Re: Bank of England Application ,
 I agree, although with some reservations as mentioned in Bob's note.

Regards,

George

"Bruttel, Henning" wrote:

> I share the comments made, let them join....
>
> regards
> Henning Bruttel
>
> > -----Original Message-----
> > From: Steve_Targett@national.com.au [SMTP:Steve_Targett@national.com.au]
> > Sent: Friday, October 12, 2001 23:24
> > To:   frederic.janbon@bnpparibas.com
> > Cc:   Jerry.delmissier@barclayscapital.com; RPICKEL@isda.org;
> > BOARD@isda.org; MCUNNINGHAM@isda.org; esebton@isda-eur.org;
> > rmetcalfe@isda-eur.org
> > Subject:      Re: RE: Bank of England Application
> >
> >
> > I endorse Jerry's view.
> >
> > Steve T.
> >
> >
> >
> >
> > frederic.janbon@bnpparibas.com on 13/10/2001 03:03:14
> >
> > To:   Jerry.delmissier@barclayscapital.com
> > cc:   RPICKEL@isda.org, BOARD@isda.org, MCUNNINGHAM@isda.org,
> >       esebton@isda-eur.org, rmetcalfe@isda-eur.org
> >
> > Subject:  Re: RE: Bank of England Application
> >
> >
> >
> > i fully agree with Jerry.
> > fj
> >
> > 12/10/2001 17:45
> > Internet
> > Jerry.delmissier@barclayscapital.com - 12/10/2001 17:45
> >
> >
> > To:   RPICKEL, BOARD
> >
> > cc:   MCUNNINGHAM, esebton, rmetcalfe
> >
> > bcc:
> >
> >
> > Subject:  RE: Bank of England Application
> >
> >
> > bob,
> > i am a supporter.  in our dealings we see the bank as a growing user of
> > derivatives and feel comfortable with the separation from the FSA.  the
> > new
> > role the bank plays is more akin to what some of the other central banks
> > in
> > europe do rather than the fed or boj.
> >
> > -----Original Message-----
> > From: Robert Pickel [mailto:RPICKEL@isda.org]
> > Sent: 12 October 2001 16:59
> > To: ISDA BOARD
> > Cc: Mary Cunningham; Emmanuelle Sebton; Richard Metcalfe
> > Subject: Bank of England Application
> >
> >
> > Shortly before the teleconference Board meeting two weeks ago we received
> > an
> > application from the Bank of England for subscriber membership. When we
> > have
> > considered central banks or government agencies for membership in the
> > past,
> > consideration has focused on the nature of the applicant's derivatives
> > activities, its regulatory role and the type of information they are
> > likely
> > to obtain from ISDA. Because of their derivatives activities, we have
> > generally admitted these applicants (e.g., the Kingdoms of Belgium,
> > Denmark
> > and Sweden, the Reserve Banks of South Africa and New Zealand). We have
> > even
> > admitted the Bank for International Settlements as a member. In general,
> > we
> > let them know that they may not be able to receive the full range of ISDA
> > materials (e.g., draft comment letters or position papers) and that there
> > may be a need to exclude them from certain committees or discussions.
> >
> > In previous Board discussions, a higher degree of concern has been
> > expressed
> > if, theoretically, the Federal Reserve, the Bank of Japan, the Bank of
> > England or similarly influential central banks were to apply for
> > membership.
> > These central banks typically have a greater degree of involvement in the
> > regulatory debates (particularly on capital) and are better positioned to
> > influence the process.
> >
> > Since some of those previous debates, the regulatory role of the Bank of
> > England has diminished and the role of the Financial Services Authority
> > has
> > correspondingly increased. The Bank of England still plays the traditional
> > central bank roles of controller of the money supply, dealing in the
> > market
> > and lender of last resort, but the supervisory role has shifted to the
> > FSA.
> >
> > In light of these developments, but recognizing the concerns previously
> > expressed on central bank membership, I would appreciate your views on the
> > application of the Bank of England. We have also had overtures from the
> > Hong
> > Kong Monetary Authority regarding membership although we have not received
> > an application.
> >
> > Please share your views with the other members of the Board.
> >
> > Bob
> >
> >
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bruttel@enron.com, henning.bruttel@drkw.com