EUROCLEAR BANK PARTICIPANTS LIST (PT1)

Participant Name	BIC Code	Participant Code
AARGAUISCHE KANTONALBANK	KBAGCH22XXX	92304
AB SVENSK EXPORTKREDIT	SEKXSESSXXX	97147
ABAXBANK SPA	ICBBITMMXXX	27431
ABBEY NATIONAL TREASURY SERVICES PL	ANTSGB2LXXX	21391
ABBEY NATIONAL TREASURY SERVICES PL	ANTSGB2LXXX	24587
ABBEY NATIONAL TREASURY SERVICES PL	ANTSGB2LXXX	90281
ABLV BANK AS	AIZKLV22XXX	18576
ABN AMRO BANK (SWITZERLAND) AG	UBPGCHZ8XXX	12180
ABN AMRO BANK N.V. (FORMERLY FBN)	FTSBNL2RXXX	12826
ABN AMRO BANK N.V. (FORMERLY FBN)	FTSBNL2RXXX	12827
ABN AMRO BANK NV	ABNAJESHXXX	13030
ABN AMRO BANK NV	ABNANL2AXXX	90105
ABN AMRO BANK NV, RODERVELTLAAN	ABNABE2AIPCXXX	93170
ABN AMRO GLOBAL CUSTODY NV	n.a.	21900
ABN AMRO GLOBAL CUSTODY NV	n.a.	24936
ABN AMRO GLOBAL CUSTODY SERVICES N.	FTSBNL2RXXX	10937
ABN AMRO GLOBAL CUSTODY SERVICES N.	FTSBNL2RXXX	11963
ABN AMRO GLOBAL CUSTODY SERVICES N.	FTSBNL2RXXX	14447
ABN AMRO GLOBAL CUSTODY SERVICES N.	FTSBNL2RXXX	14448
ABN AMRO GLOBAL CUSTODY SERVICES N.	FTSBNL2RXXX	94763
ABN AMRO GLOBAL CUSTODY SERVICES N.	FTSBNL2RXXX	97465
ABSA BANK LTD	ABSAZAJJXXX	18440
ABU DHABI COMMERCIAL BANK PJSC	ADCBAEAATRYXXX	15438
ABU DHABI INVESTMENT COMPANY	ADICAEAAXXX	93301
ADAM & COMPANY PLC	ADAGGB2SXXX	13446
ADAM & COMPANY PLC	ADAGGB2SXXX	13458
ADAM & COMPANY PLC	ADAGGB2SXXX	13460
ADAM & COMPANY PLC	ADAGGB2SXXX	13504
ADAM & COMPANY PLC	ADAGGB2SXXX	13576
ADAM & COMPANY PLC	ADAGGB2SXXX	13638
ADAM & COMPANY PLC	ADAGGB2SXXX	13641
ADAM & COMPANY PLC	ADAGGB2SXXX	13646
ADM INVESTOR SERVICES INTERNATIONAL	n.a.	10123
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	13490
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16198
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16199
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16348
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16350
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16352
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16354
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16356
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16359
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16361
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16363
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16364
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	16641
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	91606
AFRICAN DEVELOPMENT BANK	AFDBCIABXXX	95717
AGRICULTURAL BANK OF CHINA LIMITED,	ABOCSGSGXXX	97677
AHLI UNITED BANK (UK) PLC	UBKLGB2LXXX	90571
AHLI UNITED BANK (UK) PLC	UBKLGB2LXXX	91373
AHORRO CORPORACION FINANCIERA S V S	n.a.	99413
AIB BANK (CI) LIMITED	AIBKJESHXXX	40275
AIZAWA SECURITIES CO., LTD.	n.a.	21377
AKBANK TAS	AKBKTRISXXX	17381
AKBANK TAS	AKBKTRISXXX	93023
AKTIA BANK PLC	HELSFIHHXXX	23334
AKTIA BANK PLC	HELSFIHHXXX	97495
AL RAJHI BANKING AND INVESTMENT COR	RJHISARIXXX	16508
ALETTI & C BANCA DI INVESTIMENTO MO	ALETITMMXXX	11100
ALETTI & C BANCA DI INVESTIMENTO MO	ALETITMMXXX	16029
ALFA CAPITAL HOLDINGS (CYPRUS) LIMI	n.a.	14750
ALFA-BANK	ALFARUMMXXX	92344
AL-HOSN INVESTMENT COMPANY S.A.O.C.	n.a.	15269
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11078
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11626
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11629
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11631
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11632
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11633
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11634
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11635
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11636
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11637
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11638
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11639
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11640
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11641
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11642
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	11643
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12451
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12452
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12470
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12471
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12472
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12473
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12475
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	12480
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13040
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13041
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13042
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13043
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13044
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13045
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13046
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13047
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13048
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13049
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13050
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13051
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13052
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13055
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13056
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13057
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13058
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13059
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13060
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13061
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13062
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13063
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13066
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13067
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13068
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13069
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13072
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13073
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13074
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13075
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13080
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13081
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13082
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13083
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13084
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13085
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13086
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13087
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13088
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13089
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13090
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13091
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13092
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13096
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13097
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13098
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13099
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13100
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13101
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13102
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13103
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13104
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13105
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13106
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13107
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13108
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13109
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13211
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13221
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13249
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13250
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13291
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13292
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13293
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13294
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13295
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13296
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13320
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13321
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13322
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13352
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13463
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13520
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13521
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	13768
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14406
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14421
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14424
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14442
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14450
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14538
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14603
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14604
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14607
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	14608
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	15208
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	15209
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	15347
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16188
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16209
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16516
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16517
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16518
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16519
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16520
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16521
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16738
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16898
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	16901
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	17403
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	17404
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	17405
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	17406
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	17978
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	18601
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	18646
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	18812
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	18813
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	18845
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	18846
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25787
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25788
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25789
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25790
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25791
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25792
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25793
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25794
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25795
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25796
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25797
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25798
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25799
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25800
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25801
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25802
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25893
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	25894
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	41117
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	41118
ALLIANZ BANK FINANCIAL ADVISORS SPA	BKRAITMMXXX	41119
ALLIANZ NEDERLAND LEVENSVERZEKERING	n.a.	18945
ALLIANZ NEDERLAND SCHADEVERZEKERING	n.a.	18944
ALLIED IRISH BANKS PLC (AIB GROUP)	AIBKIE2DXXX	92742
ALPHA BANK AE	CRBAGRAAXXX	90864
ALPHA BANK LONDON LIMITED	ALBLGB2LXXX	25848
ANDORRA BANC AGRICOL REIG SA	BACAADADXXX	11082
ANDORRA BANC AGRICOL REIG SA	BACAADADXXX	11083
ANDORRA BANC AGRICOL REIG SA	BACAADADXXX	11084
ANGLESEA FUNDING PLC	n.a.	12595
ANGLESEA FUNDING PLC	n.a.	29905
ANGLESEA FUNDING PLC	n.a.	29926
ANGLESEA FUNDING PLC	n.a.	29927
AOZORA BANK LTD	NCBTJPJTXXX	95945
ARAB AFRICAN INTERNATIONAL BANK	ARAIEGCXXXX	92970
ARAB BANK PLC	n.a.	16191
ARAB BANK PLC	ATBKTNTTXXX	16699
ARAB BANK PLC	ARABJOAXXXX	17567
ARAB BANK PLC	ARABJOAXXXX	27708
ARAB BANK PLC, AREA OFFICE	ARABSGSGXXX	91572
ARAB BANK PLC, REGIONAL MANAGEMENT	ARABAEADXXX	24179
ARAB BANK PLC, ROAD 1706	ARABBHBMXXX	28465
ARAB BANK PLC, ROAD 1706	ARABBHBMXXX	92867
ARAB BANKING CORPORATION (BSC)	n.a.	14958
ARAB BANKING CORPORATION (BSC)	ABCOBHBMXXX	92025
ARAB BANKING CORPORATION (BSC)	ABCIBHBMXXX	93111
ARAB BANKING CORPORATION (BSC)	n.a.	93373
ARAB BANKING CORPORATION (BSC)	ABCOBHBMXXX	93948
ARAB INSURANCE GROUP BSC	n.a.	96864
ARAB INTERNATIONAL BANK	ARIBEGCXXXX	95748
ARAB JORDAN INVESTMENT BANK	AJIBJOAXXXX	13016
ARAB JORDAN INVESTMENT BANK	AJIBJOAXXXX	93132
ARAB JORDAN INVESTMENT BANK	AJIBJOAXXXX	94272
ARAB MONETARY FUND	ARMFAEAAXXX	95988
ARAB NATIONAL BANK	ARNBSARIXXX	98722
ARAB TRADE FINANCING PROGRAM	n.a.	97891
ARBEJDERNES LANDSBANK A/S	ALBADKKKXXX	18300
ARGENTA BANQUE D'EPARGNE SA	ARSPBE22XXX	10195
ARGENTA BANQUE D'EPARGNE SA	ARSPBE22XXX	12073
ASIAN DEVELOPMENT BANK	ASDBPHMMXXX	13524
ASIAN DEVELOPMENT BANK	ASDBPHMMXXX	15200
ASIAN DEVELOPMENT BANK	ASDBPHMMXXX	93311
ATLANTIC FUND SERVICES SP Z O O	n.a.	17604
ATTIJARIWAFA BANK	BCMAMAMCXXX	13206
ATTIJARIWAFA BANK	BCMAMAMCXXX	13243
AUSTRALIA AND NEW ZEALAND BANKING G	ANZBSGSXXXX	14960
AUSTRALIA AND NEW ZEALAND BANKING G	ANZBSGSXXXX	14961
AUSTRALIA AND NEW ZEALAND BANKING G	ANZBSGSXXXX	15500
AUSTRALIA AND NEW ZEALAND BANKING G	ANZBSGSXXXX	15508
AUSTRALIA AND NEW ZEALAND BANKING G	ANZBTWTPXXX	96203
AXA BANK EUROPE NV	AXABBE22XXX	29140
AXA BELGIUM	n.a.	29511
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	17853
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	18015
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	18208
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	18209
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	18210
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	18211
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	18212
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	18213
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	19079
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	19080
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	19081
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	19082
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	19083
AXA INVESTMENT MANAGERS UK LIMITED	n.a.	19084
AXA KRANKENVERSICHERUNG AG	n.a.	29642
AXA LIFE INSURANCE CO.,LTD.	n.a.	29644
AXA SEGUROS GENERALES SOCIEDAD ANON	AXIPESBBXXX	29734
AXA VERSICHERUNGEN AG	n.a.	29489
AXION SWISS BANK SA	UNCECH22XXX	12462
AXION SWISS BANK SA	UNCECH22XXX	13400
AXION SWISS BANK SA	UNCECH22XXX	13738
AXION SWISS BANK SA	UNCECH22XXX	21687
B. METZLER SEEL. SOHN & CO. KGAA	METZDEFFXXX	90022
B.V. BEWAARBEDRIJF RABOBANK NEDERLA	n.a.	13949
B.V. BEWAARBEDRIJF RABOBANK NEDERLA	n.a.	40842
B.V. BEWAARBEDRIJF SCHRETLEN & CO	n.a.	12039
BAHRAIN MIDDLE EAST BANK BSC	BMEABHBMXXX	92357
BALOISE BANK SOBA	KBSOCH22XXX	20018
BANC OF AMERICA SECURITIES LIMITED	BOFAGB2UXXX	24911
BANC OF AMERICA SECURITIES LIMITED	BOFAGB2UXXX	27888
BANCA AKROS SPA	n.a.	65719
BANCA ALETTI & C (SUISSE) SA	VRBPCH22XXX	17089
BANCA DEL CERESIO SA	BACECH22XXX	40786
BANCA DEL CERESIO SA	BACECH22XXX	90265
BANCA ESPERIA SPA	n.a.	12403
BANCA FIDEURAM SPA	FIBKITMMXXX	90316
BANCA IMI SECURITIES CORP, WILLIAM	n.a.	15157
BANCA IMI SPA	CABOITMHSECXXX	99152
BANCA MONTE PARMA SPA	BMPRIT2PXXX	93479
BANCA MONTE PARMA SPA	BMPRIT2PXXX	99874
BANCA NATIONALA A ROMANIEI	NBORROBUXXX	13940
BANCA NAZIONALE DEL LAVORO SPA, SAI	BNLIGB2LXXX	92523
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOLULSXXX	10595
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOLULSXXX	10706
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	10950
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	12292
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	12293
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOLULSXXX	12424
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOLULSXXX	16526
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	17947
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	22313
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	23332
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	24234
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	27420
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	27859
BANCA POPOLARE DELL'EMILIA ROMAGNA	BPMOIT22XXX	29711
BANCA POPOLARE DI SONDRIO SOCIETA C	POSOIT22XXX	97586
BANCA POPOLARE DI VICENZA SOCIETA C	BPVIIT22XXX	10880
BANCA POPOLARE DI VICENZA SOCIETA C	BPVIIT22XXX	10881
BANCA POPOLARE DI VICENZA SOCIETA C	BPVIIT22XXX	16031
BANCA PROFILO SPA	PROFITMMXXX	10029
BANCA PROFILO SPA	PROFITMMXXX	10532
BANCA PROMOS SPA	n.a.	94328
BANCO ABC BRASIL SA, HARBOUR PLACE	ABCBKYKXXXX	27760
BANCO BANIF SA	NORTESMMXXX	96010
BANCO BILBAO VIZCAYA ARGENTARIA SA,	BBVAESMMXXX	40689
BANCO BILBAO VIZCAYA ARGENTARIA SA,	BBVAESMMXXX	93371
BANCO BPI SA	BBPIPTPLXXX	27758
BANCO BPI SA	BBPIPTPLXXX	90755
BANCO BRADESCO SA, GENESIS CL	BBDEKYKYXXX	10014
BANCO BRADESCO SA, GENESIS CL	BBDEKYKYXXX	13138
BANCO BRADESCO SA, GENESIS CL	BBDEKYKYXXX	17237
BANCO BRADESCO SA, GENESIS CL	BBDEKYKYXXX	25329
BANCO CENTRAL DEL URUGUAY	CBCUUYMMXXX	12315
BANCO CENTRAL DEL URUGUAY	CBCUUYMMXXX	12324
BANCO CENTRAL DO BRASIL	BCBRBRDFINTXXX	99817
BANCO CMF SA	CMFBARBAXXX	93927
BANCO COMAFI SA	QUILARBAXXX	92665
BANCO COMERCIAL PORTUGUES SA	BCOMPTPLSFEXXX	10008
BANCO COMERCIAL PORTUGUES SA	BCOMPTPLSFEXXX	24363
BANCO COMERCIAL PORTUGUES SA	BCOMPTPLXXX	90917
BANCO COMERCIAL PORTUGUES SA	BCOMPTPLSFEXXX	99229
BANCO COOPERATIVO ESPANOL SA	n.a.	12404
BANCO DE COMERCIO EXTERIOR CA	BCEVVECAXXX	24261
BANCO DE DESARROLLO ECONOMICO Y SOC	FIVVVECAXXX	96366
BANCO DE FINANZAS E INVERSIONES SA	BFIVESBBXXX	93533
BANCO DE GALICIA Y BUENOS AIRES SA	GABAARBAXXX	91344
BANCO DE INVESTIMENTO GLOBAL SA	BDIGPTPLXXX	21593
BANCO DE INVESTIMENTO GLOBAL SA	BDIGPTPLXXX	21594
BANCO DE INVESTIMENTO GLOBAL SA	BDIGPTPLXXX	21595
BANCO DE LA NACION ARGENTINA, PARK	NACNUS33XXX	93259
BANCO DE LA PROVINCIA DE BUENOS AIR	PRBAARBAXXX	25355
BANCO DE LA PROVINCIA DE BUENOS AIR	PRBAKYKYXXX	93134
BANCO DE SABADELL SA	BSABESBBXXX	13540
BANCO DE SABADELL SA	n.a.	16025
BANCO DI SARDEGNA SPA	SARDIT3SXXX	11090
BANCO DI SARDEGNA SPA	SARDIT3SXXX	11091
BANCO DI SARDEGNA SPA	SARDIT3SXXX	11096
BANCO DI SARDEGNA SPA	SARDIT3SXXX	13297
BANCO DI SARDEGNA SPA	SARDIT3SXXX	13298
BANCO DO BRASIL SA, FIFTH AVENUE	BRASUS33XXX	99023
BANCO DO BRASIL SA, SHEDEN ROAD	BRASKYKYXXX	10323
BANCO DO BRASIL SA, SHEDEN ROAD	BRASKYKYXXX	99382
BANCO ESPANOL DE CREDITO SA	ESPCESMMXXX	12762
BANCO ESPANOL DE CREDITO SA	ESPCESMMXXX	12763
BANCO ESPANOL DE CREDITO SA	ESPCESMMXXX	13024
BANCO ESPANOL DE CREDITO SA	ESPCESMMXXX	13495
BANCO ESPANOL DE CREDITO SA	ESPCESMMXXX	21569
BANCO ESPANOL DE CREDITO SA	ESPCESMMXXX	92332
BANCO ESPANOL DE CREDITO SA	ESPCESMMXXX	96606
BANCO ESPIRITO SANTO DE INVESTIMENT	ESSIPTPLXXX	16210
BANCO ESPIRITO SANTO DE INVESTIMENT	ESSIPTPLXXX	22965
BANCO ESPIRITO SANTO DE INVESTIMENT	ESSIPTPLXXX	22966
BANCO ESPIRITO SANTO DE INVESTIMENT	ESSIPTPLXXX	22967
BANCO ESPIRITO SANTO DE INVESTIMENT	ESSIPTPLXXX	25419
BANCO ESPIRITO SANTO DE INVESTIMENT	ESSIPTPLXXX	27136
BANCO ESPIRITO SANTO DE INVESTIMENT	ESSIPTPLXXX	93446
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	12418
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	15444
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	16385
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	16411
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	16412
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	16874
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	17595
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	18581
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	18582
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	20853
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	25466
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	40922
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	40923
BANCO ESPIRITO SANTO SA	BESCPTPLXXX	93798
BANCO ESPIRITO SANTO SA, QUEEN STRE	BESCGB2LXXX	13678
BANCO ESPIRITO SANTO SA, QUEEN STRE	BESCGB2LXXX	17702
BANCO FINANTIA SA	BFIAPTPLXXX	90838
BANCO FINANTIA SA	BFIAPTPLXXX	99948
BANCO HIPOTECARIO SA	BHIPARBAXXX	22455
BANCO INVEST SA	IVVSPTPLXXX	22415
BANCO INVEST SA	IVVSPTPLXXX	22416
BANCO INVEST SA	IVVSPTPLXXX	22417
BANCO INVEST SA	IVVSPTPLXXX	22932
BANCO ITAU BBA SA, WEST BAY STREET	CBBABSNSXXX	97827
BANCO MACRO SA	BOSUARBAXXX	23106
BANCO MACRO SA	BOSUARBAXXX	91851
BANCO MARIVA SA	MARIARBAXXX	16752
BANCO MARIVA SA	MARIARBAXXX	18827
BANCO MARIVA SA	MARIARBAXXX	18828
BANCO MARIVA SA	MARIARBAXXX	18829
BANCO MARIVA SA	MARIARBAXXX	25081
BANCO MARIVA SA	MARIARBAXXX	99528
BANCO MERCANTIL DEL NORTE SA, FORT	n.a.	91928
BANCO NACIONAL DE ANGOLA	BNANAOLUXXX	40993
BANCO NACIONAL DE MEXICO SA	BNMXMXMMXXX	23803
BANCO NACIONAL DE MEXICO SA	BNMXMXMMXXX	97141
BANCO PASTOR SA, MADRID, OP	PSTRESMMXXX	90369
BANCO PATAGONIA SA	BSUDARBAXXX	21138
BANCO POPOLARE - SOCIETA COOPERATIV	BAPPIT22XXX	13401
BANCO POPULAR PORTUGAL SA	CRBNPTPLXXX	11708
BANCO SANTANDER (BRASIL) S.A.	BSCHKYKXXXX	18776
BANCO SANTANDER (BRASIL) S.A.	BSCHKYKXXXX	23424
BANCO SANTANDER (MEXICO) SA	BMSXMXMMXXX	94636
BANCO SANTANDER (SUISSE) SA	BSCHCHGGXXX	24535
BANCO SANTANDER (SUISSE) SA	BSCHCHGGXXX	99810
BANCO SANTANDER INTERNATIONAL	BDERUS3MXXX	92101
BANCO SANTANDER RIO SA	BSCHARBAXXX	20407
BANCO SANTANDER SA, EAST 53RD STREE	BSCHUS33XXX	14098
BANCO SANTANDER SA, EAST 53RD STREE	BSCHUS33XXX	91557
BANCO SANTANDER SA, PASEO DE LA CAS	BSCHESMMXXX	40904
BANCO SANTANDER SA, PASEO DE LA CAS	BSCHESMMXXX	40924
BANCO SANTANDER SA, PASEO DE LA CAS	BSCHESMMXXX	91100
BANCO SANTANDER SA, PASEO DE LA CAS	BSCHESMMXXX	97529
BANCO SANTANDER TOTTA SA	TOTAPTPLXXX	17894
BANCO SANTANDER TOTTA SA	TOTAPTPLXXX	93903
BANCO SOFISA SA	BSBSBRSPXXX	16382
BANCO SOFISA SA	BSBSBRSPXXX	24097
BANCO SOFISA SA	BSBSBRSPXXX	24669
BANCO SOFISA SA	BSBSBRSPXXX	27144
BANCO SOFISA SA	BSBSBRSPXXX	27145
BANCO SUPERVIELLE SA	BSUPARBAXXX	12260
BANCO SUPERVIELLE SA	BSUPARBAXXX	98521
BANCO VOTORANTIM SA, NASSAU	BAVOBSNSXXX	12766
BANCO VOTORANTIM SA, NASSAU	BAVOBSNSXXX	27609
BANCSABADELL D'ANDORRA SA	BSANADADXXX	12441
BANCSABADELL D'ANDORRA SA	BSANADADXXX	18851
BANCSABADELL D'ANDORRA SA	BSANADADXXX	18852
BANGKOK BANK PUBLIC COMPANY LIMITED	BKKBTHBKSSDXXX	92208
BANGKOK BANK PUBLIC COMPANY LIMITED	n.a.	92272
BANIF-BANCO DE INVESTIMENTO SA	BNFIPTPLXXX	10751
BANIF-BANCO DE INVESTIMENTO SA	BNFIPTPLXXX	10843
BANK AL-MAGHRIB	BKAMMAMRXXX	92366
BANK DEGROOF SA	DEGRBEBBXXX	10742
BANK DEGROOF SA	DEGRBEBBXXX	91236
BANK FUR TIROL UND VORARLBERG AKTIE	BTVAAT22XXX	16475
BANK FUR TIROL UND VORARLBERG AKTIE	BTVAAT22XXX	91623
BANK HAPOALIM (SWITZERLAND) LTD	POALCHZZXXX	91668
BANK HAPOALIM (SWITZERLAND) LTD, BO	POALLULLXXX	91279
BANK HAPOALIM BM	POALILITSECXXX	26341
BANK HAPOALIM BM	POALILITSECXXX	26342
BANK HAPOALIM BM	POALILITSECXXX	26530
BANK HAPOALIM BM	POALILITSECXXX	26615
BANK HAPOALIM BM	POALILITXXX	94241
BANK HAPOALIM BM, AVENTURA	POALUS33XXX	12687
BANK HAPOALIM BM, AVENTURA	POALUS33XXX	12688
BANK HAPOALIM BM, SAVILE ROW	POALGB2LXXX	91843
BANK INDONESIA	INDOIDJAXXX	92724
BANK ISLAM BRUNEI DARUSSALAM BERHAD	BIBDBNBBXXX	15239
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18796
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18797
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18798
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18799
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18800
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18801
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18802
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18803
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	18804
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	90258
BANK JULIUS BAER & CO LTD	BAERCHZZXXX	94875
BANK LEUMI (LUXEMBOURG) SA	LUMILULLXXX	20401
BANK LEUMI (LUXEMBOURG) SA	LUMILULLXXX	23993
BANK LEUMI (LUXEMBOURG) SA	LUMILULLXXX	40685
BANK LEUMI (SWITZERLAND) LTD	LUMICHZZXXX	91384
BANK LEUMI (UK) PLC	LUMIGB22WESXXX	90130
BANK LEUMI (UK) PLC	LUMIGB22WESXXX	96013
BANK LEUMI LE-ISRAEL BM	LUMIILITTLVXXX	96583
BANK LINTH LLB AG	LINSCH23XXX	93250
BANK MANDIRI (EUROPE) LTD	BMRIGB2LXXX	98802
BANK MILLENNIUM SA	BIGBPLPWXXX	16564
BANK MILLENNIUM SA	BIGBPLPWXXX	23548
BANK MILLENNIUM SA	BIGBPLPWXXX	23552
BANK MORGAN STANLEY AG	MSSACHZXXXX	23795
BANK MORGAN STANLEY AG	MSSACHZXXXX	24632
BANK NEDERLANDSE GEMEENTEN	BNGHNL2GXXX	98113
BANK OF ALAND PLC	AABAFI22XXX	94912
BANK OF ALEXANDRIA	ALEXEGCXXXX	18579
BANK OF AMERICA NA	BOFAUS3NXXX	91782
BANK OF AMERICA NA	BOFAUS3NXXX	94445
BANK OF AMERICA NA, CANADA SQUARE	n.a.	10540
BANK OF AMERICA NA, CANADA SQUARE	n.a.	10944
BANK OF AMERICA NA, CANADA SQUARE	n.a.	15653
BANK OF AMERICA NA, CANADA SQUARE	n.a.	21996
BANK OF AMERICA NA, CANADA SQUARE	BOFAGB22XXX	22069
BANK OF AMERICA NA, CANADA SQUARE	BOFAGB22XXX	28156
BANK OF AMERICA NA, CANADA SQUARE	n.a.	29216
BANK OF AMERICA NA, CANADA SQUARE	BOFAGB22XXX	94217
BANK OF AMERICA NA, HARCOURT ROAD	BOFAHKHXXXX	11676
BANK OF AMERICA NA, HARCOURT ROAD	BOFAHKHXXXX	15365
BANK OF AMERICA NA, RAFFLES PLACE	BOFASG2XXXX	15342
BANK OF CHINA (SUISSE) SA	BKCHCHGGXXX	16835
BANK OF CHINA (UK) LTD	BKCHGB2UXXX	13509
BANK OF CHINA LIMITED	BKCHCNBJXXX	93747
BANK OF CHINA LIMITED, FRANKFURT BR	BKCHDEFFXXX	18731
BANK OF CHINA LIMITED, HONG KONG BR	BKCHHKHHCSSXXX	13309
BANK OF CHINA LIMITED, HONG KONG BR	BKCHHKHHXXX	91578
BANK OF CHINA LIMITED, LONDON BRANC	BKCHGB2LXXX	92377
BANK OF CHINA LIMITED, NEW YORK BRA	BKCHUS33XXX	17255
BANK OF CHINA LIMITED, SINGAPORE BR	BKCHSGSGXXX	92626
BANK OF COMMUNICATIONS CO LTD, HONG	COMMHKHHXXX	13283
BANK OF COMMUNICATIONS CO LTD, HONG	COMMHKHHXXX	97201
BANK OF ESTONIA	EPBEEE2XXXX	96282
BANK OF GREECE	BNGRGRAASSSXXX	41084
BANK OF IRELAND	BIGTIE2DXXX	22073
BANK OF IRELAND	BIGTIE2DXXX	97868
BANK OF JORDAN PLC, AMMAN & COMMERC	BJORJOAXXXX	17955
BANK OF KAOHSIUNG CO LTD	BKAOTWTKXXX	24918
BANK OF KAOHSIUNG CO LTD	BKAOTWTKXXX	97783
BANK OF MOSCOW	MOSWRUMMXXX	13900
BANK OF MOSCOW	MOSWRUMMXXX	14048
BANK OF SCOTLAND PLC	BOFSGB22XXX	11013
BANK OF SCOTLAND PLC	BOFSGB22XXX	11780

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UNIFORM RULES DEMAND GUARANTEES (URDG 458)

The URDG 458 are the Uniform Rules for Demand Guarantees.

It is nearly 30 years since the ICC first became interested in the use of bank demand guarantees in international trade and set up a Joint Working Party of the Commission on International Commercial Practice and the Commission on Banking Technique and Practice to formulate rules designed to provide safeguards against unfair calling and a fair balance of competing interests.The subject proved more intractable than had been thought and some thirteen years elapsed before the publication of the ICC Uniform Rules for Contract Guarantees (ICC Publication no. 325). Those Rules sought to deal with the problem of unfair calling by requiring the production of a judgment or arbitral award as a condition of the beneficiary's right to payment. Though Publication no. 325 was used, and continues to be used, to some extent, the requirements proved too removed from prevailing banking and commercial practice to gain general acceptance.

The new ICC Uniform Ru/es for Demand Guarantees (ICC Publication no. 458) reflect more closely international practice in the use of demand guarantees whilst at the same time preserving the goal of the original rules to balance the interests of the different parties and to curb abuse in the calling of guarantees. The new Rules are4 the product of the extensive work and consultation carried out by a Joint Working Party of the two Commissions under the chairmanship of Dr. Rudolf von Graffenried, and completed by a smaller Drafting Group under the chairmanship of Professor Roy Goode.

The Uniform Ru/es for Demand Guarantees, which cover not only relations between guarantor and beneficiary but also those arising under counter-guarantees , represent a major contribution to the adoption of uniform practice in this important field of international trade finance. They embody the collective knowledge and experience of ICC National Com-mittees, professional and commercial associations and individual specialists across the world, and provide a natural complement to the ICC's hugely successful Uniform Customs and Practice for Documentary Credits, a new revision of which will shortly be completed. The Uniform Rules for Demand Guarantees fulfil an important need and I have no doubt that they will be widely adopted. Meanwhile lCC Publication no. 325 will continue to be available for the time being for those who wish to use it and its future will be reviewed at a later date in the light of experience of the new Rules.

The ICC would like to express its indebtedness to the chairman of the Commission on International Commercial Practice, Mr. Victor Uckmar, and the chairman of the Commission on Banking Technique and Practice, Mr. Charles dei Busto; and to all the members of these two Commissions who contributed to the preparation of the new rules. The ICC also greatly appreciates the work accomplished by the members of the Joint Working Party and of the Drafting Group who elaborated the Rules, and to the efforts of the respective secretaries to the two Commissions, Guillermo Jimenez and Stefan Draszczyk, and the former Head of Division, Carol Xueref, who was involved in the earlier stages of the work.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 1
These Rules apply to any demand guarantee and amendment thereto which a Guarantor (as hereinafter described) has been instructed to issue and which states that it is subject to the Uniform Rules for Demand Guarantees of the International Chamber of Commerce (Publication N°458) and are binding on all parties thereto except as otherwise expressly stated in the Guarantee or any amendment thereto.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 2
a) For the purpose of these Rules, a demand guarantee (hereinafter referred to as "Guarantee") means any guarantee, bond or other payment undertaking, however named or described, by a bank, insurance company or other body or person (hereinafter called "the Guarantor") given in writing for the payment of money on presentation in conformity with the terms of the undertaking of a written demand for payment and such other document(s) (for example, a certificate by an architect or engineer, a judgment or an arbitral award) as may be specified in the Guarantee, such undertaking being give:
i) at the request or on the instructions and under the liability of a party (hereinafter called "the Principal"); or
ii) at the request or on the instructions and under the liability of a bank, insurance company or
any other body or person (hereinafter "the instructing Party") acting on the instructions of a Principal
b) Guarantees by their nature are separate transactions from the contract(s) or tender conditions on which they may be based, and Guarantors are in no way concerned with or bound by such contract(s), or tender conditions, despite the inclusion of a reference to them in the Guarantee. The duty of a Guarantor under a Guarantee is to pay the sum or sums therein stated on the presentation of a written demand for payment and other documents specified in the Guarantee which appear on their face to be in accordance with the terms of the Guarantee
c) For the purpose of these Rules, "Counter-Guarantee" means any guarantee, bond or other payment undertaking of the Instructing Party, however named or described, given in writing for the payment of money to the Guarantor on presentation in conformity with the terms of the undertaking of a written demand for payment and other documents specified in the Counter-Guarantee which appear on their face to be in accordance with the terms of the Counter-Guarantee. Counter-Guarantees are by their nature separate transactions from the Guarantees to which they relate and from any underlying contract(s) or tender conditions, and Instructing Parties are in no way concerned with or bound by such Guarantees, contract(s) or tender conditions, despite the inclusion of a reference to them in the Counter-Guarantee
d) The expressions "writing" and "written" shall include an authenticated teletransmission or tested electronic date interchange ("EDI") me

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 3
All instructions for the issue of Guarantees and amendments thereto and Guarantees and amendments themselves should be clear and precise and should avoid excessive detail. Accordingly, all Guarantees should stipulate:
a) the Principal;
b) the Beneficiary;
c) the Guarantor;
d) the underlying transaction requiring the issue of the Guarantee;
e) the maximum amount payable and the currency in which it is payable;
f) the Expiry Date and/or Expiry Event of the Guarantee;
g) the terms for demanding payment
h) any provision for reduction of the guarantee amount.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 4
The Beneficiary's right to make a demand under a Guarantee is not assignable unless expressly stated in the Guarantee or in an amendment thereto. This Article shall not, however, affect the Beneficiary's right to assign any proceeds to which he may be, or may become, entitled under the Guarantee

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 5
All Guarantees and Counter-Guarantees are irrevocable unless otherwise indicated.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 6
A Guarantee enters into effect as from the date of its issue unless its terms expressly provide that such entry into effect is to be at a later date or is to be subject to conditions specified in the Guarantee and determinable by the Guarantor on the basis of any documents therein specified.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 7
a) Where a Guarantor has been given instructions for the issue of a Guarantee but the instructions are such that, if they were to be carried out, the Guarantor would by reason of law or regulation in the country of issue be unable to fulfil the terms of the Guarantee, the instructions shall not be executed and the Guarantor shall immediately inform the party who gave the Guarantor his instructions by telecommunication, or, if that is not possible, by other expeditious means, of the reasons for such inability and request appropriate instructions from that party
b) Nothing in this Article shall oblige the Guarantor to issue a Guarantee where the Guarantor has not agreed to do so.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 8
A Guarantee may contain express provision for reduction by a specified or determinable amount or amounts on a specified date or dates or upon presentation to the Guarantor of the document(s) specified for this purpose in the Guarantee.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 9
All documents specified and presented under a Guarantee, including the demand, shall be examined by the Guarantor with reasonable care to ascertain whether or not they appear on their face to conform with the terms of the Guarantee. Where such documents do not appear so to conform or appear on their face to be inconsistent with one another, they shall be refused.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 10
a) A Guarantor shall have a reasonable time within which to examine a demand under a Guarantee and to decide whether to pay or to refuse the demand.
b) If the Guarantor decides to refuse a demand, he shall immediately give notice thereof to the Beneficiary by teletransmission, or, if that is not possible, by other expeditious means. Any documents presented under the Guarantee shall be held at the disposal of the Beneficiary.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 11
Guarantors and Instructing Parties assume no liability or responsibility for the form, sufficiency, accuracy, genuineness, falsification, or legal effect of any document presented to them or for the general and/or particular statements made therein, nor for the good faith or acts or omissions of any person whomsoever.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 12
Guarantors and Instructing Parties assume no liability or responsibility for the consequences arising out of the delay and/or loss in transit of any messages, letters, demands or documents, or for delay, mutilation or other errors arising in the transmission of any telecommunication. Guarantors and Instructing Parties assume no liability for errors in translation or interpretation of technical terms and reserve the right to transmit Guarantee texts or any parts thereof without translating them.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 13
Guarantors and Instructing Parties assume no liability or responsibility for consequences arising out of the interruption of their business by acts of God, riots, civil commotions, insurrections, wars or any other causes beyond their control or by strikes, lock-outs or industrial actions of whatever nature.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 14
a) Guarantors and Instructing Parties utilising the services of another party for the purpose of giving effect to the instructions of a Principal do so for the account and at the risk of that Principal.
b) Guarantors and Instructing Parties assume no liability or responsibility should the instructions they transmit not be carried out even if they have themselves taken the initiative in the choice of such other party.
c) The Principal shall be liable to indemnify the Guarantor or the Instructing Party, as the case may be, against all obligations and responsibilities imposed by foreign laws and usages.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 15
Guarantors and Instructing Parties shall not be excluded from liability or responsibility under the terms of Articles 11, 12 and 14 above for their failure to act in good faith and with reasonable care.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 16
A Guarantor is liable to the Beneficiary only in accordance with the terms specified in the Guarantee and any amendment(s) thereto and in these Rules, and up to an amount not exceeding that stated in the Guarantee and any amendment(s) thereto.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 17
Without prejudice to the terms of Article 10, in the event of a demand the Guarantor shall without delay so inform the Principal or, where applicable, his Instructing Party, and in that case the Instructing Party shall so inform the Principal.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 18
The amount payable under a Guarantee shall be reduced by the amount of any payment made by the Guarantor in satisfaction of a demand in respect thereof and, where the maximum amount payable under a Guarantee has been satisfied by payment and/or reduction, the Guarantee shall thereupon terminate whether or not the Guarantee and any amendment(s) thereto are returned.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 19
A demand shall be made in accordance with the terms of the Guarantee before its expiry, that is, on or before its Expiry Date and before any Expiry Event as defined in Article 22. In particular, all documents specified in the Guarantee for the purpose of the demand, and any statement required by Article 20, shall be presented to the Guarantor before its expiry at its place of issue; otherwise the demand shall be refused by the Guarantor.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 20
a) Any demand for payment under the Guarantee shall be in writing and shall (in addition to such other documents as may be specified in the Guarantee) be supported by a written statement (whether in the demand itself or in a separate document or documents accompanying the demand and referred to in it) stating:
i) that the Principal is in breach of this obligation(s) under the underlying contract(s) or, in the case of a tender guarantee, the tender conditions; and
ii) the respect in which the Principal is in breach.
b) Any demand under the Counter-Guarantee shall be supported by a written statement that the Guarantor has received a demand for payment under the Guarantee in accordance with its terms and with this Article.
c) Paragraph a) of this Article applies except to the extent that it is expressly excluded by the terms of the Guarantee. Paragraph b) of this Article applies except to the extent that it is expressly excluded by the terms of the Counter-Guarantee.
d) Nothing in this Article affects the application of Articles 2b) and 2c) , 9 and 11.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 21
The Guarantor shall without delay transmit the Beneficiary's demand and any related documents to the Principal or, where applicable, to the Instructing Party for transmission to the Principal.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 22
Expiry of the time specified in a Guarantee for the presentation of demands shall be upon a specified calendar date ("Expiry Date") or upon presentation to the Guarantor of the document(s) specified for the purpose of expiry ("Expiry Event"). If both an Expiry Date and an Expiry Event are specified in a Guarantee, the Guarantee shall expire on whichever of the Expiry Date or Expiry Event occurs first, whether or not the Guarantee and any amendment(s) thereto are returned.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 23
Irrespective of any expiry provision contained therein, a Guarantee shall be cancelled on presentation to the Guarantor of the Guarantee itself or the Beneficiary's written statement of release from liability under the Guarantee, whether or not, in the latter case, the Guarantee or any amendments thereto are returned.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 24
Where a Guarantee has terminated by payment, expiry, cancellation or otherwise, retention of the Guarantee or of any amendments thereto shall not preserve any rights of the Beneficiary under the Guarantee.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 25
Where to the knowledge of the Guarantor the Guarantee has terminated by payment, expiry, cancellation or otherwise, or there has been a reduction of the total amount payable thereunder, the Guarantor shall without delay so notify the Principal or, where applicable, the Instructing Party and, in that case, the Instructing Party shall so notify the Principal.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 26
If the Beneficiary requests an extension of the validity of the Guarantee as an alternative to a demand for payment submitted in accordance with the terms and conditions of the Guarantee and these Rules, the Guarantor shall without delay so inform the party who gave the Guarantor his instructions. The Guarantor shall then suspend payment of the demand for such time as is reasonable to permit the Principal and the Beneficiary to reach agreement on the granting of such extension and for the Principal to arrange for such extension to be issued Unless an extension is granted within the time provided by the preceding paragraph, the Guarantor is obliged to pay the Beneficiary's conforming demand without requiring any further action on the Beneficiary's part. The Guarantor shall incur no liability (for interest or otherwise) should any payment to the Beneficiary be delayed as a result of the above-mentioned procedure. Even if the Principal agrees to or requests such extension, it shall not be granted unless the Guarantor and the Instructing Party or Parties also agree thereto.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 27
Unless otherwise provided in the Guarantee or Counter-Guarantee, its governing law shall be that of the place of business of the Guarantor or Instructing Party (as the case may be), or, if the Guarantor or Instructing Party has more than one place of business, that of the branch that issued the Guarantee or Counter-Guarantee.

ICC UNIFORM RULES FOR DEMAND GUARANTEES - Article 28
Unless otherwise provided in the Guarantee or Counter-Guarantee, any dispute between the Guarantor and the Beneficiary relating to the Guarantee or between the Instructing Party and the Guarantor relating to the Counter-Guarantee shall be settled exclusively by the competent court of the country of the place of business of the Guarantor or Instructing Party (as the case may be), or, if the Guarantor or Instructing Party has more than one place of business, by the competent court of the country of the branch which issued the Guarantee or Counter-Guarantee

UNIFORM RULES FOR FORFAITING (URF 800)

ICC Uniform Rules for Forfaiting—ICC Publication no. 800 (“URF 800”)—were officially endorsed by the United Nations Commission on International Trade Law (UNCITRAL) in its 50th plenary session held in Vienna on 14 July 2017.

Forfaiting is a trade financing technique based on without recourse discounting of an instrument representing an exporter’s receivables payable at a future date, such instrument evidencing a payment claim or a debt obligation of an importer or a bank / financial institution pursuant to a letter of credit, standby letter of credit, guarantee, aval, bill of exchange or a promissory note created under an export transaction.

Forfaiting is a flexible discounting technique that can be tailored to the needs of a wide range of counterparties and domestic and international transactions. Its key characteristics are:

• 100% financing without recourse to the seller of the debt
• The payment obligation is often but not always supported by a bank guarantee
• The debt is usually evidenced by a legally enforceable and transferable payment obligation such as a bill of exchange, a promissory note, a letter of credit or note purchase agreement.
• Transaction values can range from 84,610 € to 169.22 € million
• Debt instruments are typically denominated in one of the world’s major currencies, with Euro and US Dollars being most common.
• Finance can be arranged on a fixed or floating interest rate basis

The URF 800 are the first ever global rules for forfaiting—the result of three-and-a-half years of joint effort by ICC and the International Trade and Forfaiting Association (ITFA)—developed after taking into account feedback from major trade finance banks, forfaiting companies and exporters. The aim of URF 800 is to create a standard set of rules that can be applied within the forfaiting markets worldwide. John Danilovich, ICC Secretary General, said: “We are pleased to have the UN once again affirm ICC’s role as a setter of global rules and standards for the financing of trade. Harmonized global rules have a vital role to play in facilitating finance for small businesses looking to trade internationally.” David Bischof, Senior Policy Manager for the ICC Banking Commission, said: “This endorsement will go a long way in encouraging the banking and exporting communities to adopt URF 800 more widely for without recourse financing of international receivables, especially helping small and medium-sized enterprises to access adequate and affordable trade finance at all levels and ultimately growing total exports.” Pradeep Taneja, Group Head of Trade Technical Services with Bank-ABC, Bahrain and Chair of the ICC-Bahrain Trade Finance Forum, presented URF 800 to UNITRAL on behalf of ICC. Mr Taneja said: “The URF 800 endorsement is an important milestone for ICC as it reinforces the ICC mandate of removing legal obstacles to international trade by progressively modernizing trade law. Furthermore, this endorsement is a testament to the success of ICC rules and represents the most powerful effort to harmonise forfaiting rules on an international level”. During the UNCITRAL session, Mr Taneja explained how without recourse financing under forfaiting immensely benefits exporters by eliminating the country, currency, political and transfer risks typically associated with an international trade transaction, thus improving exporters’ cash flow and enhancing their competitive advantage. Delegates at UNCITRAL welcomed the URF 800 praising ICC’s efforts in the area of trade facilitation. In particular, the delegates from Canada and El Salvador expressed their appreciation of ICC’s efforts and strongly supported endorsement of URF 800. In its official report, commending the use of URF 800 in forfaiting transactions, UNCITRAL congratulated ICC on having made a further contribution to the facilitation of international receivable financing and thus international trade. Purchase the ICC Uniform Rules for Forfaiting (URF 800)

Forfaiting means the sale by the seller and the purchase by the buyer of the payment claim on a without recourse basis, in other words, forfaiting is discounting of trade‐related receivables secured with trade finance instruments such as bills of exchange, promissory notes or deferred payment letter of credit. In the U.S, forfaiting is known as "structured trade finance", and every year more than 253.83 € billion of world trade takes place using forfaiting. ICC Uniform Rules for Forfaiting which is called URF 800 is the first set of rules which governs both international and domestic forfaiting transactions. These rules went into effect on January 1, 2013. URF 800 is created by the experts from ICC (International Chamber of Commerce) and IFA (International Forfaiting Association) with a spread of expertise – marketing, operational and legal – and geographical location. 

HOW URF 800 CAN BE APPLIED TO FORFAITING TRANSACTIONS?
All ICC rules which are related to international trade require express incorporation into the agreements. For example, UCP 600 rules will apply to the letters of credit when the text of the credit expressly indicates that it is subject to UCP 600. The Uniform Rules for Forfaiting (URF 800) are no exception. URF 800 rules apply to a forfaiting transaction when the parties expressly indicate that their agreement is subject to these rules. They are binding on all parties thereto except so far as modified or excluded by agreement. 
       
SOME IMPORTANT BENEFITS OF ICC FORFAITING RULES
According to Silja Calac, who was the chair of the task force that gathered from both ICC and IFA to create URF rules, what the UCP (Uniform Customs & Practice for Documentary Credits, ICC publication 600) has achieved for the management of risk in international trade, the URF (ICC publication 800) will hopefully bring to the funded side of trade – not only international trade, but also even domestic receivables financing. She also believes that "the URF will be highly beneficial for exporters intending to sell down their claims related to their trade finance transactions. Referring to clear rules in the documentation will save corporates high legal costs, improve certainty and enhance business because each party will know exactly what to expect.

BENEFITS OF FORFAITING:
ELIMINATES RISK

• Removes country (i.e. political and transfer) and commercial risk.
• Provides financing for 100% of contract value.
• Protects against risks of interest rate increase and exchange rate fluctuation.

ENHANCES COMPETITIVE ADVANTAGES

• Enables sellers of goods to offer credit to their customers, making their products more attractive by offering credit terms and at the same time cash the sales.
• Helps sellers to do business in countries where the risk of non-payment would otherwise be too high against the risk premium to be added with the discounting interest.

IMPROVES CASH FLOW

• Forfaiting enables sellers to receive cash payment while offering credit terms to their customers.
• Removes accounts receivable, bank loans or contingent liabilities from the balance sheet of the seller.

INCREASES SPEED AND SIMPLICITY OF TRANSACTIONS

• Fast, tailor-made financing solutions
• Financing commitments can be issued quickly
• Documentation is typically concise and straightforward
• No restrictions on origin of export
• Relieves seller of administration and collection burden

TYPES OF FORFAITING
In order to illustrate how forfaiting takes place in practice, the following is a typical forfaiting transaction where the buyer and the seller of goods are located in different countries.
1. During the course of negotiations between an exporter and an importer for the supply of goods, the importer asks for credit terms.

2. The exporter approaches a forfaiter and asks for an indication of whether the forfaiter is willing to provide this credit and how much it is likely to cost. At

this stage the forfaiter will need to know:
• The country of the importer
• The importer’s name
• The type of goods
• The value of the goods
• The expected shipment date
• The repayment terms sought by the importer
• Whether the importer’s obligations will be guaranteed by a bank, and if so, who?

3. The forfaiter provides the exporter with an indication of the costs involved. At this stage neither party is committed in any way.

4. When the details of the commercial contract have been agreed, but usually before it has been signed, the exporter asks the forfaiter for a commitment to purchase

the debt obligations (bills of exchange, promissory notes etc) created under the export transaction.

5. The information required for this is the same as for an indication.

6. The forfaiter issues a commitment which is accepted by the exporter and which is binding on both parties. This commitment will contain the following points:
• The details of the underlying commercial transaction.
• The nature of the debt instruments to be purchased by the forfaiter.
• The discount (interest) rate to be applied, together with any other charges
• The documents that the forfaiter will require in order to be satisfied that the debt being purchased is valid and enforceable
• The latest date that the exporter can deliver these documents to the forfeiter

7. The exporter signs the commercial contract with the importer and delivers the goods (2+3).

8. In return, if required, the importer obtains a guarantee from his bank provides the documents that the exporter requires in order to complete the forfaiting.
This exchange of documents is usually handled by a bank, often using a Letter of Credit, in order to minimise the risk to the exporter.

9. The exporter delivers the documents to the forfaiter who checks them and pays for them as agreed in the commitment (6+7).

10. Since this payment is without recourse, the exporter has no further interest in the transaction. It is the forfaiter who collects the future payments due from the importer and it is the forfaiter who runs all the risks of non-payment.

INTERNATIONAL STANDBY PRACTICES (ISP98)

ISP98 embodies the commitment of ICC, through its Commission on Banking Technique and Practice, to provide global leadership in the formulation of standard banking practice for letters of credit and related independent undertakings such as standby letters of credit. In the tradition of ICC’s Uniform Customs and Practice for Documentary Credits (UCP), which is recognized worldwide as the code of practice governing commercial letters of credit, endorsement of the ISP98 by ICC assures that these rules will assume a global character as well.

As standbys came into their own under the UCP, it nevertheless became clear that issues of practice had emerged which required different solutions than those provided by the UCP. ISP98, in a sense, is an evolutionary product of the application of the UCP to standbys, as can be seen in the similarities between the two sets of rules. It is important to note that standbys can still be issued subject to UCP, if the parties determine it is their wish to do so.

It is also significant that ICC has joined hands with the Institute of International Banking Law and Practice in the development of ISP98. The rules, originally developed over several years by the Institute and all segments of the international standby community, benefited from the input of an ICC Working Party, chaired by the Banking Commission’s Technical Adviser, Gary Collyer, which reviewed and made suggestions concerning the rules during the last several months of their development. The result, we are pleased to say, reflects many of ICC’s concerns and represents the output of a productive partnership formed to provide a workable and realistic set of rules for the users of standbys worldwide.

The International Standby Practices (ISP98) reflects generally accepted practice, custom, and usage of standby letters of credit. It provides separate rules for standby letters of credit in the same sense that the Uniform Customs and Practice for Documentary Credits (UCP) and the Uniform Rules for Demand Guarantees (URDG) do for commercial letters of credit and independent bank guarantees. The formulation of standby letter of credit practices in separate rules evidences the maturity and importance of this financial product.

The amounts outstanding of standbys greatly exceed the outstanding amounts of commercial letters of credit. While the standby is associated with the United States where it originated and where it is most widely used, it is truly an international product. Non-U.S. bank outstanding’s have exceeded those of U.S. banks in the United States alone. Moreover, the standby is used increasingly throughout the world.

Standbys are issued to support payment, when due or after default, of obligations based on money loaned or advanced, or upon the occurrence or non-occurrence of another contingency.

For convenience, standbys are commonly classified descriptively (and without operative significance in the application of these Rules) based on their function in the underlying transaction or other factors not necessarily related to the terms and conditions of the standby itself. For example:

• A “Performance Standby” supports an obligation to perform other than to pay money including for the purpose of covering losses arising from a default of the applicant in completion of the underlying transactions.

• An “Advance Payment Standby” supports an obligation to account for an advance payment made by the beneficiary to the applicant.

• A “Bid Bond/Tender Bond Standby” supports an obligation of the applicant to execute a contract if the applicant is awarded a bid.

• A “Counter Standby” supports the issuance of a separate standby or other undertaking by the beneficiary of the counter standby.

• A “Financial Standby” supports an obligation to pay money, including any instrument evidencing an obligation to repay borrowed money.

• A “Direct Pay Standby” supports payment when due of an underlying payment obligation typically in connection with a financial standby without regard to a default.

• An “Insurance Standby” supports an insurance or reinsurance obligation of the applicant.

• A “Commercial Standby” supports the obligations of an applicant to pay for goods or services in the event of non-payment by other methods.

In the past, many standbys have been issued subject to the UCP even though it was intended for commercial letters of credit. The UCP reinforced the independence and documentary character of the standby. It also provided standards for examination and notice of dishonor and a basis to resist market pressures to embrace troublesome practices such as the issuance of standbys without expiration dates.

Despite these important contributions, it has long been apparent that the UCP was not fully applicable nor appropriate for standbys, as is recognized in UCP 500 Article 1 which provides that it applies to the extent to which they may be applicable. Even the least complex standbys (those calling for presentation of a draft only) pose problems not addressed by the UCP. More complex standbys (those involving longer terms or automatic extensions, transfer on demand, requests that the beneficiary issue its own undertaking to another, and the like) require more specialized rules of practice. The ISP fills these needs.

The ISP differs from the UCP in style and approach because it must receive acceptance not only from bankers and merchants, but also from a broader range of those actively involved in standby law and practice corporate treasurers and credit managers, rating agencies, government agencies and regulators, and indenture trustees as well as their counsel. Because standbys are often intended to be available in the event of disputes or applicant insolvency, their texts are subject to a degree of scrutiny not encountered in the commercial letter of credit context. As a result, the ISP is also written to provide guidance to lawyers and judges in the interpretation of standby practice.

Differences in substance result either from different practices, different problems, or the need for more precision. In addition, the ISP proposes basic definitions should the standby permit or require presentation of documents by electronic means. Since standbys infrequently require presentation of negotiable documents, standby practice is currently more conducive to electronic presentations, and the ISP provides definitions and rules encouraging such presentations. The development of S.W.I.F.T. message types for the ISP is anticipated.

The ISP, like the UCP for commercial letters of credit, simplifies, standardizes, and streamlines the drafting of standbys, and provides clear and widely accepted answers to common problems. There are basic similarities with the UCP because standby and commercial practices are fundamentally the same. Even where the rules overlap, however, the ISP is more precise, stating the intent implied in the UCP rule, in order to make the standby more dependable when a drawing or honor is questioned.

Like the UCP and the URDG, the ISP will apply to any independent undertaking issued subject to it. This approach avoids the impractical and often impossible task of identifying and distinguishing standbys from independent guarantees and, in many cases, commercial letters of credit. The choice of which set of rules to select is, therefore, left to the parties as it should be. One may well choose to use the ISP for certain types of standbys, the UCP for others, and the URDG for still others.

While the ISP is not intended to be used for dependent undertakings such as accessory guarantees and insurance contracts, it may be useful in some situations in indicating that a particular undertaking which might otherwise be treated as dependent under local law is intended to be independent.

For the ISP to apply to a standby, an undertaking should be made subject to these Rules by including language such as (but not limited to): l This undertaking is issued subject to the International Standby Practices 1998. or l Subject to ISP98. Although the ISP can be varied by the text of a standby, it provides neutral rules acceptable in the majority of situations and a useful starting point for negotiations in other situations. It will save parties (including banks that issue, confirm, or are beneficiaries of standbys) considerable time and expense in negotiating and drafting standby terms. The ISP is designed to be compatible with the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit (which represents a useful and practical formulation of basic standby and independent guarantee law) and also with local law, whether statutory or judicial, and to embody standby letter of credit practice under that law. If these rules conflict with mandatory law on issues such as assignment of proceeds or transfer by operation of law, applicable law will, of course, control.

Nonetheless, most of these issues are rarely addressed by local law and progressive commercial law will often look to the practice as recorded in the ISP for guidance in such situations, especially with respect to cross border under-takings. As a result, it is expected that the ISP will complement local law rather than conflict with it. The ISP is intended to be used also in arbitration as well as judicial proceedings (such as the expert based letter of credit arbitration system developed by the International Center for Letter of Credit Arbitration (ICLOCA) Rules or general commercial ICC arbitration) or with alternative methods of dispute resolution. Such a choice should be made expressly and with appropriate detail. At a minimum, it can be made in connection with the clause relating to ISP98 - e.g. This undertaking is issued subject to ISP98, and all disputes arising out of it or related to it are subject to arbitration under ICLOCA Rules (1996). Although translations of the ISP into other languages are envisioned and will be monitored for integrity, the English text is the official text of the ISP in the event of disputes.

The ISP is the product of the work of the ISP Working Group under the auspices of the Institute of International Banking Law & Practice, Inc. which interacted with hundreds of persons over a five year period, and has benefitted from comments received from individuals, banks, and national and international associations. In particular, the participation of the International Financial Services Association (formerly the USCIB) and the Ad Hoc Working Group under the chairmanship of Gary Collyer (which led to its endorsement by the ICC Banking Commission) is gratefully recognized. In addition, the sponsorship and support of Citibank N.A., The Chase Manhattan Bank, ABN-AMRO, Baker & McKenzie, and the National Law Center for Inter-American Free Trade is acknowledged.

Perhaps the greatest significance of the ISP is that its creation marks a new chapter in the collaboration between the international banking operations community and the legal community at an international level. In this respect, the active role played in this process by the Secretariat of the United Nations Commission on International Trade Law has been invaluable. The ISP is drafted as a set of rules intended for use in daily practice. It is not intended to provide introductory information on standbys and their uses. While it is recognized that specific rules would benefit from explanatory comments, such comments are not appended to the ISP because the resulting work would be too cumbersome for daily use. Instead, introductory materials and Official Comments are available in the Official Commentary on the International Standby Practices (ISP98).

To address inevitable questions, to provide for official interpretation of the rules, and to assure their proper evolution, the Institute of International Banking Law & Practice, Inc. has created a Council on International Standby Practices which is representative of the several constituencies which have contributed to the ISP and has charged it with the task of maintaining the integrity of the ISP in cooperation with the Institute, the ICC Banking Commission, the IFSA, and various supporting organizations.