European Capital Markets Trade Associations Global Partnership to be Established

April 20, 2005. The Bond Market Association (BMA), the International Securities Market Association (ISMA) and the International Primary Market Association (IPMA) today announced that they intend to integrate their European based activities into the International Capital Market Association (ICMA) and establish a global partnership between the BMA and the ICMA.

ICMA will be a European based organisation with offices in London and Zurich, formed through the recently announced merger of ISMA and IPMA. The ICMA will now also include the European activities of the BMA, which has sponsored the establishment of the European Securitisation Forum (ESF) and the European Primary Dealers Association (EPDA) and provided advocacy on various issues in the global capital markets.

Significantly, the BMA and ICMA intend to establish a global partnership to ensure consistent and coordinated global representation of the capital markets and to fully leverage the respective associations’ resources and expertise in support of their members. Through the creation of the Global Capital Markets Board, with equal representation from ICMA and BMA board members and the two chief executives from the respective associations, the two associations will work jointly on strategic global policy and market practice issues.

It is envisaged that Hans-Joerg Rudloff, Chairman of Barclays Capital, London, will become Chairman of ICMA after he is elected to the board of ISMA at its General Meeting to be held on June 2, 2005. Manfred Schepers, currently Senior Managing Director and Head of BMA, International, will transfer from the BMA and be nominated to become Chief Executive of the newly formed ICMA, with effect July 1, 2005, and succeed John L. Langton, Chief Executive of ISMA. Manfred Schepers and Micah Green, President and CEO of the BMA, will both be members of the Global Capital Markets Board.

"By bringing together all European capital markets issues under the newly created ICMA, we will be able to provide the European capital markets with a focused and unified industry body that will be able to effectively represent its broad membership across the various markets" said Alec de Lézardière, Chairman of ISMA.

"By forming this partnership we will significantly advance the capabilities and credibility of policy development and advocacy on behalf the global capital markets" said Bart McDade, Chairman of The Bond Market Association.

The creation of this global partnership and integration of the associations in Europe are subject to approval by the members of each of the associations and forum, due diligence, and all necessary regulatory approvals, which are expected to be completed by early June 2005.

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