Press Release

Release Date: July 31, 2008
Contact:
Robin Francis, (212) 313-1168, rfrancis@sifma.org

SIFMA’s Asset Management Group Works with the Industry to Meet Goals of Expanded Derivatives Improvement Processing Plan

New York, NY, July 31, 2008 – The Securities Industry and Financial Markets Association’s (SIFMA’s) Asset Management Group (AMG) will support ongoing efforts to improve credit and derivative market practices. AMG, along with the senior managers of 17 major derivatives dealers (Major Dealers) and two key trade associations today submitted an updated letter of agreement to the global regulatory community. The letter lays out an expanded plan that includes strategies, tactics and key benchmarks that will steer progress toward true derivative process scalability.

Some of the following key goals are outlined in the letter:

• An increase in level of commitment to incorporate a full suite of derivative asset classes into the improvement process, including key metrics and benchmarks for each.
• The group agrees on more aggressive set of commitments in the level of settlement targets.
• A detailed roadmap will be submitted to regulators in October that will refine the broad goals and specific timeline.

Through SIFMA’s participation in the Operations Management Group (OMG) and in collaboration with the International Swaps and Derivatives Association, Inc. (ISDA®) and Managed Funds Association (MFA), the Association will work with its buy side constituents and other market participants to educate the marketplace on the goals of the letter.

The letter can be found at: http://www.newyorkfed.org/newsevents/news/markets/2008/73108RegulatorsLetter.pdf

For additional material: http://www.newyorkfed.org/newsevents/news/markets/2008/an080731.html

- 30 -

The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.