Memo to Board re Trading Practice Issues In the wake of last week's disaster, we have had numerous requests for
contingency decisions on issues of a trading practice nature. We are
compiling a list of these questions for review by ISDA's Trading Practice
Committee, chaired by Jonathan Moulds at Bank of America.

If your firm has experienced or if you are aware of any such issues in
relation to the market disruptions (eg: how to establish CMS/CMT rates for
those days), please would you be prepared to raise them at tomorrow's Board
Meeting. If necessary, ISDA may subsequently ask its Trading Practice
Advisory Group to convene to address these issues.

Louise Marshall
Policy Director 
International Swaps and Derivatives Association
600 Fifth Ave, New York, NY 10020
Tel: 212 332 1214
Fax: 212 332 1212
lmarshall@isda.org


