ISDA Comment Ltr - OTC Derivatives Concept Release

.1 1 tional Swaps and Derivatives Association, Inc. (“ISDA”) is pleased to submitConcept Release entitled “Over-the-Counter Derivatives”, 63 FR 26114 (May 12, 1998) (the“Concept Release”), which seeks a wide range of information about swaps and hybridinstruments. Due to the size and character of ISDA’s membership and the nature of its mission,ISDA believes that it is able to provide unique insights in response to the questions posed by theISDA is an international organization whose membership comprises over 360 of theworld’s largest commercial, merchant and investment banks and other corporations andinstitutions that engage in significant activities in swaps and other privately-negotiatedattached to this letter as Annex A. In addition to our Primary Members, who represent all themajor dealers in swaps and derivatives, ISDA has a growing number of Subscriber Members,many of whom are active end-users of swaps and derivatives. Additional information aboutOne of ISDA’s main goals since its inception has been to promote legal certainty forswap transactions. ISDA has sought to establish (i) clarity concerning how swap transactionswill be treated under U.S. law and laws in other jurisdictions, (ii) certainty that they will belegally enforceable and not subject to avoidance and (iii) certainty that key provisions in swap63, No. 91, Tuesday, May 12, 1998, and all page references are to that publication ...