The market participants are committed to the development and implementation of a set of industrywide guidelines, listed in the attached letter, by October 31, 2006; a 70 percent reduction in each market participant’s number of confirmations outstanding for more than 30 days by June 30, 2006, from the level as of September 30, 2005; and ongoing work to maintain industry momentum in several initiatives. Of particular importance are:
- the creation of a largely electronic marketplace where all trades will be processed through an industry-accepted platform,
- the creation of an industry utility trade warehouse,
- a new set of processing standards for those trades that cannot be confirmed electronically,
- a new procedure for settlement following a credit event, and
- the further reduction of outstanding unassigned confirmations.
We will continue to work closely with other