Single Master Agreement

Please see below from ISDA. Do we ever want to go to using the ISDA for
physical and financial deals? Should this be a long range plan? Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 09/19/2000 11:38 AM -----

Robert Pickel <RPICKEL@isda.org<
09/19/2000 08:06 AM

To: ISDA BOARD <BOARD@isda.org<
cc: Angela Papesch <apapesch@isda-eur.org<, Kimberly Summe
<KSumme@isda.org<, Nick Collier <ncollier@isda-eur.org<, Ruth Ainslie
<RAinslie@isda.org<, Shigeki Kawano <SKawano@isda.org<
Subject: Single Master Agreement

As we discussed at the Board meeting last week, the impetus for a single
master agreement will need to come from several fronts, but especially from
within each of your firms. The various trade associations will be most
responsive to the idea if they are hearing strong support for a single
agreement from decision-making levels within member firms. We will
separately continue or commence a dialogue with the trade associations that
sponsor various agreements or are active in the areas of the financial
products that would be covered by such an agreement.

The trade associations we have identified as likely to be important to this
project are the following:

Securities Industry Association (US)
The Bond Market Association (US)
International Securities Market Association (principally Europe)
European Banking Federation (Europe)
The Foreign Exchange Committee (NY, London, Tokyo)
Emerging Markets Traders Association

The following associations may also be helpful to the process:

Australian Financial Markets Association
British Bankers Association
Japan Securities Dealers Association
Canadian Bankers Association
International Primary Markets Association (London-based)
ACI (The Foreign Exchange Association)(Paris-based)_

If your firm is active in any of these organizations, we encourage you to
discuss as soon as possible with your representative within that
organization the need to support the development of a single agreement for
financial products and urge them to express their support to the
associations. If it would be useful to share with them the thoughts in my
memorandum to the board, please feel free to do so. I have attached an
edited version which deletes the last couple of sections on my discussions
with the BMA, the Russo-Carlin group, Ernie Patrikis's letter and possible
approaches for ISDA.

I will try to contact each of you over the course of the next week to get
your feedback. In the meantime, if you have any questions, please do not
hesitate to email me or call me (212-332-2554)

Bob

- SAFT.doc