SINGAPORE, October 23, 2000 - The International Swaps and Derivatives Association (ISDA) today formally opened a full-service office in Singapore, its first in the South East Asia region.

The new office will support ISDA's increasing involvement in the region through its Hong Kong and South East Asia Steering Committee, as well as through a variety of subcommittees. It will enable the Association to better serve the growing number of member firms based in South East Asia, including those in Australia and India, as well as the many other ISDA members who have operations in the region. The office is headed by Angela Papesch, Director of South East Asia Policy, who formerly served as Assistant Director for European Policy in ISDA's London office

"ISDA's launch of a full-service office in Singapore reflects the global nature of our business, and it underscores both the growth of our membership and of derivatives and risk management activities throughout South East Asia," said Richard E. Grove, Executive Director and Chief Executive Officer of ISDA.

The Association marked the event in Singapore with a reception for members, other industry participants and policymakers that followed a day-long conference on e-commerce and other key issues in the derivatives and risk management business. Concurrent with the office launch, ISDA is also co-sponsoring, along with The Thai Central Bank, a meeting of members and industry participants in Bangkok to discuss collateral management and related issues for local participants.

The Singapore office opening marks ISDA's fourth full-service office, joining those of London, New York and Tokyo. ISDA's Tokyo office, which opened in April 2000, will continue to serve both Japanese and non-Japanese members that have operations in Japan. ISDA will maintain its current representative office in Hong Kong.

The address and contact information for ISDA's Singapore office is: 1 Robinson Road, #18-00 AIA Tower, Singapore 048542; Phone (65) 538-3879; Fax (65) 538-6942.