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Enron Mail |
I think that the BOE should be admitted to membership.
Also, Bob, about the Hong Kong Monetary Authority (HKMA), following the recent seminar we did for them in HK, I think that we are likely to hear more from them about membership. Frankly, it is easy for me to raise the issue with David Carse/Simon Topping, which might well precipitate a formal application, but obviously I would rather not do so without hearing further from the Board about the potential success of such an application. It is probably best if I write separately about the HKMA and its functions including why membership for them might make sense. At that point, further discussion would be useful. Regards Robert Pickel <RPICKEL@isda.org< on 12 Oct 2001 23:58 To: ISDA BOARD <BOARD@isda.org< cc: Mary Cunningham <MCUNNINGHAM@isda.org< Emmanuelle Sebton <esebton@isda-eur.org< Richard Metcalfe <rmetcalfe@isda-eur.org< Our Ref: Your Ref: Subject: Bankof England Application ****************************************************************** This message originated from the Internet. Its originator may or may not be who they claim to be and the information contained in the message and any attachments may or may not be accurate. ****************************************************************** 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 ******************************************************************** This message and any attachments are confidential to the ordinary user of the e-mail address to which it was addressed and may also be privileged. If you are not the addressee you may not read, copy, forward, disclose or use any part of the message or its attachments and if you have received this message in error, please notify the sender immediately by return e-mail and delete it from your system. Internet communications cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, arrive late or contain viruses. The sender therefore does not accept liability for any errors or omissions in the context of this message which arise as a result of Internet transmission. Any opinions contained in this message are those of the author and are not given or endorsed by the HSBC Group company or office through which this message is sent unless otherwise clearly indicated in this message and the authority of the author to so bind the HSBC entity referred to is duly verified. ********************************************************************
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