Fixed-Income Securities Operations Conference

7:00 p.m. - 11:00 p.m.
Hospitality Suite

7:30 a.m. - 5:00 p.m.
Registration / Opportunity to View Exhibits

7:30 a.m. - 8:00 a.m.
Breakfast

8:00 a.m. - 8:15 a.m.
Welcome / Introduction

Jim Hraska, Senior Vice President, Global Financing and Prime Services, Lehman Brothers, Inc.
Chair, TBMA Government Operations Committee

8:15 a.m. - 8:45 a.m.
Featured Speaker

John R. Gidman, Executive Vice President, Loomis, Sayles & Company, L.P.
Chair, TBMA Asset Managers Division

8:45 p.m. - 9:45 p.m.
A Discussion of Fails in the U.S. Fixed Income Securities Markets: Issues and Solutions

Listen as operations professionals from across investor perspectives discuss fails in the fixed income securities markets. Listen to a description of the circumstances that led to the chronic fails event of the summer of 2003 across the U.S. Government and MBS pass-through sectors. Listen to market solutions brought to bear on the event and market solutions currently being considered to mitigate the risk of fails and prevent chronic fails. Also, hear the Fed's perspective on its securities lending program, fails and market liquidity as a whole.

Moderator: Peter Kelly, Director, Nomura Securities International, Inc.

Panelists:
Marcia Clark, Senior Vice President, PIMCO
Dave Cosgrove, Vice President, Fixed Income Clearing Corporation
Christopher Marzullo, Senior Manager, Lord, Abbett & Co. LLC AG
Deborah A. Perelmuter, Senior Vice President, Federal Reserve Bank of New York

9:45 a.m. - 10:00 a.m.
Refreshment Break / View Exhibits

10:00 a.m. - 11:00 a.m.
An Update from the U.S. Treasury Department

Listen to representatives from the U.S. Treasury Department discuss recent regulatory and technology developments affecting Treasury security auction participants. Panelists plan to discuss Treasury auction rules and compliance, auction system technology issues and Treasury’s proposed new auction system, New TAAPS_® .

Moderator: Michael W. Sunner, Deputy Assistant Commissioner, Bureau of the Public Debt

Panelists:
Chuck Andreatta, Associate Director, Government Securities Regulation Staff, BPD/ U.S. Treasury Department
Oliver Giannotti, Markets Officer, Federal Reserve Bank of New York
Kimberly Reese, Director of Fixed Income Automation, Bureau of the Public Debt

11:00 a.m. - 12:00 p.m.
Access = Delivery: Electronic Compliance for the 21_st Century

Listen as industry experts discuss progress to facilitate the use of electronic confirmations and discussions regarding the electronic delivery of Government Sponsored Enterprise prospectuses. As well, hear of the latest developments regarding the Municipal Securities Rulemaking Board consideration of the implementation of an electronic system of primary market disclosure in the municipal securities market.

Moderator: Robert Toomey, Vice President and Associate General Counsel, The Bond Market Association

Panelists:
Christian Barsanti, Vice President, Fixed Income Operations, Prudential Investment Management Inc.
Michael Brown, Director, Debt and Credit Services, Federal Home Loan Banks Office of Finance
Ernesto A. Lanza, Senior Associate General Counsel, Municipal Securities Rulemaking Board
Patti Lewis, Director, Merrill Lynch & Co., Inc.

_{12:00 p.m. - 1:30 p.m.
Lunch}

Lunch sponsored by:

1:30 p.m. - 2:30 p.m.
DTCC New Issue Information Dissemination

Listen as industry experts discuss DTCC's New Issue Information Dissemination System (NIIDS) project. Panelists will give an update on the functionality and discuss the importance of this project to your market area so you are prepared for this innovation for new issue information dissemination.

Moderator: Glynn Braithwaite, Director, Citigroup

Panelists:
Gerard Faulkner, Editor, Standard & Poor's CUSIP Service Bureau
Mike Karp, Vice President, Lehman Brothers, Inc.
Denise Russo, Director, The Depository Trust & Clearing Corporation

2:30 p.m. - 3:00 p.m.
Refreshment Break / View Exhibits

3:00 p.m. - 4:15 p.m.
Advancements in the Credit Default Swaps Processing

Hear senior market participants discuss the latest developments of market-based solutions being suggested by the “Group of 14” to address back-office processing of Credit Default Swaps. Panelists will address frequently asked questions on the development and implementation of DTCC's Trade Information Warehouse (to go live in November 2006) and how the Warehouse will be leveraged to streamline downstream processing of CDS and other OTC derivatives, such as equity swaps.

Moderator: Joseph Sack, Executive Vice President, The Bond Market Association

Panelists:
Peter Axilrod, Managing Director, DTCC
Frank De Maria, First Vice President, Derivatives Operations, Merrill Lynch & Co., Inc.
James Wallin, Senior Vice President, AllianceBernstein L.P.

4:15 p.m. - 5:15 p.m.
An Update on Business Continuity Practices for the Financial Markets

Listen as senior business continuity practice professionals, including representatives from the dealers and Fed Board of Governors, discuss the latest developments in BCP. Hear the results from the latest industry-wide BCP test, how the custodial banks address BCP and industry discussions regarding addressing the risks of an Avian Flu pandemic, and other potential market disruptions.

Moderator: Peter Poulos, Executive Director, Morgan Stanley

Panelists:
Dennis Jobin, Managing Director, Bank of New York
Stephen Malphrus, Staff Director for Management, Board of Governors of the Federal Reserve System
Howard Sprow, Director, Business Continuity Planning, Securities Industry Association

6:30 p.m.
Reception

7:30 p.m.
Dinner

10:00 p.m. - Midnight
Hospitality Suite

7:30 a.m. - 8:00 a.m.
Breakfast / View Exhibits

8:00 a.m. - 8:15 a.m.
Welcome / Introduction

Jason Jesner, Director, Investment Operations, Credit Suisse
Chair, The Asset Mangers Forum

8:15 a.m. - 8:45 a.m.
Featured Speaker

Micah S. Green, President, The Bond Market Association
Co-CEO, Securities Industry and Financial Markets Association

8:45 a.m. - 9:45 a.m.
Prime Brokerage in Fixed Income Securities Markets

Listen to senior dealer representatives discuss the significance of Prime Brokerage services to investors. Hear how Prime Brokerage has effected the modernization of trading, operations and technology. As well, listen to a representative from the Fed discuss his views of the Prime Brokerage markets and the dealers role in mitigating the risks the growth of this market might pose.

Moderator: Jim Hraska, Senior Vice President, Global Financing and Prime Services, Lehman Brothers, Inc.

Panelists:
Neil Monaghan, Executive Director, Morgan Stanley
Michael Nelson, Vice President and Counsel, Federal Reserve Bank of New York

9:45 a.m. - 10:00 a.m.
Refreshment Break / View Exhibits

Refreshment Break sponsored by:

10:00 a.m. - 11:00 a.m.
Operations in the Changing European Landscape

Hear the latest operations and technology developments in the changing European landscape. Hear how market convergence is impacting how dealers operate in these markets, and how participants in the U.S. interface with these markets.

Moderator: Terrence Cregg, Managing Director, Bear Stearns

Panelists:
Tony Masiello, Director, Clearstream Banking
John Nordstrom, Director, Euroclear

11:00 a.m. - 12:00 p.m.
Buy Side MBS Processing: Challenges and Solutions

Buyside and sellside operations professionals will discuss problems they face trying to settle trades due to the differing workflows in their environments. Panelists will explore why the problems occur, how they are worked around, and long term solutions to them, including areas where the FICC offers services which may be beneficial.

Moderator: Thomas Menken, Senior Vice President, HSBC Securities (USA) Inc.

Panelists:
Larry Barnett, Managing Director, Braddock Financial Corporation
Jason Jesner, Director, Investment Operations, Credit Suisse
Dennis Paganucci, Director, Fixed Income Clearing Corporation
Robert Leuchtmann, Managing Director, Bear, Stearns & Co. Inc.

12:00 p.m.
Conference Synopsis/Closing Remarks

1:00 p.m. - 5:00 p.m.
Golf Tournament

Golf fees $295

Tournament to be held at the Blue Monster Golf Course.
Lunch will be provided.

1:00 p.m. - 5:00 p.m.
Vizcaya Museum and Gardens Tour

Lunch will be provided.

6:00 p.m.
Reception

Reception sponsored by:

10:00 p.m. - Midnight
Hospitality Suite

8:30 a.m. - 10:00 a.m.
Breakfast

Registration Information

Registration Fees:
Member: $1,095
Non-member: $1,295
Spouse/Guest: $295

Golf Tournament: $295

Registration fees include admission to all business sessions, meeting materials, scheduled breakfasts, lunches, receptions, and dinners.*
*Guest fees include meal functions and receptions.

All fees must be paid in advance.

Registration Fees can be paid on-line via Mastercard, Visa, or American Express.

Refund Policy: The Association will issue refunds, each subject to a $75 service charge, on cancellations received in writing on or before Monday, October 23, 2006. No refunds will be issued on cancellations after this date. Substitutes are welcome at any time.

Hotel Reservations: For your convenience, a limited number of guest rooms have been reserved until Tuesday, October 3, 2006. After that date, rooms will be available on a first-come, first-served basis. For hotel reservations, please call the Doral Golf Resort & Spa at (800) 713-6725 or (305) 592-2000. Be certain to mention you are attending The Bond Market Association's conference.

Transportation: To arrange for airport transfers to the Doral Resort & Spa, please contact Key Transportation at 305.751.5005.

For further information, please contact Tricia Abate at 646.637.9294.