ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, November 5, 2003

For More Information, Please Contact:

Louise Marshall, ISDA New York, (212) 901-6000, lmarshall@isda.org

ISDA APPLAUDS SENATE DECISION ON ENERGY MARKET AMENDMENT

New York, Wednesday, November 5, 2003 – The International Swaps and Derivatives Association (ISDA) welcomes the United States Senate vote against a legislative proposal sponsored by Senator Dianne Feinstein that sought to introduce fundamental changes to existing regulation of privately negotiated derivatives.

“ISDA welcomes the Senate’s vote against the proposed amendment and thanks those Senators who voted in favor of continued legal certainty for these markets,” said Robert Pickel, Chief Executive Officer and Executive Director of ISDA. "We recognize in particular the leadership of Senators Cochran, Crapo, Domenici, Enzi, Miller and Shelby for upholding the legal framework for swaps. Their actions, and those of the full Senate, preserve the ability of American companies to use these valuable tools to manage risk and thereby aid economic recovery."

This is the third time the Senate has voted down similar amendments. With each vote the majority against the proposal has increased. Today’s amendment was voted down by 56 votes to 41.

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.

###