Buy Sell Agreement Template - Excel by chu95680

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									                                                                        ISITC Settlements Grp
                                                                           Open Issues List

             Identified By                     Short desc                 Issue Description               Owner                   Resolution   Status                                    Comments                                        Notes
 Issue #                        Type
   047         Ron Pryor      MT202/210      MP guide for     Request to create a Market Practice guide   Krista Scharfenberger                Open     02/10/06: Question regarding clarification of BIC vs. ABA for funds paid by Conference call to be              1
                                             MT202/210        for MT202/210 messages.                                                                   Fedwire. 02/10/06: Account number and underlying owner of the account       held to finalize doc.
                                                                                                                                                        discussed if required as a KYC check for Patriot Act. Not required to be    once posted by Krista
                                                                                                                                                        populated by IM since the custodian knows the underlying owner of the
                                                                                                                                                        account by custodian account number. Custodians should check with their
                                                                                                                                                        legal depts. regarding Patriot Act requirements. 09/26/06: Updates to
                                                                                                                                                        document based on call to be posted to website for final review prior to
                                                                                                                                                        zoomerang for sign-off. Once signed off send to IFSA (Genevy contact)
                                                                                                                                                        and Payment MPG (Joshua) to review for global acceptance.

   048         Ron Pryor        MT203        Multi accout     Need for a MP for instructing cash (expense Krista Scharfenberger     Mar-2006   Open     03/21/06: IM raised the need for a message usage/MP. Need to review the          To discuss at                 1
                                             cash             disbursements) via a message allowing                                                     MT203 to confirm if appropriate message. 03/30/06: Agreed at Boston              MT202/210 conference
                                             instructions     multiple payments to multiple accounts                                                    conference this MP should be incorporated into the MT202/210 MP doc.             call to decide if this
                                                              within one servicing institution.                                                         06/01/06: Initial draft posted to website. 06/15/06: Basic detail incorporated   should be removed
                                                                                                                                                        into 202/210 doc. Needs to be updated with more information. Krista to follow    from doc.
                                                                                                                                                        up with Ron Pryor. 11/28/06: No discussions have occurred specific to
                                                                                                                                                        MT203. Need to confirm if still should be incorporated into doc.

   049           Krista       MT900/910      FX and Cash      Request to create a MP guide for sending   Krista Scharfenberger                                  02/02/06: Krista will collect feedback from IMs and post for next        Conference call to be         1
             Scharfenberge        and        Confirm and      MT900/910 for confirmation of payments                                                    meeting. 03/30/06: additional information regarding the use of the MT900/910     held with MT202/210
                    r         MT395/396,     Status           (202/210). Additional request for a                                                       for confirmation of any postings manually made to the account and the ANTO       discussion to finalize
                             295/296 - FIN   Message MP -     recommendation of sending a status on an                                                  amount on pair-offs needs to be incorporated into the 900/910 doc. 04/19/06:     MT900/910 MP.
                               Solution      FIN Message      FX.                                                                                       MT900/910 feedback reviewed during call. Additional feedback sent to Krista
                                                              1. Confirm of Cash (202/210 and 103)                                                      from Ron Pryor to be incorporated into doc. and created into a market practice
                                                              Possible use of the MT900/910                                                             template. 05/10/06: Confirmation of MT321's and MT103's need to be
                                                              2. Confirm of FX (MT304/307/308) Possible                                                 incorporated into this discussion. 10/25/06: Conference call regarding
                                                              20022 solution                                                                            MT304/307/308 confirm and status held and decided the MT396 could be
                                                              3. Status of FX - Possible use of MT396 or                                                used as a possible short term FIN based solution. But, based on IM and
                                                              20022 solution                                                                            Custodian non-urgency for use it was agreed a MP does not need to be written
                                                              4. Status of Cash - Possible use of MT296                                                 at this time. We will instead look to the XML 20022 solution. Please refer to
                                                              or 20022 solution                                                                         Issue 43. 11/28/06: MT900/910 MP incorporated into MT202/210 doc. to
                                                                                                                                                        be reviewed and finalized.

   050        John Booth        Swap         Create a MP      Request to create codewords to populate on Jason Brasile                         Open     03/1606: Determined the MT54x is not a suitable solution for instructing cash    Conference call needs         2
                              Payments       for Variation    existing FIN messages for highlighting cash                                               variation margin payments as a short term solution. 04/26/06:                    to be held to discuss
                                             Margin           payment/receipt related to swap payment.                                                  recommendation from Swift received for short term solution. IMs should be        Parital Termination
                                             instructions -                                                                                             populating the MT202 with the cash purpose code/explanation populated in         swap code.
                                             FIN Msgs                                                                                                   field 72. MT210 messages should be wrapped in a MT298 to allow for
                                                                                                                                                        additional narrative info. to be populated. 07/31/06: Results of survey
                                                                                                                                                        concluded no ISITC recommendation will be put forward for a short term
                                                                                                                                                        approach using the FIN messaging. We will instead focus on the UNIFI
                                                                                                                                                        request and address issue short term via SLA. 09/26/06: Agreed at
                                                                                                                                                        conference we will look at the UNIFI cash purpose code list to use within the
                                                                                                                                                        FIN messages for a short term approach. 101/02/07: Draft version of
                                                                                                                                                        MT202/210 Addendum for Cash Purpose Codeword Clarification posted
                                                                                                                                                        to website. Zoomerang setup for deadline of Feb 1st.

   051       Jason Brasile       XML         Create a MP      Request to create a MP or build a new       Jason Brasile                        Open     07/31/06: Results of survey concluded no ISITC recommendation will be put Conference call to be                2
                                             for Variation    20022 XML message for communicating                                                       forward for a short term approach using the FIN messaging. We will instead      setup to go though
                                             Margin           variation margin instructions.                                                            focus on the UNIFI request and address issue short term via SLA. 09/18/06: XML change request.
                                             instructions -                                                                                             Sub-group to be formed to review XML to confirm existing messages support
                                             UNIFI                                                                                                      ISITC's needs for a new message. 09/26/06: XML messages have been
                                                                                                                                                        pulled for discussion and confirmed Purpose Activity field exists. Full list of
                                                                                                                                                        cash purpose codes to be created prior to submitting request to have added to
                                                                                                                                                        XML schema. 10/25/06: Conference call held on 10/18 and a preliminary list
                                                                                                                                                        of codewords documented. Sent to AMF Swaps and SL WGs to approve prior
                                                                                                                                                        to posting to website. Once posted, UNIFI message amendment doc. will be
                                                                                                                                                        finalized and sent to RA. 12/07/06: Jason and Gail to create initial draft of
                                                                                                                                                        business justification for RA with codeword definitions.

Open Issue                                                                                                                          1 of 13                                                                                                                       7/19/2010
                                                                   ISITC Settlements Grp
                                                                      Open Issues List

             Identified By                 Short desc                Issue Description               Owner                   Resolution    Status                                    Comments                                       Notes
 Issue #                       Type
   052        Settlements     MT540-543   TBA Market     Group needs to identify a market practice for Gail Rothman                        Open     1/28/04- John Booth at Northern Trust volunteered to create first draft of      TBA MPv5 to be posted             3
                Group                     Practice       TBA trades.                                                                                template. 09/16/05: Updated TBA MP document was posted to the website           to site once updates
                                                                                                                                                    with additional information regarding partial pair-offs. Also discussion of     made by Gail.
                                                                                                                                                    including TBA relationship to the allocation process needs to be reviewed.      Conference call to
                                                                                                                                                    05/26/06: Conference call held 05/17 to review doc. Additional updates          review/finalize.
                                                                                                                                                    made and sent to Gail Rothman to incorporate updates discussed
                                                                                                                                                    during call. Once completed, to be posted to website for review and
                                                                                                                                                    sign-off. 08/08/06: Awaiting Document to be posted to be discussed at

   053        Settlements      MT308      MT308 - TBA Group needs to document a market practice Jim Robinson                               Open     12/15/05: Document (MT308 MP)has been created for netting of TBA                MT308 MP Doc v1.8 -               4
                Group                     and FX Netting for netting of TBA and FX Transactions                                                     transactions through use of the MT308. Once completed, conference call is to    Preliminary w 304
                                          MP             through use of MT308                                                                       be setup to review and finalize. Once reviewed zoomerang to be sent to vote     samples to be posted
                                                                                                                                                    for signoff. 03/15/06: Document updated based on conference call. To be         and conference call to be
                                                                                                                                                    posted to website. Additional fx netting across multiple brokers sample needs   setup to review doc. prior
                                                                                                                                                    to be incorporated into doc. 12/07/06: JIm Robinson to update doc. and          to finalizing.

   054       Krista        MT540-543      Tri-Pary and   Continuation of Repo MP with request to     Krista Scharfenberger      01/18/06   Open     Next step to incorporate pair-offs and tri-party repos as addendum. Krista        Call to be setup to go          5
             Scharfenberge                Quad Repos     document Tri-Party and Quad Party repos.                                                   has created a template for tri-party repos. 06/15/06: Draft template of tri-party through updated doc.
             r                                                                                                                                      repo created by Krista. Need to define a MP for pair-off of a multiple collateral
                                                                                                                                                    scenario. Possibly in pair off doc. 08/30/06: Conference call held to review
                                                                                                                                                    updated Tri-Party MP doc. v1.1. 08/30/06: Version 1.2 to be posted and
                                                                                                                                                    Krista to list open items to be discussed at conference. 09/26/06:
                                                                                                                                                    Conference call held Oct. 4th and feedback received. 12/07/06: Document to
                                                                                                                                                    be updated with comments as version 1.3 by Krista.

   055        Settlements     MT540-543    MP for Factor Group needs to document a market practice Gail Rothman                            Open     2/15/05: An addendum to the US MP is to be created with samples and             Call to be setup to go            7
                Group                     based          for factor based securities                                                                updated with recommendation on format for DTC SPO charges. Gail                 through updated doc.
                                          securities                                                                                                Rothman to setup conference call to discuss. 03/21/06: Additional discussion
                                                                                                                                                    to be held for coupon/factor updates for post settlement. 07/26/06: Gail to
                                                                                                                                                    send discussion doc. on factor updates to be determined how to incorporate
                                                                                                                                                    into US MP. 07/31/06: Conference call held last Wednesday. Gail to
                                                                                                                                                    distribute doc. to be incorporated into US MP doc.

   056       Gail Rothman    MT54x        Turnarounds    US Settlements MP needs to be updated        Gail Rothman                         Open     12/05/05: Need to clarify that a turn is a buy from one broker and a sell to   Call to be setup to go             7
                                                         with definition for Turn (Turnaround) Trades                                               another broker on same settlement date of the same security and, the           through updated doc.
                                                                                                                                                    custodian should not release the sell until the buy associated with it is
                                                                                                                                                    received. 12/20/05: Krista to add definition to MP document and send to co -
                                                                                                                                                    chairs to review prior to posting. 12/22/05: Gail Rothman is working with Alex
                                                                                                                                                    to create a global definition which can be used in the US documentation.
                                                                                                                                                    07/26/06: Discussion doc. with definition and example posted to site.
                                                                                                                                                    Gail to forward to Alex for global acceptance of definition once Co-
                                                                                                                                                    chairs sign off on final doc. US MPv25 to be updated with definition and
                                                                                                                                                    reference to the TBA doc. for further definition and samples. TBA doc.
                                                                                                                                                    to be updated with definition.

Open Issue                                                                                                                     2 of 13                                                                                                                           7/19/2010
                                                                   ISITC Settlements Grp
                                                                      Open Issues List

             Identified By                Short desc                  Issue Description                   Owner                  Resolution Status                                   Comments                                      Notes
 Issue #                      Type
   057       Chuck Blasgen      54x      SHOR and        Request for an addendum to the US MP             Jason Brasile             Jan-2006 Open 01/26/06: Initial version of the MP addendum needs to be created for review Call to be setup to go            8
              - Custodian                BUTC MP         document to be created to clarify use of the                                              with Custodian forum. 03/30/06 UK document created and will be used as an through updated doc.
                 Forum                   addendum        codewords SHOR and BUTC. Need to                                                          addendum to US MP document. 09/26/06: Initial doc. received and sent to
                                                         clarify how the client is covering the short                                              custodian forum for comment. Doc. posted to website for review. 11/16/06:
                                                         position and linking the short to the borrow.                                             Note sent to Joshua/Erica to confirm contact within UK NMPG who is drafting
                                                         Client's are facilitating shorts in several                                               doc. Custodian forum has raised an issue in regards to clarification of what is
                                                         ways:                                                                                     considered a short transaction from an accounting vs. custody perspective.
                                                                                                                                                   11/17/06: Joshua Derrick stated there was confusion in regards to the
                                                         -using a prime broker (in this case the                                                   document when presented at SMPG in October. Joshua is working with
                                                         custodian is just accounting for the trades                                               UK NMPG to make updates to the doc. prior to redistributing next week.
                                                         and not settling them in the market)
                                                         -borrowing from other portfolios already in
                                                         custody (necessitating a TBA)
                                                         -using the collateral on a reverse repo to
                                                         fulfill the short obligation (this is what
                                                         Bridgewater is doing)
                                                         -borrowing externally from a lending agent
                                                         (in this case there are probably free in's and
                                                         out's from the agent to the GC)
                                                         Need to explore how to link the borrows
                                                         together with the shorts for each of these

   058       Craig Eagleson MT54x        NI24-101        New requirements to match on TD by               Leonora Everett                     Open    10/23/06: Concern raised with mutual fund clients who currently have Trade
                                         Requirement     7:30PM to be introduced by year end 2007.                                                    Date +1 processing. This new rule would require custodians to have the
                                         for IM's to                                                                                                  trades out in sufficient time to match; therefore in a position to have to book
                                         report their                                                                                                 trades twice. Potential for Ontario Securities Commission to impose fines for
                                         matching                                                                                                     those custodians not meeting requirement. 12/08/06: Leonora to reach out
                                         trades with                                                                                                  to CDS to have some present at the Boston conference on the 50MM
                                         regulators                                                                                                   Mandate.

   059       Craig Eagleson MT54x        Canada 50MM New initiative to limit large dollar value           Leonora Everett                     Open    10/23/06: Need to raise to Canada NMPG to make sure limit is not introduced
                                         limit       transactions to 50MM or less. To be                                                              based off initiative currently in US market with FED. 12/08/06: Leonora to
                                                     implemented mid 2007.                                                                            reach out to CDS to have some present at the Boston conference on the
                                                                                                                                                      50MM Mandate. Canada MP will be to require IMs to provide the broken
                                                                                                                                                      down trades into 50MM trades. If IMs will need to built this
                                                                                                                                                      infrastructure to meet the CDS mandate, this might be able to be
                                                                                                                                                      leveraged for all markets. (FED)

   060         Custodian      MT54x      Settlement      The custodian forum has re-raised this issue Leonora Everett                         Open    03/30/06: Block Parent/Child MP SMPG doc to be used to create a usage for Setup Conference call to
                Forum                    Limit           and published a joint document highlighting                                                  breaking up FED settlements exceeding limit. Joshua to create prelim.          discuss doc. once
                                         Restrictions    the issues and risk this limit is causing                                                    document. 11/01/06: Canadian initiative to introduce limit has been posted to posted.
                                                         custodians. Overall issue of settlement                                                      website for FYI; Block Parent/Child MP proposal posted to website for review.
                                                         limitations includes: 1. FED 50MM debt                                                       Initial comments received during call included two limitations of Block MP
                                                         settlements          2. DTC Moneymarket                                                      usage. Additional feedback to be received from all firms prior to response to
                                                         50MM limit                      3. JGB Bond                                                  Joshua. Feedback and comments to be provided at conference within
                                                         50Billion Yen limit.                 4.                                                      Custodian forum and Settlements WG. 11/01/06: J. Booth has proposed a
                                                         Proposed Canadian 50MM limitation..                                                          solution to use the repo MP for multi-piece collateral as a possible solution.
                                                                                                                                                      This will not solve the issue of IMs receiving confirmation on individual
                                                                                                                                                      breakdown share amounts instead of the net share amount of trade.
                                                                                                                                                      12/08/06: Jason B. and John Booth to draft a proposal/draft document
                                                                                                                                                      for review by conference call.

   061          Leonora      MT380/381   Delta FX        When an IA sends a cancel/rebook for a          Krista Scharfenberger                Open    08/02/06: Capital Group has suggested the use of the MT380. Need to                                       9
                Everett                                  trade where the original trade related fx                                                    discuss if supporting a new FIN message within firms is the best
                                                         stood, but the amount might have changed,                                                    approach to address vs. creating a new codeword on the MT54x.
                                                         there's no way to instruct the custodian to do                                               08/08/06: Alliance Capital has also brought this issue up for resolution.
                                                         an fx for an additional amount.Currently IAs                                                 If MT380 determined to be best approach, a MP doc. needs to be drafted.
                                                         either put this in a 70E::FXIN field or fax it.                                              10/06/06: MT380 MP document being drafted for additional call to be

Open Issue                                                                                                                         3 of 13                                                                                                                 7/19/2010
                                                                     ISITC Settlements Grp
                                                                        Open Issues List

             Identified By                 Short desc                   Issue Description                Owner            Resolution   Status                                    Comments                                        Notes
 Issue #                        Type
   062       Jason Brasile      MT381    Additional        Need to determine full scope of usage of       Jason Brasile                 On      08/28/06: Current field requirements put limitations on usage. (I.E. Mandatory   On hold until response
                                         Usage             MT381 confirmation message:                                                 Hold     field Order Date/Time 98a requires an original instruction from IM for           received from Ron's
                                         Scenarios         1. MT380 received                                                                    information. MT381 could be generated from a SSI by Custodian. What              investigation. Possible
                                                           2. MT54x w/ FXIB or FXIS received                                                    should be defaulted in 98A::ORDR?. 09/27/06: Conference call held to             scheduling of conference
                                                           3. MT304 received - MT900/910 should be                                              discuss scope of MT381 usage. MT381 should only be used for when IM              call next year.
                                                           used instead                                                                         instruction was received either by MT380 or MT54x FX instructions. 10/06/06:
                                                           4. Standing SSI to execute fx with sub -                                             MT381 MP initial version drafted. Posted for review and discussion during call
                                                           MT300 should be used instead due to scope                                            to be setup. 12/08/06: Discussion at conference with Swift determined
                                                           usage limitation. Can also track by                                                  the MT381 should only be used for confirmation of an MT380. Ron Pryor
                                                           MT950/940                                                                            (Capital) has an open task to determine if the MT300 is the proper
                                                           5. Faxed instruction to execute fx with sub. -                                       message they should be looking to use for confirmation of FXs on
                                                           NONREF limitation. Should not be sending                                             MT54x.
                                                           an MT381.
                                                           6. Delta FX **Referenced in Issue#046
                                                           7. MT380 to reduce the number of FX's
                                                           processed and perform a bulk FX to cover
                                                           many trades
   063       John Booth       MT54x      Listed futures,   Outstanding issues relating to Derivatives Jason Brasile                    Open     08/09/06:. J. Booth asked we keep an open placeholder to update the              Conference call to be          10
                                         listed options    MP. Discussion surrounding expirations and                                           Derivatives MP doc. with detail on exercising. 11/08/06: Call held to            setup to go through
                                         and OTC           exercising needs to be completed.                                                    discuss Exercising of cash and security option trades. Mike Dever and            doc. once completed.
                                         options MP                                                                                             John Booth will be drafting a discussion doc. for the
                                                                                                                                                exercise/assignment of cash and security through the use of 22F
                                                                                                                                                codewords on the MT54x.

   064       Norman           MT54x      Prime Broker      Clarification requested of how IM’s are      Jim Robinson                   Open     10/25/06: Raised during conference call on 10/18 and minimal feedback                                           11
             Papazian                    identification in identifying the prime broker in the 54x                                              received. Proposed solutions include 1) populating Broker info. On the
                                         MT54x             settlement instruction messages being                                                95a::REAG on MT541, 95a::DEAG on MT543. 2) Populating broker in 94F of
                                                           delivered for scenarios where multiple prime                                         FIAC block. Norm to send note to Alex Keche for confirmation on Swift's
                                                           brokers are being used for a single account                                          recommendation for populating. 11/11/06: Discussion doc. posted to
                                                           at the Investment Manager,                                                           website to discuss at conference. 12/08/06: Conference call to be setup
                                                                                                                                                in early Jan. to further discuss.

   065       Craig Eagleson     MT54x    Unitized          Common stock trades with shares and price Jason Brasile                     Open     02/09/06: Question was raised in regards to Unitized equities by Craig
                                         Equities          as par instead of UNITS. Price per 1000                                              Eagleson. 03/30/06: Samples of Unitized equities to be sent to Co-
                                                           shares instead of per share.                                                         Chairs by Craig. 11/01/06: Raised again by Craig Eagleson and
                                                                                                                                                examples provided co-chairs. 12/08/06: Brazilian Preferred Stock and
                                                                                                                                                Spanish equity secs. have been noted. Examples to be provided.

   066         Elliot Lowe      MT54x    TBA Market        Request to update all examples and wording Jason Brasile                    Open     11/27/06: Note sent to John Booth and Gail Rothman for agreement as
                                         Practice and      to follow MP in populating the TBA                                                   wording in original documents was specific to Cusip. Once agreed, both docs.
                                         MT308 MP          instruction with an ISIN. Currently all                                              Will be updated and posted. 11/28/06: Krista S. and John B. stated TBA
                                                           examples reference a Cusip.                                                          cusip is derived from an algorithm based on characteristics of the TBA. The
                                                                                                                                                ISIN is only an added US and check digit, so Cusip is the proper ID.
                                                                                                                                                11/29/06: Gail Rothman responded stating TBA ISINs are legally registered
                                                                                                                                                was confirmed by the S&P contact at a previous conference last March. The
                                                                                                                                                US MP states ISIN is preferred, but Cusip and Sedol are acceptable. Need to
                                                                                                                                                decide if a statement needs to be made within TBA and 308 MP as well.
                                                                                                                                                12/11/06: Decision from group is to update TBA and MT308 doc. to state
                                                                                                                                                ISIN is the preferred ID, but cusip is acceptable. Once updated docs are
                                                                                                                                                posted to site, item will be closed.

Open Issue                                                                                                                  4 of 13                                                                                                                         7/19/2010
                                                                            ISITC Settlements Grp
                                                                             On-Hold Issues List

             Identified By     Message Type      Short desc                    Issue Description                         Owner            Resolution   Status                               Comments                                      Date Reported
  Issue #
                                                                     Need MP to define how to communicate                                                              01/28/2004-Gail Rothman to provide more details of
    067      Gail Rothman       MT540-543        Roll Trades                                                          Gail Rothman        Jun-2004     On-Hold                                                                               01/17/04
                                                                                  Dollar Roll trades                                                                               requirements to co-chairs
                                                                      Clarification requested on India MP for
                                                                      populating the clearing house, place of
                                                                                                                                                                   12/5/2005: Alex to address with local reps from India and will
                                                                    trade (exchange) and market segment for
                                                                                                                                                                   provide update to group. Interim suggestion is to follow local
    068      Jason Brasile        MT54x        India MP Update           each trade instruction. Multiple             Jason Brasile                    On-Hold
                                                                                                                                                                    custodians’ format requirements until MP can be updated.
                                                                       recommendations provided by sub-
                                                                                                                                                                     12/11/06: New India NMPG group looking to be created.
                                                                      custodians in India and MP doc. is not

                                                                                                                                                                 12/05/05: DTC fail reason codes are posted to the WG website.
                                                                                                                                                                 JP Morgan has been working to map these fail codes. Once
                                                                Request to continue discussion to get B/D's
                                                                                                                                                                 JPM has completed mapping we can post to website, but
                                              DTC Fail reason    to use the correct DTC fail reason codes
                                                                                                                                                                 this does not address the use of the DTC codes on the street.
                                              code mapping to    when trades are DK'd. Currently, on one
    069      Dayle Scherer        MT548                                                                               Jason Brasile                    On-Hold   Need to determine what next step can be to convince B/D's to
                                              MT548 fail reason   generic reason code is being used so a
                                                                                                                                                                 use all codes. 12/20/05: Leonora to bring back to the b/d
                                                codewords       mapping of the fulll list of codewords to 548
                                                                                                                                                                 forum to raise awareness. 12/11/06: DTCC now
                                                                   reason codes was never completed.
                                                                                                                                                                 participating in Settlements WG within ISITC. Discuss with
                                                                                                                                                                 contacts to re-raise this item.
                                                                                                                                                                  12/29/05: Received updated list of CFI codes. Need to discuss
                                                                       Updated list of CFI codes has been                                                           within WG if the conversion from the ISITC list to the CFI list
    070     Genevy Dimitrion    MT540-543         CFI Codes          provided to ISITC. Conversion from the           Jason Brasile       Dec-2005     On-Hold    should occur. Also need to confirm impact to US MP doc. which
                                                                       ISITC codewords to the CFI codes.                                                           is in the process of being updated with templates to match the
                                                                                                                                                                                            ISITC Codes.
             Jason Brasile         XML        FX and Cash          Request from Cash -Sub group to look at      Krista Scharfenberger                  On-Hold   10/30/06: Payment Status Report Message PAIN002.001.02               Conference call to be
                                              Confirm and Status   XML messages developed to determine if                                                        confirmed to be appropriate message currently avaialble via          setup once business
                                              Message MP - XML     one covers the scope/needs for                                                                XML. Message and pdf. Posted to website to be reviewed to            need determined to be
    071                                       Message              confirmation and status of cash payments                                                      confrim all needed data elements included and status reason          sufficient.
                                                                   including for all cash and fx movements.                                                      codes under 2.12 on page 183 are complete. 12/07/06: On hold
                                                                                                                                                                 until need determined by group.

On-Hold                                                                                                                         5 of 13                                                                                                                 7/19/2010
                                                                                      ISITC Settlements Grp
                                                                                        Closed Issues List

                Identified By     Message Type         Short desc                       Issue Description                         Owner             Resolution   Status                                 Comments                                     Date Reported
   Issue #

                                                                                                                                                                              5/1/04- Genevy has forwarded this document to the MT548
                                                                           The ISITC settlements group have created a                                                        document at the SMPG meeting in Boston. It was concluded
                                                                            document which attempts to finalize market                                                      that edits will be made to the existing SMPG MT548 document
                                                                           practices around the MT548 message. We                                                           which will include comments from our document. 1/28/04-Jim
                                                                            need to receive final signoff from the ISITC                                                          R sent thread around in early Jan 2004 asking for any final
                                                    Finalizing MP for
     001        Leonora Everett       MT548                                settlements group and submit final document Ron Pryor/Genevy Dimitrion   Jun-2004      Open        comments from settlement group by Jan 18th. Comments were                 01/17/04
                                                                             to SMPG for their acceptance. Goal is to                                                        received. CoChairs will discuss these comments and include in
                                                                           have the ISITC document combined with the                                                          document if necessary and have final conf call before submitting
                                                                            SMPG MT548 document for the purpose of                                                             final doc to SMPG. Call will be in mid-Feb 1/30/04- Co-chairs
                                                                           having one global MP for MT548 messaging.                                                             updated document with comments received in January from
                                                                                                                                                                            Citibank. Document has been sent to Genevy for SMPG approval.

                                                                                                                                                                            5/1/2004- It was discussed at the Boston conference that the
                                                                                                                                                                            MT304 would continue to be the industry standard method of
                                                   Clarifying business        Some members of the group requested
                 Settlements                                                                                                                                                 communication 3rd party FX's. MT307 will be developed in
     002                            MT304/307       use of MT304 vs         clarity on the definition and proper business     Genevy Dimitrion      Jun-2004     CLOSED                                                                                 01/17/04
                   Group                                                                                                                                                      future. 1/28/04- Genevy will review the MT307 and compare it
                                                          MT307                    use of the MT304 vs the MT307
                                                                                                                                                                             against the old requirements to verify it's correct use. We also
                                                                                                                                                                            need to compare the Applied FX requirements to these messages

                                                                                                                                                                              5/1/2004- SWIFT confirmed at Boston conference that the
                                                         Place of
                                                                                UK/IE Crest Instruction- Place of                                                           proper way to communicate the IE vs UK issue is to use the
                                                   Safekeeping field for
     003         Stan Marshall      MT540-543                               Safekeeping vs Country Code (is Option P             Alex Kech          Mar-2004     CLOSED    94F SAFE field with the applicable BIC.1/28/04-Alex will follow up           01/17/04
                                                       IE/UK crest
                                                                                   for PSET now available?)                                                                with the UK group to have the document updated to incorporate the
                                                                                                                                                                                 Place of Safekeeping in the MP for these types of trades.

                                                                          For Stamp Duty in South Africa only one
                                                        Stamp Duty                                                                                                          5/1/04- Alex confirmed at Boston conference that South Africa
                 Settlements                                            standard code exists- USTN. Should there
     004                            mt540-543      exemption indicators                                                          Alex Kech          Mar-2004     CLOSED     will keep current stamp duty indicators.1/28/04- Alex will inquire          01/17/04
                   Group                                                be additional codes for not liable because the
                                                      in South Africa                                                                                                              with South African market practice group and advise.
                                                                                stamp was already paid, etc?

                                                                           Group asked SWIFT if they can change the
                 Settlements                        MT380 definition         definition of the MT380 to indicate the                                                        1/28/04- SWIFT advised that this is not possible, but Ron Pryor is
     005                              MT380                                                                                      Ron Pryor          Jun-2004     CLOSED                                                                                 01/17/04
                   Group                               update                message can be exchanged between 2                                                                 following up with SWIFT for clarification on their response.
                                                                            parties (not just IM to Global Custodian)

                                                                           The use of the ADEL codeword (for delayed
                                                                                                                                                                                01/28/2004- This issue has been addressed as part of John
     006         Gail Rothman       MT540-543        ADEL codeword         delivery-usually used for MBS pools) is not          John Booth          Mar-2004     CLOSED                                                                                 01/17/04
                                                                                                                                                                                                Booth's TBA MP template
                                                                                documented in the MP document.

                                                                             In the 304 MP, can we specifiy how to do
                                                                            gross fwds explicitly? There is no example
                                                                                                                                                                                   5/1/04- Will follow up with Genevy on status of
                                                                           and some idiosyncrasies (i.e. you're forced to
     007         Gail Rothman         MT304        FX Forwards Gross                                                          Genevy Dimitrion      Jun-2004     CLOSED      document01/28/2004- Gen will update document to reflect that if            01/17/04
                                                                            put in an open flag, even though open/close
                                                                                                                                                                               you are doing a gross settlement it will be a fwd open gross
                                                                             doesn't make sense when you are settling

                                                                                 AMF and ISITC partnered for swaps                                                          12/05/05: Collateral WG has decided to use the MT540 and 542 to
                                                                               automation, notification, reconciliation,                                                      move collateral, after analysis it didn’t make sense to create new
                                                                           notification of collateral movement, payments.                                                   messages. The group is currently identifying the data elements that
                                                                           One working group is focusing on notification                                                      are necessary and will then work with SWIFT on how to provide
                                                                                                                            Gail Rothman/Genevy
     008         Gail Rothman       20022 XML          Swaps MP              and reconciliation, and collecting the data                                         CLOSED     those data elements in the MT540/542. Meeting notification and
                                                                             elements required by custodian in order to                                                      agendas are sent via thread, if interested in participating sign
                                                                                                 set up.                                                                    up to receive threads from the joint AMF/ISITC working group.
                                                                            Second working group focusing on collateral                                                       As this is being discussed in separate working groups, this
                                                                                               movement                                                                              will be removed from the settlements agenda.

                                                                                                                                                                            12/15/05: List of accomplishments has been documented. List of
                                                                                                                                                                             goals is still in progress. Need to update mission statement to be
                                                                                                                                                                                  more vague to be used year over year. Send goals and
                                                                               Settlements WG needs to document
                                                    Accomplishments                                                                                                            accomplishments to executive committee. Leonora to update
     009        Leonora Everett        NA                                    accomplishments for 2005 and goals for           Leonora Everett        12/1/05     CLOSED                                                                            December Conference
                                                       and Goals                                                                                                            document posted at conference. Send updated mission statement
                                                                                                                                                                                   to Gwen for updating website. 01/18/06: Goals and
                                                                                                                                                                                Accomplishments sent to Exec. Committee. 01/25/06:
                                                                                                                                                                                      Updated Mission Statement added to agenda.

                                                                                                                                                                            12/05/05: Definitions updated and new MP documents have been
                                                   Clarification of Spot    Request to update the definitions in the MP
                                  MT304 Spot and                                                                                                                              posted to the website. Comments or feedback can be sent to
     010        Leonora Everett                     and Forward FX           document for MT304 Spots and the MP              Leonora Everett        01/30/06    CLOSED
                                     Forward                                                                                                                                 Leonora. 12/20/05: send out thread to remind for feedback.
                                                        definitions             document for MT304 Forwards.
                                                                                                                                                                                        Deadline set for Jan. 30 for comments.

Closed Issues                                                                                                                                                             6 of 13                                                                                        7/19/2010
                                                                                  ISITC Settlements Grp
                                                                                    Closed Issues List

                Identified By     Message Type       Short desc                      Issue Description                         Owner            Resolution   Status                               Comments                                  Date Reported
   Issue #

                                                                                                                                                                           12/05/05: Issues reviewed at conference and feedback
                                                                        Itemized raise by SMPG need to be reviewed                                                      provided in minutes. 12/20/05: Feedback to be documented
     011          Alex Kech        MT540-543      SMPG Feedback                                                         Settlements Co-Chairs   Dec-2005     CLOSED
                                                                                and feeback provided to Alex                                                               and feedback sent to Alex. Co-Chairs to go through on
                                                                                                                                                                                           conference call 12/22.

                                                                                                                                                                           12/15/05: Original request in Feb. 2005 to update MP was not
                                                                                                                                                                          completed. Co-chairs to discuss and update document with
                                                                                                                                                                       doc. history to track changes. Request also received to send out
                                                                   Request to review the PP template to confirm
                                                                                                                                                                        a thread notifying of change as some IM's are populating PP with
                                                   Update US MP    why the price is stated as ACTU. All other FI
                                                                                                                                                                       ACTU causing custodian settlement issues. 12/15/05: Additional
                                                 document template   instruments use PRCT. Possibly add a
     012        Melissa Dufoe        MT54x                                                                                  Jim Robinson         12/22/05    CLOSED     request to update REGF as mandatory to indicate SEC Fees.
                                                     for Private    second PP to differentiate between FI vs.
                                                                                                                                                                            Currently states "should be" which is not enforceable.
                                                    Placements     Equity Private Placements. Quantity should
                                                                                                                                                                        12/20/05: MP document template for PP needs to be updated
                                                                       be FAMT for FI and UNIT for equity.
                                                                                                                                                                         to state the quantity and price codewords should reflect the
                                                                                                                                                                           underlying type of placement (equity or FI). 01/26/06: MP
                                                                                                                                                                                          Doc. updated for version 24.

                                                                            Request to update US Settlments MP                                                           12/05/05: US MP document to be updated along with document
                                                  ISIN vs. Cusip as
                                                                            document to state the preferred asset                                                        history to track updates. 12/20/05: Krista will update MP doc.
     013         Gail Rothman        MT54x          the preferred                                                       Krista Scharfenberger                CLOSED
                                                                          idenfifier is ISIN, but Cusip and Sedol are                                                       with comment and send thread of update once posted.
                                                 identifier for US MP
                                                                                          also acceptable                                                                                  01/26/06: Updated version 24.

                                                                            Turkish investors need to obtain a tax                                                     12/20/05: State Street is working with sub-custodian in Turkey
     014        Leonora Everett    MT540-543        Turkish Tax          identification number to continue trading in       Jason Brasile       Dec-2005     CLOSED      for clarification of new law to determine what impact on IM
                                                                                  market after Jan. 1, 2006.                                                            and GC. 01/26/06: Based on SLA with individual custodians.

                                                                                                                                                                        12/05/05: Review of old minutes from LA Conference in 2004
                                                                                                                                                                         The group agreed that there is no need for the DISC rate or
                                                                                                                                                                        Yield to be mandatory- giving the deal price in field 90a within
                                                                                                                                                                               Seq. B with the PRCT code is sufficient. (Seq. B:
                                                                                                                                                                         90A::DEAL//PRCT/X,XXX) DISC rate or Yield is considered
                                                                                                                                                                                             optional information.

                                                                                                                                                                        If Yield is populated it should be stated in Seq. B1 (FIA Block):
                                                                        Request to clarify how CP trades should be
                                                 Discount price and                                                                                                     A recommendation was already agreed that if Discount rate is
                                                                         instructed populating both the percentage
                   Jonathan                       percentage price                                                                                                                       provided it should be stated as:
     015                             MT54x                                price (current MP) and the discount rate          Jason Brasile                    CLOSED
                   Johnston                       populated on CP                                                                                                           [(100-price)*(360/t)] in the 54x messages for non-interest
                                                                         (yield). Investment managers and B/D's
                                                       trades                                                                                                                       bearing securities such as T-Bills, CP, etc.
                                                                                  match on price not yield.
                                                                                                                                                                                   Seq B1 (FIA Block): 90A:MRKT//DISC/X,XXX
                                                                                                                                                                           The A format requires you enter the rate as a percentage
                                                                                                                                                                                                      below par.
                                                                                                                                                                          Ex. A discount rate of 2.0% equals a price of 98 when par is

                                                                                                                                                                        MP document will not be updated as the recommendation on
                                                                                                                                                                        how to populate the discount rate or Yield as an optional field
                                                                                                                                                                         is not in line with US MP. 01/19/06: IM who was listed on
                                                                                                                                                                         Custodian Forum issue matrix has conformed to MP. Issue
                                                                                                                                                                                                should be closed.

                                                                        The SL WG determined FED to be applicable
                                                                         for use of the Track/Untrack codeword. A
                                                                                                                                                                            1/18/06: SL WG will decide and provide update to the
                                                   FED and DTC             data source scheme needs to be agreed
                                                                                                                                                                        Settlements WG. Need to confirm when the UNTR and TRAC
     016         Jason Brasile        54x          Track/Untrack        upon for use as a MP until a the codeword is        Jason Brasile       Jan-2006     CLOSED
                                                                                                                                                                        codewords will be added to the swift release under the STCO
                                                      Indicator              added. Current recommendation is
                                                                                                                                                                                      qualifier of 22F: Seq. E (SETDET)
                                                                                 22F::STCO/ISIT/UNTR and

Closed Issues                                                                                                                                                         7 of 13                                                                               7/19/2010
                                                                                   ISITC Settlements Grp
                                                                                     Closed Issues List

                 Identified By     Message Type       Short desc                      Issue Description                          Owner            Resolution   Status                                 Comments                                   Date Reported
   Issue #
                                                                                                                                                                           01/30/06: Response received from Alex. Leonora response: the
                                                                                                                                                                             suggestion provided is to by-pass settlement into the taxable
                                                                                                                                                                          altogether. Separate the use of DIRT to indicate a "taxable" trade
                                                                                                                                                                            from the assumption that the shares must settle to the taxable
                                                                           The use of two accounts (taxable and tax-                                                                                   account. This
                                                                           exempt) causes IMs to have to treat buys                                                       use only works correctly for taxable sells. The same logic cannot
                                                                         and sells differently. CLEN and DIRT should                                                     be used for taxable equity buys - such as Brazilian IPOs. So, to get
                                                                           only be used to indicate whether or not the                                                   around that, the suggestion is to provide DIRT to indicate a taxable
                                                                          TRADE is tax-exempt or taxable. If they are                                                          trade, but provide a comment in 70E::SPRO that instructs
                                                                         used also to indicate which accounts to settle                                                   settlement into the tax exempt account. 02/01/06: Request to go
                                                   Brazil Clearn/Dirty                                                                                                    back to Brazilian convenor to explain that IMs have an obligation to
     017        Leonora Everett        54x                                  into, then when DIRT is used for taxable        Leonora Everett       Jan-2006     Closed
                                                       Indicator                                                                                                         send "DIRT" to acknowledge the trade is taxable and to instruct the
                                                                         buys, then these securities will be subject to
                                                                           a double tax when they get sold. Although                                                     custodian to withhold taxes. If we send CLEN or nothing at all, our
                                                                          this double tax approach may be correct for                                                     audit trail will not recognize the tax. 02/17/06: Update received
                                                                          Fixed Income securities in Brazil, Equities -                                                    from Leonora: As of February 16, 2006, local authorities in
                                                                            once taxed on the IPO are not subject to                                                      Brazil announced the CPMF tax on IPOs and public offerings
                                                                                 another tax when they are sold.                                                            has been abolished. Since the trades will be tax-exempt,
                                                                                                                                                                           MT541s will have CLEN in 22F - no special comment will be
                                                                                                                                                                             necessary in 70E::SPRO. Although no longer subject to
                                                                                                                                                                          capital gains tax, Fixed Income trades will continue to go out
                                                                                                                                                                         with 22F::DIRT as they are still subject to CPMF on both buys
                                                                                                                                                                           and sells. 02/21/06: Confirm if can be moved off the open
                                                                                                                                                                             12/05/05: Consensus was original face should be provided for
                                                                                                                                                                           asset backed securities as that is what settled on, as defined, the
                                                                       Request for clarification on how to populate                                                       investment managers present agreed. 12/20/05: zoomerang to be
                    Krista                        Original and Current   the MT548 for Non-US asset backed                                                                  sent. Once agreed MT548 Addendum MP doc. to be updated in
     018                              MT548                                                                               Krista Scharfenberger                 Open
                Scharfenberger                    face on the MT548 securities. Can not provide both original and                                                         the recommended fields section and thread sent to notify of update.
                                                                           current face in the 548 message.                                                                 01/26/06: zoomerang submitted today. 02/270/06: zoomerang
                                                                                                                                                                            completed with 14 votes. MP approved. MT548 addendum
                                                                                                                                                                                       update posted and thread sent on 3/07.

                                                                                                                                                                            12/10/05: Links to the FED and DTC participants have been
                                                                                                                                                                           provided. Co-chairs need to determine where to post to website
                                                                                                                                                                         and send thread notifying of location. 12/20/05: Need to confirm
                                                     FED and DTC         Request to publish the link for FED and DTC                                                       any legal issues with ISITC posting the links to the DTC and
     019          Vicki Mazza          N/A                                                                                    Jason Brasile                    CLOSED
                                                     participant list     participants somewhere on the ISITC site.                                                            FED participant ID's. 03/21/06: Confirm if this is still
                                                                                                                                                                          necessary. Links would need to be maintained on ISITC site.
                                                                                                                                                                         03/30/06: Determined at conference this will not be maintained
                                                                                                                                                                                               on the ISITC website.

                                                                                                                                                                          1/13/06: Call setup for co-chairs on Feb. 08th at 3PM. 02/08/06:
                                                                                                                                                                         Initial document created for 54x settlements, confirmations and 548.
                                                                                                                                                                           To be reviewed by co-chairs prior to posting on Friday, Feb. 10th.
                                                                                                                                                                          02/10/06: Document posted to website and conference call setup
                                                                         Need to review the 2006 mandatory changes                                                          for Feb. 22nd. 02/22/06: Conference call held and finalized
     020         Jason Brasile          all        2006 Mandatories      to confirm impact for settlement, confirmation       Jason Brasile       Jan-2006     CLOSED
                                                                                                                                                                               documentation posted to website. 02/27/06: additional
                                                                                     and status messages
                                                                                                                                                                           change in definition of settlement party qualifiers need to be
                                                                                                                                                                         discussed at conference. Further explanation and illustrations
                                                                                                                                                                                to be provided in Usage guidelines of final 2006 swift
                                                                                                                                                                                           handbooks. 03/30/06: Closed

                                                                         Group needs to review the updated document
                                                                          on the website and determine if we need to                                                      12/05/05: Co-chairs to review document and determine next step.
                                                                               have a US specific document or if                                                          12/20/05: SMPG doc. covers US MP. Specific MP for TBA pairoffs
     021        Genevy Dimitrion      MT54x       US MP for Pair-offs                                                         Jason Brasile                    CLOSED
                                                                           we should just indicate that pair-offs are                                                     being completed by US. 03/21/06: deleted the US Pair-off mp
                                                                               covered by the SMPG document.                                                              doc. off website from 2004 as we agreed to follow SMPG doc.

Closed Issues                                                                                                                                                           8 of 13                                                                                  7/19/2010
                                                                                   ISITC Settlements Grp
                                                                                     Closed Issues List

                 Identified By    Message Type       Short desc                       Issue Description                            Owner            Resolution    Status                                 Comments                                     Date Reported
   Issue #

                                                                                                                                                                               12/05/05: Example: In Spain request is to provide clearing agent
                                                                                                                                                                                 in REAG/DEAG and Intermediary in BUYR/SELL, however for
                                                                                                                                                                                    proper reporting all three parties are necessary. 12/08/05:
                                                                                                                                                                             Intermediary brokers can also be provided on MT304s. Custodians
                                                                                                                                                                              should be able to process all three parties, on the pay side the US
                                                                                                                                                                              Market practice states to pay the party in 56 for the benefit of the
                                                                           When the executing broker is not a direct                                                               party in 57 for further benefit of the party in 58. 12/20/05:
                                                   Correct use of       participant, some markets are requesting only                                                          Custodian forum to raise during next call. Krista to follow up with
                                                     reference to       the clearing agent and the intermediary rather                                                          Custodian WG 01/27/06: Alex confirmed he will follow up with
     022        Leonora Everett    54x and 304                                                                              Krista Scharfenberger                CLOSED?     Spanish NMPG again for response. 01/31/06: Response recieved
                                                   intermediary in       than supporting all parties.            Also
                                                  settlement chain       an issue with MT304 and correct use of field                                                         from ES NMPG forwarded to Alex. Additional clarifcation required
                                                                                       56 (intermediary)                                                                     regarding the two safekeeping accounts in the local market causing
                                                                                                                                                                              treatment of buys and sells to be handled differently. Note sent to
                                                                                                                                                                               Alex 01-31 by Leonora. 02/28/06: local Spanish subs will not
                                                                                                                                                                                   charge globals for sending additional information in the
                                                                                                                                                                               RECU/DECU. Reiterate at conference prior to closing issue
                                                                                                                                                                                for 54x. 03/31/06: Need to clarify 304 Spot MP to clarify to
                                                                                                                                                                                         provide intermediary in field 56 for MT304's.

                                                                          Proposal is being submitted to Swift to
                                                                                                                                                                               03/31/06: Request is being submitted as a 2007 change to
                                                                        change the format of populating Original and
                                                 Original and Current                                                                               March 2006               delete 36B::ORGV field and allow 36B: in other sequence to be
     023        Joshua Derrick     MT540-543                            Current Face in the MT54x messages to be                Jason Brasile                     Closed                                                                             Request submitted.
                                                    face field tags                                                                                 Conference                 repetitive to allow Original and Current face amount to be
                                                                          consistent with the MT536 through the
                                                                              population of a repetitive 36B.

                                                                                                                                                                            12/14/05: This issue was raised during the September conference,
                                                                                                                                                                             but participation in issue was not adequate to continue. Note sent
                                                                                                                                                                             to Custodian Forum co-chairs to determine how they would like to
                                                                                                                                                                              proceed with setting up call with 5 custodians and Capital Group.
                                                                        Previously an IM was providing the dummy fx                                                            01/23/06: Custodian forum call was held to review conversation
                                                                          information on their faxes, but they are not                                                      held with CG. Recommendation should be one final close spot deal
                                                                           providing this information on their SWIFT                                                         to repatriate the balance back to base. This is to close out the net
                                                   Cross Currency                                                                                                           gain/lose on the accounting records. 02/28/06: Question as to how
     024        Custodian Forum      MT304                              messages as per the market practice guide.            Leonora Everett        Jun-2004    CLOSED
                                                   Forward Netting                                                                                                             to link cross ccy forward contract. Possible solution for IM send
                                                                         The MT304 Forward market practice guide
                                                                         (as per Section V) calls for the dummy fx to                                                           either a FX Spot for each partial close. 03/23/06: Confirm if
                                                                                be calculated by the Custodian.                                                              MT308 MP is a solution. Need to work through a sample of a
                                                                                                                                                                              cross ccy fx using the MT308. 05/16/06: Capital has stated
                                                                                                                                                                            the 308 may not work for this cross ccy scenario and J. Booth
                                                                                                                                                                               confirmed the MT307 does not have the necessary fields to
                                                                                                                                                                                                        support either.

                                                                                                                                                                             12/05/05: Raised by Craig Eagleson at the December conference
                                                                        In Switzerland we are offering a new product                                                         and added to the minutes. 12/28/05: Note sent to Alex Keche to
                                                                           called *stamp duty services" providing the                                                        confirm with Swiss NMPG. 01/20/06: response received from
                                                                        client with a list of taxable trades according to                                                     Alex stating the CH market does recognize a Swiss stamp
                                                                          the Swiss Stamp Duty Tax law. One of the
                                                                                                                                                                             duty. 01/30/06: State Street confirmed local market players
                                                                         factors to determine the liability towards the
     025        Craig Eagleson     MT540-543     Swiss Stamp Duty                                                              Jim Robinson         Dec-2005      Open           are requiring and SSC inability to populate the stamp
                                                                                tax authorities is the broker. If the
                                                                                                                                                                              declaration is causing issue. Need for an agreed formatted
                                                                        counterparty is a Swiss domiciled broker the
                                                                                                                                                                             solution. 03/31/06: Samples sent to Alex to approach Swiss
                                                                           Pension fund (our client) can delegate the
                                                                         duty to declare and directly deduct the taxes                                                       NMPG at SMPG. 05/31/06: Need Alex to confirm if this is a
                                                                         in the trade to the counterparty - the broker                                                       market issue or a client issue for banks to work out with their
                                                                                                                                                                               agents. 06/15/06: Alex Confirmed no MP req. from Swiss.

Closed Issues                                                                                                                                                              9 of 13                                                                                        7/19/2010
                                                                                     ISITC Settlements Grp
                                                                                       Closed Issues List

                 Identified By    Message Type       Short desc                         Issue Description                          Owner         Resolution   Status                                 Comments                                    Date Reported
   Issue #

                                                                                                                                                                           The updated document hasn’t been reposted yet as there are a
                                                                                                                                                                             couple of outstanding issues that need cleaning up: the occ
                                                                                                                                                                            identifier to id broker should only be for the clearing agent, the
                                                                                                                                                                         name of the document will be changed Futures and Options so not
                                                                                                                                                                         looking for swaps. 1/25/06: Conference call to be held 1/26/06 to
                                                                                                                                                                          walk through document. 03/21/06: Document posted to website
                                                                                                                                                                           and zoomerang vote sent for final sign-off deadline set for 4/14.
                                                                                                                                                                              04/14/06: Document approved with comments for updates
                                                 Listed futures, listed
                                                                           Group needs to create a MP document for                                                         requested. 04/26/06: docuement updated with feedback from
     026           John Booth         MT54x        options and OTC                                                              Jason Brasile       TBD       Open
                                                                             instructing listed futures and options.                                                           zoomerang. 5/11/06: Additional meeting held to discuss
                                                      options MP
                                                                                                                                                                              outstanding questions from feedback on 05/11 at 2PM ET.
                                                                                                                                                                          Updated doc. posted to website. Outstanding question regarding
                                                                                                                                                                           use of TS vs. Dummy ISIN/Cusip raised by John McNamara at
                                                                                                                                                                          BoNY. Not discussed. 05/26/06: Conference call held 5/24 and
                                                                                                                                                                           updates to doc. from zoomerang discussed. Discuss need for
                                                                                                                                                                          confirmation/status to IMs needed for derivatives at conference in
                                                                                                                                                                         Toronto. Also open question regarding consistency of format of tail
                                                                                                                                                                                       of ticker with strike price. 07/31/06: Closed

                  Roger Cowie       MT540-543    19A::RESU                Issue noted where a security is denominated Leonora Everett           March 2006    Closed     05/24/06: Business case and recommendation of field usage
                                                                          in one currency is traded and settled, but the                        Conference               provided by Roger.
                                                                          IM and Broker agree on payment in another                                                      08/08/06: No samples have been able to be documented. Alex
                                                                          currency. Recommendation to use                                                                Keche has posted SMPG recommendation.
                                                                          19A::SETT, 19A::RESU and 92B::EXCH                                                             Settlement amount is what will be settled on the market side,
                                                                                                                                                                         ie, with the counterparty (at the CSD or the correspondent
                                                                                                                                                                         bank if cash/securities split settlement). This amount should
                                                                                                                                                                         be in SETT. RESU will be used to provide an equivalent
                                                                                                                                                                         amount in another currency, for example, an amount currency
                                                                                                                                                                         to be posted in the account if the client does not want the
                                                                                                                                                                         settlement amount currency.
     027                                                                                                                                                                 So in any situation, you need to look at what will be settled
                                                                                                                                                                         with the counterparty. If USD, then, settlement amount should
                                                                                                                                                                         be in USD. RESU can then be used to provide an equivalent
                                                                                                                                                                         amount in another currency to be posted in the account, for
                                                                                                                                                                         instance, or for information. Confirm if this can be closed.

                Jason Brasile     MT54x          SR2006                   Question regarding how to populate the        Jason Brasile                         Closed     08/24/06: Discuss to determine if populating the 2nd line of
                                                                          maturity date and interest rate for the                                                        security description narrative is the recommendation for populating
                                                                          underlying security when it is not a valid                                                     this additional detail or if we should request a FIA block for
                                                                          street cusip/ISIN.                                                                             underlying Sec. ID. 08/29/06: Raised by testing team to
                                                                                                                                                                         determine how should be coded more than an actual business
                                                                                                                                                                         need. Volumes in which scenario would occur are low when the
                                                                                                                                                                         underlying asset is a fixed or short term and not an ISIN where
     028                                                                                                                                                                 should rate and mat be reported. Confirm with group the solution
                                                                                                                                                                         should be to populate in line 2 of 35B as an interim and long term
                                                                                                                                                                         solution. 09/18/06: Group agreed volumes do not currently
                                                                                                                                                                         warrant a new FIAU sequence. Information should be populated in
                                                                                                                                                                         line 3 of 35B::Underlying if necessary. Closed.

                  Jason Brasile           all    SR2007 Requests          Several new 2007 requests have been           Jason Brasile           Nov. 2007     Closed     06/01/06: SR2007 requests have been submitted to Swift for
                                                                          submitted on behalf of ISITC Settlements:                                                      review. 06/19/06: Request from Alex for a more detailed definition
                                                                                                                                                                         of Assignment in request. Jason to work with John and Gail.
                                                                                                                                                                         08/28/06: Conference call held in August to review all current
                                                                                                                                                                         SR2007 requests. Item will continue to be tracked as
     029                                                                                                                                                                 feedback from ISITC response to requests is received from
                                                                                                                                                                         SMPG. 09/01/06: Summary document of ISITC responses to
                                                                                                                                                                         all submissions posted to WG site under Standards document

                  Jason Brasile       MT54x      Index Ratio              Euroclear trades that include the index ratio. Jason Brasile                        Closed     08/07/06: Samples received from State Street receiving trades
                                                                          Requested confirmation as to how the shares                                                    from BBH NY. How do these differ from TIPS transactions which
                                                                          qty, index ratio and resulting share quantity                                                  are index linked. 08/29/06: New codeword requested for
                                                                          should be populated in the swift.                                                              SR2007 to add INDX qualifier in field 92a of the FIA sequence
     030                                                                                                                                                                 in the MT564/566, S&R. IV.14 ISITC has voted yes to this
                                                                                                                                                                         addition to the MT54x message. 08/30/06: Need to agree on
                                                                                                                                                                         an interim solution until the Oct, 2007 qualifier is available.
                                                                                                                                                                         09/26/06: Stated at conference volumes don't warrant short
                                                                                                                                                                         term work around. To be closed.

Closed Issues                                                                                                                                                          10 of 13                                                                                  7/19/2010
                                                                                ISITC Settlements Grp
                                                                                  Closed Issues List

                 Identified By    Message Type        Short desc                   Issue Description                          Owner          Resolution      Status                                 Comments                                    Date Reported
   Issue #
                   John Booth       MT540-543     Bond Forward        Request to create new ISITC sec. Types for Jason Brasile                               Closed     05/30/06: Raised by J. Booth to be discussed in Toronto.
                                                  Trades              Bond Forward trades. These are not bond                                                           06/15/06: J. Booth/Evan to submit business case for need of
                                                                      trades as they settle as derivatives. But, are                                                    new identifier explaining a Bond Forward. 09/18/06: US MP to
                                                                      formatted similar to a bond.                                                                      be updated to state this type can replicate bond templates
                                                                                                                                                                        09/26/06: added to US MP doc. v.26. to follow CORP
                                                                                                                                                                        template. CLOSED

                  Christopher       MT101/103     MP Guide for        Request to create a Market Practice guide for Jason Brasile                            CLOSED     12/05/05: Alex requested that we not change the way the fields are MT103v1.1 doc. posted
                    Brown                         MT101/103           MT101 and MT103 messages. These are                                                               used within the message or add fields, but rather identify which        to website as final
                                                                      payments for nonfinancial institutions                                                            options we recommend for specific fields. The MT103 is not a            version.
                                                                      (payments at individual account level, vs 202                                                     message for securities processing, only for nonfinancial corporate.
                                                                      bank to bank) where there is a credit specific                                                    01/10/06: Need to define for the US when/if 103 is appropriate and
                                                                      account.                                                                                          draft guidelines regarding the options available in the fields. This is
                                                                                                                                                                        being addressed in the cash sub-working group. 05/24/06: CC
                                                                                                                                                                        held today and determined need for a US MP doc. to highlight when
                                                                                                                                                                        appropriate for IMs to use 103 instead of the MT202/210 when non-
                                                                                                                                                                        financial firm is sending or receiving and a fee must be
     032                                                                                                                                                                extracted/associated. 05/31/06: Additional usage of the MT103 for
                                                                                                                                                                        hedge fund subscriptions/redemptions identified at conference.
                                                                                                                                                                        Gail Rothman will follow up with more detail. 09/18/06: No
                                                                                                                                                                        additional feedback received regarding hedge fund subs/red.
                                                                                                                                                                        Group agreed this type of activity should be instructed via the
                                                                                                                                                                        MT502 message. 09/26/06: Zoomerang deadline Oct.21st.
                                                                                                                                                                        10/30/06: Zoomerang closed and MP finalized.

                  Jason Brasile    54x or 20022   MP for Bank Loans   Request to create a MP guide and/or          Jason Brasile           3/01/06           CLOSED       03/22/06: Conference call held and agreement to continue
                                                                      business case for instructing Bank Loans.                            conference call              analysis of 54x message for instruction of the pre-trade/final trade
                                                                                                                                                                        instruction. Matrix of data elements to be created in document and
                                                                                                                                                                        templates to be created based off samples from SS IMS. 05/10/06:
                                                                                                                                                                        conference call held and updated doc. posted to website including
                                                                                                                                                                        pre and final trade templates/samples. Zoomerang vote created for
                                                                                                                                                                        consensus of process flow in use of 54x. Deadline set for
                                                                                                                                                                        Thursday, May 18th. 05/26/06: MT54x process approved for
                                                                                                                                                                        instructing initial and final trade details of bank loan. Comments
                                                                                                                                                                        from zoomerang incorporated into doc. and version 4 posted to site.
     033                                                                                                                                                                Thread sent to request list of data elements not currently captured
                                                                                                                                                                        in doc. for funding memo accruals and assignment fees. 05/30/06:
                                                                                                                                                                        Need to add BKL as a new ISITC sec. type on MP doc. Referred to
                                                                                                                                                                        as an appendix in the US MP doc. for templates. 08/28/06:
                                                                                                                                                                        Zoomerang survey setup for sign-off of final version of MP.
                                                                                                                                                                        Deadline set for Friday, September 23rd. 09/26/06: Deadline
                                                                                                                                                                        extended to allow additional firms to vote. 10/30/06:
                                                                                                                                                                        Zoomerang closed and MP finalized.

                Alex Kech         MT540-543       REPO MP             SMPG wants US settlements group              Krista Scharfenberger         01/18/06    CLOSED      01/05/06: Decision to not include the reverse repo example as the
                                                                      agreement on which REPO MP we support-                                                            current illustrations show the buyer and seller sides of a repo which
                                                                      the single message vs multiple message                                                            cover the reverse repo. 4/06/06: US MP docuement updated
                                                                      method                                                                                            with new recommendation of populating the 19A::DEAL and
                                                                                                                                                                        19A::ACRU within the Seq.D for providing the individual piece of
                                                                                                                                                                        collaterals repurchase and accrued interest breakdown. 05/16/06:
                                                                                                                                                                        Doc. to be posted as final.

Closed Issues                                                                                                                                                         11 of 13                                                                                        7/19/2010
                                                                                  ISITC Settlements Grp
                                                                                    Closed Issues List

                 Identified By     Message Type       Short desc                     Issue Description                            Owner          Resolution   Status                                Comments                                      Date Reported
   Issue #
                  Jim Robinson        MT321       Create a MP for US US Needs to create a market practice for US Krista Scharfenberger          March 2006    CLOSED     12/15/05:- A separate meeting was held devoted to the MT321        Time Depositv1.4
                                                  Time Deposits      Time Deposits. We will use the UK version                                  Conference               discussion. Time Deposit MP document has been drafted and
                                                                     as the baseline.                                                                                    posted to the website by Joshua Derrick in March 2005. This
                                                                                                                                                                         document was to be updated with samples and additional
                                                                                                                                                                         information. Need to confirm status of current posted document.
                                                                                                                                                                         An additional conference call needs to be setup to review document
                                                                                                                                                                         and identify US specific requirements from the Global MP
                                                                                                                                                                         document. 03/31/06: Krista to review document and update with
                                                                                                                                                                         2006 changes that may impact MP. 05/11/06: Updated doc. with
     035                                                                                                                                                                 Block MP posted and reviewed on 5/11 call. Additional
                                                                                                                                                                         outstanding question regarding if instructing maturies need to
                                                                                                                                                                         be confirmed by Custodians. Confirm with UK counterparts.
                                                                                                                                                                         05/16/06: Next steps to incorporate additional templates for
                                                                                                                                                                         short term deposits into doc. 08/02/06: Zoomerang setup
                                                                                                                                                                         for signoff of doc. Deadline Sept. 2nd. Deadline extended to
                                                                                                                                                                         allow additional firms to vote. 10/30/06: Zoomerang closed
                                                                                                                                                                         and MP considered final.

                  Jim Robinson        MT54x       ISITC 54x            Need to update US Settlements MP              Jim Robinson                             CLOSED     12/05/05: Co-chairs working to make changes to type matrix and   US MPv25
                                                  Transactions Type    documentation to include templates for all                                                        categorize each sec type into each of the 4 on the PSET BIC list
                                                  list and templates   new transactions types identified in Appendix                                                     12/20/05: co-chairs to have call to work through templates on
                                                                       C. Also need to cross reference the list to                                                       Thursday 12/22. 01/25/06: Mutual Funds completed. 06/15/06:
                                                                       the security types on the PSET BIC list.                                                          MIO and MPO referred to the CMO template with Original Face.
                                                                                                                                                                         MPT's will be classified as INACTIVE. 09/26/06: BKL and Bond
     036                                                                                                                                                                 Forward added as new codes. BFW code to refer to Bond
                                                                                                                                                                         template for format. Reference Data group will maintain the
                                                                                                                                                                         ISITC approved list of Sec. ID types going forward. 10/30/06:
                                                                                                                                                                         US MP version 26 posted to website. Issue closed.

                     Krista          MT304's      304's via CLS        Examples of MT304's being sent via CLS.          Krista Scharfenberger                 CLOSED     08/08/06: CLS BICs are populated somewhere in the content
                 Scharfenberger                                                                                                                                          of the message. Samples to clarify where to be populated.
     037                                                                                                                                                                 Confirming with Krista this can be closed.

                Jim Robinson      MT304's         Correct use of       Question as to why there is no /ACCT/            Jim Robinson                          CLOSED     09/06/06:Custodians should be able to process all three parties, on US FX MPv4.1
                                                  reference to         available in field 57 of the MT304 MP. This                                                       the pay side the US Market practice states to pay the party in 56
                                                  intermediary in      is required for populating the intermediary                                                       for the benefit of the party in 57 for further benefit of the party in 58.
                                                  settlement chain     populated in 56's account number.                                                                 Need to clarify 304 Spot MP to clarify to provide intermediary in field
     038                                                                                                                                                                 56 for MT304's. 09/26/06: Agreed at conference, MP will be
                                                                                                                                                                         updated as this was a typo in the doc. 10/30/06: Doc. updated
                                                                                                                                                                         as version 4.1 and posted to website.

                Alex Kech         MT54x           Futures MP           Issue raised regarding negative net              Jason Brasile                         CLOSED     08/09/06: Raised by Alex and confirmed by J. Booth. US Futures       Futures and Options
                                                                       settlement amount on the 54x for futures.                                                         MP needs to be updated to reflect scenario. Doc. updated and         MPv2.7
                                                                       Fees and                                                                                          posted to site. 11/27/06: Closed
                                                                       commissions on the trade are settled on a
                                                                       separate wire, i.e. not part of
                                                                       the variation margin wire. So on a sell this
     039                                                               would result in a negative
                                                                       SETT since the cash would be a debit not a
                                                                       credit, the rule being if the
                                                                       direction of payment is opposite than the
                                                                       normal way for a buy or sell then
                                                                       the N is used.
                  George Reis         MT54x       FED 50MM Limit       Issue relates specifically to the FED 50 MM      Leonora Everett                       CLOSED      05/16/06: Draft doc. published by AMF group (George Reis)
                                                                       limitation and efforts to raise the limit by a                                                    regarding lifting limit to 250M by FED being reviewed by co-chairs
                                                                       joint ISITC/AMF submission.                                                                       prior to sending to IM and Custodian forum by conference.
                                                                                                                                                                         06/15/06: Doc. distributed to the custodian forum for review
                                                                                                                                                                         feedback 08/08/06: Very limited response received by G. Reis.
                                                                                                                                                                         Deadline set for Sept. 31st for custodian feedack. 11/01/06:
                                                                                                                                                                         Conference call held with G. Reis to review Custodian feedback on
     040                                                                                                                                                                 Fed limit. George to follow up with four firms that responded to
                                                                                                                                                                         discuss concerns identified prior to approaching FED regarding
                                                                                                                                                                         limit. Estimated effort to lift limit at FED is at least 3 years;
                                                                                                                                                                         12/08/06: Feedback from G. Reis based on discussions with
                                                                                                                                                                         custodians was this will not be pursued with the FED due to
                                                                                                                                                                         risk of fails on greater share amounts. Item to be closed.

                Erica Choinski    MT54x           CFDs                 Recent increase in volumes of two different      Jason Brasile                         CLOSED     08/20/06: Note received from Erica. 09/26/06: Joint call with AMF
                                                                       flavors. Need to confirm if we should                                                             Swaps group to discuss on Nov. 15th. 11/27/06: Update to be
                                                                       address through our derivatives MP doc.,                                                          provided by Erica at conference. The MP is more appropriate for
     041                                                               through the AMF Swaps group, or leave for                                                         SMPG and will be drafted by incorporating into the Short Sell doc.
                                                                       FpML.                                                                                             being drafted by UK NMPG. 11/27/06: Issue to be closed post-

Closed Issues                                                                                                                                                          12 of 13                                                                                     7/19/2010
                                                                                   ISITC Settlements Grp
                                                                                     Closed Issues List

                 Identified By      Message Type        Short desc                    Issue Description                            Owner         Resolution   Status                                 Comments                                    Date Reported
   Issue #
                Ellen Goodman      MT54x            US tax ID length    Custodian notified Omgeo of increase in US       Jason Brasile                        CLOSED     10/09/06: Looking for confirmation. 12/08/06: Ellen was not
                                                    increase            Tax ID length from 9 to 10 digits.                                                               present at meeting to comment, but this was discussed and agreed
                                                                                                                                                                         not appropriate to be discussed within Settlements WG as no
                                                                                                                                                                         impact to MP. Item closed.
                Joseph Young       Affirmations     Duplicate           On-going issue of custodians not accepting       Jason Brasile                        CLOSED     10/09/06: Looking for confirmation. Possibly raise within
                                                    affirmations        swift affirmations due to risk of duplication.                                                   Custodian forum. 12/08/06: Briefly discussed and agree custodian
                                                                                                                                                                         should only be getting one instruction, not both. Settlements WG
                                                                                                                                                                         can not provide guidance on this issue.
                 Karen Drahozal         MT54x       Unitized Bonds      Request to submit a request to the SMPG for Jason Brasile                              Open       9/18/06: Group agreed once the Mexico MP is created, a Global
                                                                        a global MP on instructing and reporting                                                         SMPG doc. is not required. Joshua confirmed all other markets
                                                                        Unitized Bonds. This is not a US specific                                                        previously listed as possible issue do not apply. 10/01/06:
                                                                        issue. Additional markets include: Mexico,                                                       Additional examples of securities causing issue in France were
                                                                        Brazil, France, US, Thailand, Taiwan and                                                         identified by State Street and forwarded to Joshua Derrick. Joshua
                                                                        India.                                                                                           to follow up with FR NMPG. 11/01/06: Confirmation received by
                                                                                                                                                                         Joshua from SMPG meeting in Sydney the FR issue is specific to
                                                                                                                                                                         Euroclear and not unitized bonds and will be addressed by
                                                                                                                                                                         Euroclear this year. They are French convertible bonds that
                                                                                                                                                                         Euroclear is pricing incorrectly. Other NMPG's did not feel that this
     044                                                                                                                                                                 was evident in their market - and additionally - everyone at the
                                                                                                                                                                         SMPG meeting agreed that pricing should stay the same
                                                                                                                                                                         throughout the life of a trade. The only issue that was presented
                                                                                                                                                                         was from Clearstream - but that looks to be an internal systems
                                                                                                                                                                         issue as well. 11/01/06: SSC has provided another security and IM
                                                                                                                                                                         holding it to review and confirm market issue. ISIN XS0229457774
                                                                                                                                                                         noted as a Hybrid security with US/Euroclear holding depo.
                                                                                                                                                                         12/08/06: J. Derrick is researching individual market ISINs which
                                                                                                                                                                         State Street is finding issues with separately. Item to not be
                                                                                                                                                                         discussed within Settlements WG.
                 Jim Robinson           MT54x       Floating Rate Notes Request to add new ISITC Sec. Types for     Jim Robinson                              CLOSED     11/07/06: VRDNs confirmed to be subject to paydowns (calls).       US MPv27 to be posted
                                                    and Variable Rate   Floating Rate Notes (FRN) and Variable Rate                                                      Also confirmed to settle via DTC. VRDN's to follow the CMO         to website.
                                                    Discount Notes      Discount Notes (VRDN).                                                                           template for the US MP guide. State Street pulled an example of an
                                                                                                                                                                         FRN under ISIN US05567HCA23. Confirmed on Bloomberg to
     045                                                                                                                                                                 have characteristics of a Corporate Bond. US MP guide to have
                                                                                                                                                                         FRNs refer to CORP template. Need agreement from Working
                                                                                                                                                                         group to add new ISITC Sec. Types to list. Also need to send to
                                                                                                                                                                         reference data and Recon WGs for consistency. 12/08/06: Group
                                                                                                                                                                         agreed to need for codes to be added to US MP doc. Doc. to be
                                                                                                                                                                         posted to website.
                                                                        Coordinate with FIX to provide feedback on
                                                                         business case drafted for SEC approval on                                                          11/30/05: conference call held to review document posted to
                                                        FIX Trade          electronic 10b10 transactions. (Local                                                          website. 12/05/05: feedback should be sent directly to Genevy
     046        Genevy Dimitrion    FIX Messaging      Processing        confirm/affirm process instead of a central          Genevy Dimitrion                CLOSED       once document is reviewed by member firms. 12/20/05: To be
                                                      Business Case     matching). Looking to create a standard that                                                      addressed at the executive committee level. Status to be provided
                                                                          counterparties can use to confirm/affirm                                                                              at next conference.
                                                                               transactions with one another.

Closed Issues                                                                                                                                                          13 of 13                                                                                     7/19/2010

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