ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Friday, November 14, 2008

For More Information, Please Contact:

Louise Marshall, ISDA New York, +1 212-901-6014, lmarshall@isda.org

Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org

Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org

ISDA COMMENTS ON PWG’S INITIATIVES

TO STRENGTHEN OTC DERIVATIVES INFRASTRUCTURE

NEW YORK, Friday, November 14, 2008: The International Swaps and Derivatives Association, Inc. (ISDA) today made the following comment on the President’s Working Group on Financial Markets’ (PWG) series of initiatives to strengthen oversight and the infrastructure of the over-the-counter derivatives market:

"The PWG's initiatives demonstrate the close cooperation of financial market participants and their regulators to ensure the continued health and vitality of the privately negotiated derivatives markets. This collaborative process has already produced significant results, but more work remains to be done. ISDA is committed to working with regulators and
industry to ensure the OTC derivatives markets continue to play their important role in allowing companies and investors to manage risks, which is more important than ever in these turbulent markets," said Robert Pickel, Executive Director and Chief Executive Officer, ISDA.

ISDA endorses the PWG's call for the adoption of best practices with respect to risk management for OTC derivatives activities, including public reporting, liquidity management, senior management oversight and counterparty credit risk management. This also includes the use of legally-enforceable netting and collateral agreements between counterparties where possible. ISDA has facilitated the use of netting, as well as rigorous collateral management practices, since its founding and will work with its members to ensure continued wide-spread adoption and adherence to these best practices.

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.