Call-in Concerning Emerging Issues Relating to Swaps

Thursday, October 5, 2006, at 1 p.m. EDT

Participants should dial: 1-888-781-3339 at 12:55 p.m. EDT

The Asset Managers Division cordially invites other members of The Bond Market Association and members of The Asset Managers Forum to participate in a special conference call to hear asset management professionals discuss emerging issues relating to swaps. During the conference call, senior level portfolio managers and trading professionals will serve as panelists and will address the issues described below and will offer their professionals views on developments in the swaps market. Following the panel discussion, call-in participants will have the opportunity to ask questions of the AMD member panelists.

Moderators and Panelists:

Daniel W. Stachel, Director of Credit Policy, Global Fixed Income State Street Global Advisors

Wesley A. Sparks, CFA, Senior Vice President, Schroder Investment Management North America Inc.

James P. Wallin, Senior Vice President, AllianceBernstein

Joseph W. Sack, Executive Vice President, The Bond Market Association

Topics

TRACE Reporting and Dissemination of CDS-related Trades/Discussion of New Regulatory Proposal
Frequently Asked Questions about DTCC's New Electronic Warehouse for Credit Default Swaps
The correlation between rising volume in CDS and decreasing volume in Investment Grade Corporate Bonds

Date, Time and Call-in Information:

Thursday, October 5, 2006

1:00 p.m. to 2:00 p.m. Eastern Time (Please dial in at 12:55 p.m. EDT)

Domestic Call-in Number: 1-888-781-3339

International Call-in Number: 1-703-546-4240

Confirmation Number: 843-837

Please confirm your participation in the 10/5 Conference Call by emailing Bianca Constance at bconstance@bondmarkets.com

Group of 14 Dealers Meets with New York Federal Reserve

In its third meeting with the Federal Reserve Bank of New York on September 27, the Major Dealers reported on major milestones that the industry has achieved in improving the processing of credit derivatives. Working with its buy side clients, the Major Dealers have significantly reduced the number of all outstanding confirmations, improved controls around the assignment/novation process, increased the number of trades confirmed electronically and agreed upon a protocol for the settlement of a credit event.

In a press release issued this week, the Federal Reserve stressed the importance of adopting the Trade Information Warehouse to manage confirmed trade and indicated that the industry should also focus on automating OTC equity derivatives.

In last week's Weekly Report, The Asset Managers Division published a statement on the Warehouse and introduced a video interview that describes the benefits of the Warehouse for asset managers.

Click here to read Press Release by New York Federal Reserve

Click here to read AMD Statement on the Warehouse and to view a Video Interview

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.