Dear Foreign Exchange Professional:

Enclosed is a copy of the final version of the Principles and Practices for Wholesale Financial Market Transactions document, a voluntary code of best practices for over-the-counter non-exchange traded financial instruments. The Principles are intended to provide guidance to participants in wholesale over-the-counter transactions, including foreign exchange dealing.

To encourage best practices among as wide a range of market participants as possible, we strongly urge you to send copies of the Principles to your customers and counterparties.

Attached is a copy of the Committee's Document of Organization and a list of its 1995 Membership. Please feel free to contact me, members of the Committee, or David Carangelo, the Committee's Executive Assistant, with any questions or comments regarding the Principles.

Sincerely yours,

Lewis W. (Woody) Teel
Chairman