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ISDA BOARD MEMBERS AND CHAIRMAN ELECTED BAUMAN TO SUCCEED BASING AS CHAIRMAN

 HONG KONG, March 12 /PRNewswire/ -- At the International Swap Dealers Association's Annual General Meeting in Hong Kong, the board of directors elected Joseph P. Bauman chairman for 1993-1994.
 Mr. Bauman, who heads business development for Citibank N.A.'s Global Derivatives department, has served as an ISDA director for a total of four years. He first joined the ISDA board in 1989 while at Chemical Bank; since then, Mr. Bauman has served as ISDA's treasurer (1990-1991), and chairman of its operations committee (1991).
 "Swaps and derivatives are increasingly viewed as important financial management tools by a wide variety of government and corporate end-users," Mr. Bauman said. "ISDA's long-standing commitment to identify and reduce the sources of risk of swaps has played a key role in ensuring their acceptance and effectiveness."
 Mr. Bauman said that ISDA will continue with its risk-reduction efforts, and cited the recognition of netting in the risk-based capital guidelines as an important ISDA goal. He also said that ISDA looks forward to continuing its educational discussions with the various regulatory and legislative authorities and others in the legal and financial communities.
 Mr. Bauman succeeds Malcolm P. Basing, president, Swiss Bank Corporation (Canada), as ISDA chairman. Mr. Basing will continue to serve as an ISDA director.
 "Malcolm's contribution as ISDA chairman has been substantial," Mr. Bauman said. "During his tenure, ISDA introduced its updated Master Agreement, worked to see the passage of the CFTC Reauthorization legislation, and expanded our efforts to educate our constituencies in government and business as to the true nature and risks of swaps and derivatives. The board joins me in thanking Malcolm for his efforts over the past year, and we look forward to his continuing on as a director."
 The ISDA board of directors elected officers to the following board positions:
 Vice Chairman -- Alan Wood, Barclays de Zoete Wedd Ltd.
 Treasurer -- Steven Benardete, Morgan Stanley & Co.
 Secretary -- Gay Evans, Bankers Trust Company
 The board also named the following directors to chair ISDA Committees:
 Regulation/Risk Mitigation: Joseph Bauman, Citibank, N.A.
 Gay Evans, Bankers Trust Company
 Documentation: Ernest Goodrich, Merrill Lynch & Co.
 Alan Wood, Barclays de Zoete Wedd Ltd.
 Tax & Accounting: John Graham, J.P. Morgan & Co.
 Richard Andermatt, Credit Suisse Financial Products
 Operations: Jeffrey Larsen, Chemical Bank
 David Gelber, Midland Global Markets
 ISDA is an international group of commercial, investment and merchant banks and others active in swap transactions. Founded in 1985 to promote practices conductive to the efficient conduct of the business of its members and to carry on a dialogue with regulators, it includes over 200 primary and associate members worldwide. ISDA's executive offices are in New York City.
 International Swap Dealers Association
 1993 - 1994 Board of Directors
 Makato Aihara, Industrial Bank of Japan (A)
 Richard Andermatt, Credit Suisse Financial Products (A)
 Malcolm Basing, Swiss Bank Corporation
 Joseph Bauman, Citibank, N.A.
 Steven Benardete, Morgan Stanley & Co.
 David Brunner, Paribas Limited
 Gay Evans, Bankers Trust Company
 James Garnett, Chase Manhattan Bank
 David Gelber, Midland Global Markets
 Ernest Goodrich Jr., Merrill Lynch & Co.
 Jeffrey Larsen, Chemical Bank (A)
 Heinrich Linz, Dresdner Bank
 Isaac Muskat, Royal Bank of Canada (A)
 Hajime Nara, The Sanwa Bank Limited
 Robert Schwartz, Mitsubishi Capital Market Services Inc. (A)
 Zachary Snow, Salomon Brothers Inc. (A)
 Alan Wood, Barclays de Zoete Wedd Ltd.
 (A) -- New member.
 -0- 3/12/93
 /CONTACT: Pen Pendleton or Corey Cutler of Dewe Rogerson Inc., 212-688-6840, for ISDA/


CO: International Swap Dealers Association ST: IN: SU: PER

AH-LG -- NY008 -- 5432 03/12/93 10:07 EST
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Date:Mar 12, 1993
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