ISDA Cross Agreement Bridge and Commentary

Attached, please find the 2001 ISDA Cross-Agreement Bridge, blacklined
against the last version you received, dated July 26, 2001. In addition,
please find a copy of the Commentary on the Bridge.

As many of you know, various working groups prepared amendments to the ISDA
Master Agreements to be effected through the use of a 2001 ISDA Master
Agreement Protocol. In connection with this effort, the Structural Issues
Working Group prepared the Cross-Agreement Bridge. Following meetings of
the Strategic Documentation Review Task Force in late July and discussions
in August and September, it was felt that the Protocol approach was too
complicated, from an operational and logistical perspective, given the
nature and the number of the proposed amendments. Accordingly, it was
decided that the four euro annexes would be separated from the Protocol and
compiled in their own 2001 Euro Protocol. The 2001 Euro Protocol is now
available on our website and the adherence period ends on November 30, 2001.
Annexes 1 to 9 of the Protocol have been prepared as a Form of Amendment to
the ISDA Master Agreements. The Form of Amendment, and the Commentary, will
be published on ISDA's website late this week or early next week. Work is
scheduled to begin on a new Master Agreement and kick-off meetings to
discuss the new draft Master Agreement will be held in London later this
year. Details will be announced to the Documentation Committee soon.

As for the Bridge, it was felt that we should publish this on our website as
well. Accordingly, I have attached the drafts for your review. Please note
that the "option to disapply" was deleted in this draft, primarily because
the version of the Bridge considered by ISDA's netting counsel in late 2000
did not include such an option.

I would be grateful if you could review the attached documents by Friday,
November 2. I would like to publish these on our website on Monday,
November 5.

Please do not hesitate to contact me at 212-332-1203 if you have any
questions. Thank you very much for your consideration.

Kimberly Summe

- Marked up version.DOC
- Commentary on Cross-Agreement Bridge.DOC