Message-ID: <12764536.1075854942985.JavaMail.evans@thyme> Date: Tue, 16 Oct 2001 04:51:55 -0700 (PDT) From: george.james@morganstanley.com To: bruttel@enron.com, henning.bruttel@drkw.com Subject: Re: Bank of England Application Cc: steve_targett@national.com.au, frederic.janbon@bnpparibas.com, jerry.delmissier@barclayscapital.com, rpickel@isda.org, board@isda.org, mcunningham@isda.org, esebton@isda-eur.org, rmetcalfe@isda-eur.org Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: steve_targett@national.com.au, frederic.janbon@bnpparibas.com, jerry.delmissier@barclayscapital.com, rpickel@isda.org, board@isda.org, mcunningham@isda.org, esebton@isda-eur.org, rmetcalfe@isda-eur.org X-From: George James X-To: Bruttel, Henning X-cc: 'Steve_Targett@national.com.au', frederic.janbon@bnpparibas.com, Jerry.delmissier@barclayscapital.com, RPICKEL@isda.org, BOARD@isda.org, MCUNNINGHAM@isda.org, esebton@isda-eur.org, rmetcalfe@isda-eur.org X-bcc: X-Folder: \MHAEDIC (Non-Privileged)\Inbox X-Origin: Haedicke-M X-FileName: MHAEDIC (Non-Privileged).pst 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 > > > > > > ------------------------------------------------------------------------ > > For more information about Barclays Capital, please > > visit our web site at http://www.barcap.com. > > > > > > Internet communications are not secure and therefore the Barclays > > Group does not accept legal responsibility for the contents of this > > message. 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