Industry-wide Call-in: March 8th

Update on Recent Industry Advancements for Credit Derivatives

The Market Practices and Standards Subcommittee of the Asset Managers Division ("AMD") is hosting a special awareness call in cooperation with the Managed Funds Association to update the buyside and other market participants on recent industry advancements for credit derivatives. The Asset Managers Division has regular and frequent meetings with the Major Dealers on initiatives that relate to the enhancement of trading and processing credit derivatives. The Major Dealers have heard feedback from the AMD and MFA and will report back to the New York Federal Reserve Bank.

Call-in Details are as follows:

Date: Wednesday, March 8, 2006

Times: 10:00 a.m. - 11:15 a.m. (New York)

3:00 p.m. - 4:15 p.m. (London)

7:00 a.m. - 8:15 a.m. (California)

Call in: 1 (800) 288-8967 (United States) 1 (612) 288-0318 (International)

Passcode: 821-685

If you plan to participate in this call-in event, please dial the above number approximately 5 minutes before meeting start time.

The members of the Division and the Major Dealers would like to raise the industry's awareness on recent discussions with AMD and MFA and on the items which are a focus for dealers in 2006.

We have arranged a panel of speakers as part of this Call-in, as follows:

Joseph Sack, Staff Advisor to AMD, The Bond Market Association (Call Moderator)

Mary Ambrecht, Citigroup (Spokesperson for Major Dealers)

Thomas Benison, J.P. Morgan Chase (Spokesperson for Major Dealers)

James Keller, PIMCO (invited)

Andrea Kirk, Goldman Sachs (Spokesperson for Major Dealers)

Stephanie Preis, Managed Funds Association

James Wallin, Alliance Capital Management (Executive Committee Member of the Asset Managers Division)

Michael Wyne, Fischer Francis Trees & Watts (Executive Committee Member of the Asset Managers Division)

This industry-wide conference call was organized through the efforts of the Market Practices and Standards Subcommittee of AMD. Richard Weil, COO of PIMCO, serves as Chairman of this AMD Subcommittee.

The specific call-in topics and questions to be addressed include:

1) Progress made toward the creation of a centralized trade information warehouse for credit derivatives to aid in the settlement process

2) Specific plans for further industry improvements

3) Electronic processing, confirm turnaround times and economic affirmations

4) Report on buyside dialogue with dealers from representatives from AMD and MFA

Q & A involving callers and panelists will follow direct presentations.

Should you have any questions concerning this call-in event, please contact Douglas Taggart at 646-637-9273 or dtaggart@bondmarkets.com.

NOTE: This Weekly Report on Policy Developments Affecting Asset Managers is a service of the Technology, Operations and Asset Manager Relations Department of The Bond Market Association. We encourage your input as this communication is designed to promote dialogue among members of the Asset Managers Division of The Bond Market Association and The Asset Managers Forum. Please feel free to contact Joseph Sack, Executive Vice President of The Bond Market Association or Douglas Taggart or Elisa Nuottajarvi of the staff of The Bond Market Association.