Swaps Monitor Research

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/28/2000
07:41 AM ---------------------------

Andrei Osonenko <andrei@swapsmonitor.com< on 07/27/2000 08:18:05 AM
To: (Recipient list suppressed)
cc:
Subject: Swaps Monitor Research

We have today published information about our estimates of the replacement
cost of the global OTC derivatives market. This research is contained in the
attached pdf files.

Through our web site, SwapsMonitor.com, you can obtain additional information
about OTC derivatives dealers, including rankingsand a database of
outstandingsgoing back to 1994.

As an e-mail subscriber to our research, you will automatically receive all
free research at the same time it is placed on our web site. If you wish to
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your e-mail application and type the word "Remove" in the subject line.

Regards,

- total_rc.pdf
Andrei Osonenko
Research Department