the dramatic growth of the privately negotiated derivatives business in the region,” said Mr. Pickel. “I am delighted that Keith Noyes will lead our efforts in Asia-Pacific. His experience and talent make him the ideal person to help shape and drive our efforts there. He will be a great asset to the Association and a strong addition to our management team.”

Fluent in Mandarin and English, Mr. Noyes is a veteran of the global derivatives markets and has spent the past two decades working in Asia for such firms as Taiwan Securities (HK) Co., Bear Stearns Asia Limited, S.G. Warburg and Merrill Lynch. Most recently he served as Managing Director of a non-financial management company he founded and owns, based in Hong Kong. He received his MBA from the University of California, Los Angeles and his BA from Dartmouth College.

As part of the Association’s newly adopted Strategic Plan, ISDA will continue to strengthen its global presence by increasing its leadership and expanding its footprint in the Asia-Pacific region. Over the next year, ISDA plans to add additional Hong-Kong based staff in the legal and documentation, public policy and marketing areas.

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 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.