The Asset Management Group (AMG) of SIFMA and industry leaders provide comments to the Federal Reserve Bank of New York on improvements to the credit and equity derivatives markets.  This letter is co-written by the International Swaps and Derivatives Association (ISDA), the Managed Funds Association (MFA), and SIFMA’s Asset Management Group as an update on the continued improvement of the credit and equity derivatives markets.  SIFMA, ISDA and MFA’s goals for the industry include; 1) Consistent use of electronic confirmation platforms for electronically eligible trades; 2) By July 2008: Submission, matching and accuracy targets to be met by Major Dealers and buy-side institutions in the Operations Management Group; 3) By September 2008: Most Major Dealers to be live with each other for Central Settlement; and 4) During 2008: Novation requests to be submitted via electronic platforms rather than via e-mail.