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Press Release 1 Nov 2004

The SFEMC, EMTA, and FXC initial Documentation for Non-Deliverable Foreign Exchange Transactions for Six Asian Currencies in 1 Nov 2004

The Singapore Foreign Exchange Market Committee (SFEMC), EMTA, Inc. and the New York Foreign Exchange Committee, acting as co-sponsors, are pleased to announce the publication of updated documentation for non-deliverable foreign exchange transactions for six Asian currencies.

The Tokyo Foreign Exchange Committee and the Treasury Markets Forum of Hong Kong support the co-sponsors in their publication of the updated documentation for the benefit of market participants.

In addition, for the convenience of their constituents and the marketplace, EMTA and the SFEMC will sponsor the signing of a multilateral amendment for their members and other market participants who wish to amend their outstanding contracts to incorporate the new template terms.

For these institutions who wish to participate, information pertaining to the multilateral amendment for such currencies may be found on the websites of EMTA and the Singapore Institute of Banking and Finance (IBF), which is administering the amendment on behalf of the SFEMC. The effective date of the amendment is December 1, 2004, whether the amendment is signed before or after the date.

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