Press Release
Statement Regarding New York Fed Meeting with Primary Dealers
November 6, 2006

The Federal Reserve Bank of New York met today with the senior management and senior compliance officers of its 22 primary dealers to discuss practices to strengthen market integrity in the U.S. Treasury market. Representatives from the U.S. Department of the Treasury were in attendance.

The discussion focused on ways to strengthen market practices in the Treasury market so as to maintain its status as the deepest and most liquid sovereign debt market in the world. It is essential to maintain market standards that promote market efficiency and do not adversely affect the cost of borrowing for the U.S. government.

The New York Fed highlighted the importance of integrating strong management oversight and compliance into day-to-day operations. Such measures are consistent with a competitive open market and should not limit or constrain legitimate trading activities.

We look forward to further discussion with the primary dealers and other interested market participants and will continue to promote and encourage ways to improve industry practices and strengthen market integrity.

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