The vote was overwhelmingly in favor of forming the new organization, which will be a single, powerful voice on legislative, regulatory and market practice issues. The member vote followed approval by the Associations' boards in June. We expect the merger to be completed mid-fourth quarter.

SIFMA will be comprised of three business groups, the Capital Markets Group, the Private Client Group and the Asset Management Group.

A transitional executive committee, co-chaired by Edward C. Forst of Goldman Sachs and James Gorman of Morgan Stanley (current Chairs of BMA and SIA respectively), will serve as the initial governing body for SIFMA through the end of 2006. This committee will nominate a board of directors, the members of which will be announced at SIFMA's kick-off meeting in Boca Raton, Florida, November 8 through 10. The new board of directors will have specific representation from large global firms, middle market and smaller U.S. companies, non-U.S. firms and asset managers to ensure the Association fully represents all of its members. In addition to the board of directors, there will be a U.S. Regional Board, European Board and Asian Board designed to address specific constituents' objectives.

During this transitional period and while a search for a permanent CEO is completed, BMA President and CEO Micah Green and SIA President Marc Lackritz will serve as the co-CEOs of SIFMA.