FOR IMMEDIATE RELEASE                                  99-68

  SEC Welcomes Counterparty Risk Management Policy Group Report

     Washington, DC, June 21, 1999 -- The Securities and Exchange
Commission today welcomed a report on enhanced risk management
practices issued by the Counterparty Risk Management Policy Group
(CRMPG), headed by E. Gerald Corrigan and Stephen G. Thieke.
CRMPG, a group of twelve major, internationally active commercial
and investment banks, was formed in January at the suggestion of
SEC Chairman Arthur Levitt in response to the severe market
disruptions experienced in late summer and early fall of last
year.

     The SEC welcomes the CRMPG's recommendations regarding
counterparty risk assessment, and internal risk measurement,
management, and reporting.  The SEC also recognizes the
significant recommendations regarding improving documentation
practices and reporting to regulators.  "I expect CRMPG's
recommendations to contribute significantly to our continuing
dialogue on ways to better understand, manage, and contain risks
faced by regulated entities and ultimately our nation's financial
markets," said SEC Chairman Levitt.

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