ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release Tuesday, December 6, 2005

For More Information, Please Contact:

Scott Marra, ISDA New York, 212-901-6000, smarra@isda.org

The New 2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions

NEW YORK, Tuesday, December 6, 2005 - The International Swaps and Derivatives Association, Inc., the Foreign Exchange Committee, and EMTA, Inc. jointly announce the publication of the 2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions. The 2005 Supplement will enable market participants to readily document a variety of barrier and binary options under the framework of the 1998 Definitions. The 2005 Supplement sets forth common reference terms for a growing sector of the foreign exchange marketplace and should offer the benefits of efficient documentation processes and enhanced legal certainty to market participants.

Exhibits to the 2005 Supplement illustrate how barrier and binary options may be confirmed under its terms, and accompanying Practice Notes explain its provisions. Matrices with best practice recommendations for specifying certain confirmation terms under the 2005 Supplement also are being published and will be updated periodically by the co-sponsors.

About ISDA

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 650 member institutions from 47 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.