July 24, 2006 Issue Abstract

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Securities Operations: Derivatives Processing Making Rapid Strides, But Standards Issues Remain to Be Worked Out. Post-trade processing of credit derivatives, having suffered from years of under-investment, is just now starting to catch up with a market that grew a lot faster than expected.

Industry Alert: European Groups to Draft Trade Settlement Road Map. The European Commission has asked the clearance and settlement industry to offer a road map to develop a dynamic, integrated infrastructure.

Derivatives Trading: Bloomberg, T-Zero Score STP Win for CDS Trades. As trading volumes of credit derivatives continue to increase, Bloomberg has moved to bolster its operational support for CDS trades by integrating T-Zero’s post-trade, credit derivatives services with its Bloomberg Professional trading platform.

Spotlight: Adam J. Bryan, President and Chief Executive Officer, Omgeo.

Regulatory Watch: Canada’s Bid for Speedy Settlement Unsettles Some. Stealing a lead over the US in achieving straight-through processing, the Canadian Securities Administrators have proposed mandating trade-date matching of institutional trades by July 2007.

Business Strategies: BNY ConvergEx Underscores IT Innovation Needs. The Bank of New York’s plans for a new subsidiary, BNY ConvergEx Group, consisting of Eze Castle Software, GTCR Golder Rauner LLC and units of the BNY Securities Group, marks an effort to make BNY’s brokerage services more competitive and shift the capital burden for funding the group away from BNY itself.

On The Exchanges: ISE Expansion Plans Encompass a Second Market. The International Securities Exchange (ISE) is rolling out two new expansion efforts – a Second Market to list about 850 more equity options, and a quarterly options product on five exchange-traded funds.