RE: RE: Bank of England Application

I share the comments made, let them join....

regards
Henning Bruttel

< -----Original Message-----
< From: Steve_Targett@national.com.au [SMTP:Steve_Targett@national.com.au]
< Sent: Friday, October 12, 2001 23:24
< To: frederic.janbon@bnpparibas.com
< Cc: Jerry.delmissier@barclayscapital.com; RPICKEL@isda.org;
< BOARD@isda.org; MCUNNINGHAM@isda.org; esebton@isda-eur.org;
< rmetcalfe@isda-eur.org
< Subject: Re: RE: Bank of England Application
<
<
< I endorse Jerry's view.
<
< Steve T.
<
<
<
<
< frederic.janbon@bnpparibas.com on 13/10/2001 03:03:14
<
< To: Jerry.delmissier@barclayscapital.com
< cc: RPICKEL@isda.org, BOARD@isda.org, MCUNNINGHAM@isda.org,
< esebton@isda-eur.org, rmetcalfe@isda-eur.org
<
< Subject: Re: RE: Bank of England Application
<
<
<
< i fully agree with Jerry.
< fj
<
< 12/10/2001 17:45
< Internet
< Jerry.delmissier@barclayscapital.com - 12/10/2001 17:45
<
<
< To: RPICKEL, BOARD
<
< cc: MCUNNINGHAM, esebton, rmetcalfe
<
< bcc:
<
<
< Subject: RE: Bank of England Application
<
<
< bob,
< i am a supporter. in our dealings we see the bank as a growing user of
< derivatives and feel comfortable with the separation from the FSA. the
< new
< role the bank plays is more akin to what some of the other central banks
< in
< europe do rather than the fed or boj.
<
< -----Original Message-----
< From: Robert Pickel [mailto:RPICKEL@isda.org]
< Sent: 12 October 2001 16:59
< To: ISDA BOARD
< Cc: Mary Cunningham; Emmanuelle Sebton; Richard Metcalfe
< Subject: Bank of England Application
<
<
< Shortly before the teleconference Board meeting two weeks ago we received
< an
< application from the Bank of England for subscriber membership. When we
< have
< considered central banks or government agencies for membership in the
< past,
< consideration has focused on the nature of the applicant's derivatives
< activities, its regulatory role and the type of information they are
< likely
< to obtain from ISDA. Because of their derivatives activities, we have
< generally admitted these applicants (e.g., the Kingdoms of Belgium,
< Denmark
< and Sweden, the Reserve Banks of South Africa and New Zealand). We have
< even
< admitted the Bank for International Settlements as a member. In general,
< we
< let them know that they may not be able to receive the full range of ISDA
< materials (e.g., draft comment letters or position papers) and that there
< may be a need to exclude them from certain committees or discussions.
<
< In previous Board discussions, a higher degree of concern has been
< expressed
< if, theoretically, the Federal Reserve, the Bank of Japan, the Bank of
< England or similarly influential central banks were to apply for
< membership.
< These central banks typically have a greater degree of involvement in the
< regulatory debates (particularly on capital) and are better positioned to
< influence the process.
<
< Since some of those previous debates, the regulatory role of the Bank of
< England has diminished and the role of the Financial Services Authority
< has
< correspondingly increased. The Bank of England still plays the traditional
< central bank roles of controller of the money supply, dealing in the
< market
< and lender of last resort, but the supervisory role has shifted to the
< FSA.
<
< In light of these developments, but recognizing the concerns previously
< expressed on central bank membership, I would appreciate your views on the
< application of the Bank of England. We have also had overtures from the
< Hong
< Kong Monetary Authority regarding membership although we have not received
< an application.
<
< Please share your views with the other members of the Board.
<
< Bob
<
<
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