OPERATIONS BRIEFS

The Bank of New York announced that it has been selected by the Borden family of companies to provide master trust and custody services for its $410 million defined benefit plan. As part of this appointment, The Bank of New York will provide benefit payment services for approximately 11,000 Borden retirees. The Borden family of companies is a diversified group of companies including Borden Chemical Inc., which manufactures and markets specialty chemicals; Borden Foods Company, World Kitchen Inc., which manufactures and markets kitchen and other housewares, and Elmer's Products Inc., a consumer adhesives company. The Borden and World Kitchen companies employ approximately 10,600 people and operate over 50 plants worldwide.

The U.S. securities industry took one step further toward integrating its post-trade processing infrastructure as the Boards of Directors of the Government Securities Clearing Corporation (GSCC), MBS Clearing Corporation (MBSCC), and the Emerging Markets Clearing Corporation (EMCC) approved resolutions toward becoming wholly-owned subsidiaries of The Depository Trust & Clearing Corporation (DTCC). The resolutions adopted by the Boards approve the terms of an integration plan for presentation to the shareholders of GSCC, MBSCC, and EMCC. Under the plan, GSCC, MBSCC, and EMCC will each continue to operate as separate legal entities. The decision to integrate is subject to Securities and Exchange Commission (SEC) and shareholder approval.

The Securities Industry Automation Corporation (SIAC), the technology partner of the New York Stock Exchange (NYSE) and American Stock Exchange (AMEX), with responsibility for the design, development, implementation and operation of the exchanges' computer systems and communications networks, announced a number of promotions and organizational changes. The following SIAC officers are taking on new assignments: Anneke Berken, Vice President, will bring her experience in NYSE Market Data Systems, Switching & Order Processing (SWOP) Development and Test Support to NYSE Operations. Stan Prushik, Vice President, will take responsibility for oversight of NYSE Data Distribution and Market Data Floor Support Systems, which includes messaging, market data hosts, floor support, and the Front End Systemic Capture (FESC) reporting to Senior Vice President, Tom Demchak.