Credit Trading

MIchael:

I will be over for the ISDA board meeting on January 25 and 26. With the
launch of the credit derivatives business, I think it would be a good time to
do a brief Securities Law/Chinese Wall seminar relating to the credit
business. I would propose to review the rules we have instituted in NA and
particular issues in the European market. My preference on timing is in the
morning on the 26th, and second, in the afternoon on the 25th. Please give
your thoughts on this. Take care.

Mark