Trade Talk, April 2006

Table of Contents

In this issue...

The Mellon Group - CIBC Mellon, ABN AMRO Mellon and Mellon GSS- achieved fifth position overall among the 14 global custodians that were evaluated in the annual R&M global custody survey. Scores for The Mellon Group have consistently climbed for the past six years and we continue to rank ahead of our peer group of the world’s largest global custodians - State Street, Bank of New York, JP Morgan Chase, Northern Trust and Citigroup.

As you may recall, on April 16, 2004, the Canadian Securities Administrators (CSA) published for comment proposed National Instrument 24-101, Companion Policy 24-101CP (the rule) and Discussion Paper 24-401, which included 21 questions relating to STP initiatives.

Just as spring arrives each year in April, so does CIBC Mellon’s Investment Manager Survey.

There was a time when asset managers were able to say, "I am not concerned with currency risk because in the long run it is insignificant to overall returns".

As part of The Mellon Group, we are very pleased to have secured the number one ranking among our peers for the fifth consecutive year in the R&M Global Custody Survey.

Ask the Bank of Canada or the U.S. Federal Reserve why they’ve been raising interest rates, and it all comes down to the narrowing "output gap" - defined as the degree of slack in the economy.

At a time of less certain capital market returns, increasing expenses and a renewed focus on the bottom line, institutional investors are looking for new opportunities to better control trading costs.

Earlier this month, we rolled-out enhancements to Workbench, our online information delivery tool.

This issue by:

Linda Bernard
Savie Fiorini
Shelia Munro
Zafar Bhatti
Thomas C. MacMillan
Avery Shenfeld
Stuart Plummer

Bill Kehoe

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Trade Talk® is provided for general information purposes only and CIBC Mellon Global Securities Services Company, CIBC Mellon Trust Company, CIBC, The Bank of New York Mellon Corporation and their affiliates make no representations or warranties as to its accuracy or completeness. Readers should be aware the content of this publication should not be regarded as legal, tax, accounting, investment, financial or other professional advice nor is it intended for such use.