RE: Bank of England Application

Agree with these comments given that much of the regulatory oversight is now
with the FSA. I would also support the application.

< -----Original Message-----
< From: Jerry.delmissier@barclayscapital.com
< [SMTP:Jerry.delmissier@barclayscapital.com]
< Sent: 12 October 2001 11:46
< To: RPICKEL@isda.org; BOARD@isda.org
< Cc: MCUNNINGHAM@isda.org; esebton@isda-eur.org; rmetcalfe@isda-eur.org
< 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
<
<
< ------------------------------------------------------------------------
< For more information about Barclays Capital, please
< visit our web site at http://www.barcap.com.
<
<
< Internet communications are not secure and therefore the Barclays
< Group does not accept legal responsibility for the contents of this
< message. Although the Barclays Group operates anti-virus programmes,
< it does not accept responsibility for any damage whatsoever that is
< caused by viruses being passed. Any views or opinions presented are
< solely those of the author and do not necessarily represent those of the
< Barclays Group. Replies to this email may be monitored by the Barclays
< Group for operational or business reasons.
<
< ------------------------------------------------------------------------