FOR RELEASE 4:15 October 09, 2008 PRIMARY DEALER TRANSACTIONS VOLUME IN U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES MARKET SHARE WITH INTER-DEALER BROKERS (1) QUARTER III 2008 TYPE OF SECURITY FIRST QUINTILE SECOND QUINTILETHIRD QUINTILE FOURTH QUINTILE LAST QUINTILE DAILY AVERAGE TRANSACT ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) (DOLLARS IN MILLIONS) U.S. GOVERNMENT SECURITIES TREASURY BILLS PERCENT RANGES HELD (2) >= 9.05% 7.48- 6.06% 5.03- 4.21% 3.08- 0.47% =< 0.26% 25038.1 MARKET SHARE (3) 47.41% 26.22% 18.19% 7.71% 0.47% COUPON SECURITIES DUE IN 3 YEARS OR LESS PERCENT RANGES HELD >= 9.25% 9.05- 8.21% 8.04- 2.19% 1.64- 0.44% =< 0.31% 82973.1 MARKET SHARE 40.48% 34.03% 20.37% 4.55% 0.57% DUE IN MORE THAN 3 YEARS BUT LESS THAN 6 YEARS PERCENT RANGES HELD >= 10.06% 9.69- 7.82% 7.67- 2.26% 1.93- 0.33% =< 0.22% 70144.1 MARKET SHARE 41.80% 34.68% 18.83% 4.30% 0.39% DUE IN MORE THAN 6 YEARS BUT LESS THAN 11 YEARS PERCENT RANGES HELD >= 8.95% 8.83- 7.87% 7.73- 1.99% 1.62- 0.17% =< 0.13% 46318.5 MARKET SHARE 42.83% 33.33% 19.62% 3.96% 0.26% DUE IN MORE THAN 11 YEARS PERCENT RANGES HELD >= 10.65% 9.19- 7.08% 6.44- 1.86% 1.63- 0.27% =< 0.16% 9865.3 MARKET SHARE 44.18% 33.26% 18.33% 3.90% 0.32% TREASURY INFLATION INDEX SECURITIES (TIIS) PERCENT RANGES HELD >= 9.27% 8.45- 5.91% 2.79- 0.97% 0.09- 0% =< 0% 2103.8 MARKET SHARE 62.84% 28.75% 8.29% 0.13% 0% FEDERAL AGENCY SECURITIES (EXCL. MORTGAGE-BACKED SEC.) DISCOUNT NOTES PERCENT RANGES HELD >= 4.63% 4.37- 2.3% 2.26- 1.13% 0.88- 0.19% =< 0% 2442.1 ARKET SHARE 78.82% 12.01% 6.79% 2.38% 0% COUPON SECURITIES DUE IN LESS THAN 3 YEARS PERCENT RANGES HELD >= 7.22% 7.04- 5.33% 3.88- 1.93% 1.87- 1.08% =< 0.81% 1513.2 MARKET SHARE 56.49% 24.28% 12.28% 6.14% 0.81% DUE IN MORE THAN 3 YEARS BUT LESS THAN 6 YEARS PERCENT RANGES HELD >= 7.58% 7.54- 5% 4.85- 2.69% 1.86- 0.41% =< 0.16% 1283.7 MARKET SHARE 55.17% 24.40% 14.63% 5.64% 0.16% DUE IN MORE THAN 6 YEARS BUT LESS THAN 11 YEARS PERCENT RANGES HELD >= 6.3% 6.12- 5.04% 4.88- 2.4% 2.39- 0.37% =< 0.13% 823 MARKET SHARE 57.05% 22.25% 14.66% 5.92% 0.13% DUE IN MORE THAN 11 YEARS PERCENT RANGES HELD >= 7.5% 7.04- 3.78% 3.61- 1.98% 1.48- 0.31% =< 0% 118.8 MARKET SHARE 66.95% 19.11% 10.37% 3.57% 0% FEDERAL AGENCY MORTGAGE-BACKED SECURITIES PERCENT RANGES HELD >= 9.07% 7.92- 3.87% 3.12- 1.22% 0.6- 0.1% =< 0.01% 84109.9 MARKET SHARE 65% 24.71% 9.30% 0.98% 0.01% CORPORATE SECURITIES DUE IN LESS THAN 1 YEAR PERCENT RANGES HELD >= 7.21% 4.18- 0.98% 0.89- 0.17% 0.01- 0% =< 0% 131.9 MARKET SHARE 89.29% 8.70% 2% 0.01% 0% DUE IN MORE THAN 1 YEAR PERCENT RANGES HELD >= 9.42% 8.06- 6.57% 5.82- 3.16% 0.88- 0.35% =< 0.23% 314.5 MARKET SHARE 49.53% 29.21% 18.38% 2.65% 0.23% GOVERNMENT SECURITIES DEALER STATISTICS UNIT FEDERAL RESERVE BANK OF NEW YORK FOR RELEASE 4:15 October 09, 2008 PRIMARY DEALER TRANSACTIONS VOLUME IN U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES MARKET SHARE WITH OTHERS (4) QUARTER III 2008 TYPE OF SECURITY FIRST QUINTILE SECOND QUINTILETHIRD QUINTILE FOURTH QUINTILE LAST QUINTILE DAILY AVERAGE TRANSACT ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) (DOLLARS IN MILLIONS) U.S. GOVERNMENT SECURITIES TREASURY BILLS PERCENT RANGES HELD (2) >= 9.78% 8.42- 4.75% 4.43- 3.78% 3.36- 1.46% =< 1.44% 52100.9 MARKET SHARE (3) 45.82% 25.24% 16.64% 9.73% 2.56% COUPON SECURITIES DUE IN 3 YEARS OR LESS PERCENT RANGES HELD >= 8.36% 8.18- 6.7% 5.95- 4.16% 3.82- 0.56% =< 0.52% 101029.8 MARKET SHARE 40.42% 29.73% 20.32% 8.58% 0.95% DUE IN MORE THAN 3 YEARS BUT LESS THAN 6 YEARS PERCENT RANGES HELD >= 8.96% 8.88- 6.63% 6.01- 3.84% 3.7- 0.39% =< 0.29% 88453 MARKET SHARE 40.17% 29.99% 20.93% 8.28% 0.63% DUE IN MORE THAN 6 YEARS BUT LESS THAN 11 YEARS PERCENT RANGES HELD >= 9.63% 8.86- 6.77% 6.41- 3.73% 3.27- 0.28% =< 0.25% 62687.6 MARKET SHARE 41.90% 30.17% 20.17% 7.28% 0.47% DUE IN MORE THAN 11 YEARS PERCENT RANGES HELD >= 7.33% 7.08- 5.88% 5.32- 4.57% 4.24- 0.63% =< 0.1% 18206.5 MARKET SHARE 44.71% 26.02% 19.91% 9.11% 0.24% TREASURY INFLATION INDEX SECURITIES (TIIS) PERCENT RANGES HELD >= 11.59% 8.89- 3.08% 2.98- 1.79% 1.44- 0.04% =< 0.03% 6709.1 MARKET SHARE 65.30% 23.03% 8.71% 2.91% 0.05% FEDERAL AGENCY SECURITIES (EXCL. MORTGAGE-BACKED SEC.) DISCOUNT NOTES PERCENT RANGES HELD >= 9.08% 9.02- 4.94% 4.79- 3.37% 3.17- 0.27% =< 0.11% 85576.2 ARKET SHARE 53.07% 26.36% 16.21% 4.25% 0.11% COUPON SECURITIES DUE IN LESS THAN 3 YEARS PERCENT RANGES HELD >= 9.85% 8.52- 6.1% 5.46- 3.5% 2.84- 1.12% =< 0.84% 8239.5 MARKET SHARE 44.72% 28.88% 17.06% 7.92% 1.43% DUE IN MORE THAN 3 YEARS BUT LESS THAN 6 YEARS PERCENT RANGES HELD >= 10.28% 9.16- 6.07% 5.39- 3.41% 1.89- 0.76% =< 0.56% 2605.4 MARKET SHARE 47.05% 30.76% 16.46% 5.01% 0.72% DUE IN MORE THAN 6 YEARS BUT LESS THAN 11 YEARS PERCENT RANGES HELD >= 9.84% 7.8- 3.93% 3.51- 3.12% 3.08- 1.11% =< 0.43% 1491.7 MARKET SHARE 57.54% 21.45% 12.95% 7.43% 0.63% DUE IN MORE THAN 11 YEARS PERCENT RANGES HELD >= 9.45% 9.01- 4.04% 3.21- 1.2% 1.2- 0.34% =< 0.17% 583.7 MARKET SHARE 66.38% 21.87% 7.97% 3.61% 0.17% FEDERAL AGENCY MORTGAGE-BACKED SECURITIES PERCENT RANGES HELD >= 10.47% 8.76- 5.24% 4.75- 1.84% 1.8- 0.04% =< 0.03% 235551.3 MARKET SHARE 55.53% 28.99% 13.25% 2.18% 0.06% CORPORATE SECURITIES DUE IN LESS THAN 1 YEAR PERCENT RANGES HELD >= 13.05% 12.59- 7.12% 0.83- 0.18% 0.11- 0.04% =< 0.01% 160173.5 MARKET SHARE 60.24% 37.58% 1.84% 0.32% 0.02% DUE IN MORE THAN 1 YEAR PERCENT RANGES HELD >= 9.86% 8.93- 6.13% 5.61- 2.99% 1.66- 0.75% =< 0.15% 10183.4 MARKET SHARE 48.03% 30.68% 16.44% 4.65% 0.20% GOVERNMENT SECURITIES DEALER STATISTICS UNIT FEDERAL RESERVE BANK OF NEW YORK FOR RELEASE 4:15 October 09, 2008 TOTAL PRIMARY DEALER TRANSACTIONS VOLUME IN U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES MARKET SHARE (5) QUARTER III 2008 TYPE OF SECURITY FIRST QUINTILE SECOND QUINTILETHIRD QUINTILE FOURTH QUINTILE LAST QUINTILE DAILY AVERAGE TRANSACTION VOLUME ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) ( 4 DEALERS) (DOLLARS IN MILLIONS) U.S. GOVERNMENT SECURITIES TREASURY BILLS PERCENT RANGES HELD (2) >= 9.2% 7.91- 5.74% 4.83- 4% 3.54- 1.97% =< 1.82% 77139.1 MARKET SHARE (3) 42.46% 25.43% 17.96% 11.05% 3.09% COUPON SECURITIES DUE IN 3 YEARS OR LESS PERCENT RANGES HELD >= 9.13% 8.13- 6.5% 6.13- 4.16% 4.08- 0.42% =< 0.4% 184002.9 MARKET SHARE 39.16% 28.41% 22.25% 9.21% 0.98% DUE IN MORE THAN 3 YEARS BUT LESS THAN 6 YEARS PERCENT RANGES HELD >= 8.52% 8.15- 6.91% 6.69- 3.83% 3- 0.59% =< 0.25% 158597.1 MARKET SHARE 39.93% 30.29% 22.18% 6.93% 0.67% DUE IN MORE THAN 6 YEARS BUT LESS THAN 11 YEARS PERCENT RANGES HELD >= 8.88% 8.67- 6.6% 6.44- 4.24% 2.99- 0.4% =< 0.24% 109006.1 MARKET SHARE 40.67% 30.42% 21.63% 6.81% 0.47% DUE IN MORE THAN 11 YEARS PERCENT RANGES HELD >= 7.99% 7.77- 7.05% 6.05- 3.89% 3.62- 0.44% =< 0.25% 28071.8 MARKET SHARE 41.58% 29.07% 21.01% 7.88% 0.46% TREASURY INFLATION INDEX SECURITIES (TIIS) PERCENT RANGES HELD >= 8.82% 8.68- 4.28% 3.86- 1.65% 1.59- 0.08% =< 0.04% 8812.9 MARKET SHARE 62.50% 25.01% 9.08% 3.35% 0.07% FEDERAL AGENCY SECURITIES (EXCL. MORTGAGE-BACKED SEC.) DISCOUNT NOTES PERCENT RANGES HELD >= 8.89% 8.85- 5.07% 4.67- 3.4% 3.15- 0.26% =< 0.14% 88018.3 ARKET SHARE 53.07% 26.51% 16.04% 4.24% 0.14% COUPON SECURITIES DUE IN LESS THAN 3 YEARS PERCENT RANGES HELD >= 9.2% 7.8- 5.61% 5.58- 3.17% 2.95- 1.23% =< 0.84% 9752.8 MARKET SHARE 45.65% 27.49% 17.54% 7.99% 1.33% DUE IN MORE THAN 3 YEARS BUT LESS THAN 6 YEARS PERCENT RANGES HELD >= 9.37% 8.77- 5.03% 4.68- 3.17% 2.36- 0.51% =< 0.43% 3889.1 MARKET SHARE 46.27% 30.05% 16.89% 6.12% 0.67% DUE IN MORE THAN 6 YEARS BUT LESS THAN 11 YEARS PERCENT RANGES HELD >= 10.72% 6.05- 4.5% 3.88- 3.75% 2.68- 0.76% =< 0.27% 2314.7 MARKET SHARE 55.98% 20.54% 15.32% 7.63% 0.54% DUE IN MORE THAN 11 YEARS PERCENT RANGES HELD >= 11.3% 7.87- 3.94% 3.61- 1.65% 1.56- 0.34% =< 0.14% 702.5 MARKET SHARE 65.90% 20.49% 9.29% 4.18% 0.14% FEDERAL AGENCY MORTGAGE-BACKED SECURITIES PERCENT RANGES HELD >= 11.28% 9.22- 5.89% 5.86- 2.38% 2.15- 0.05% =< 0.05% 319661.2 MARKET SHARE 55.57% 27.17% 14.70% 2.50% 0.08% CORPORATE SECURITIES DUE IN LESS THAN 1 YEAR PERCENT RANGES HELD >= 13.04% 12.58- 7.12% 0.84- 0.18% 0.11- 0.05% =< 0.01% 160305.3 MARKET SHARE 60.25% 37.56% 1.84% 0.33% 0.02% DUE IN MORE THAN 1 YEAR PERCENT RANGES HELD >= 9.58% 8.69- 6.04% 5.47- 3.06% 1.73- 0.8% =< 0.16% 10497.9 MARKET SHARE 47.44% 30.60% 16.63% 5.12% 0.20% GOVERNMENT SECURITIES DEALER STATISTICS UNIT FEDERAL RESERVE BANK OF NEW YORK (1) THE FIGURES REPRESENT PURCHASES AND SALES IN THE MARKET BY THE PRIMARY U.S. GOVERNMENT SECURITIES DEALERS REPORTING TO THE FEDERAL RESERVE BANK OF NEW YORK. OUTRIGHT TRANSACTIONS INCLUDE ALL U.S. GOVERNMENT, FEDERAL AGENCY, GOVERNMENT SPONSORED ENTERPRISE, MORTGAGE-BACKED, AND CORPORATE SECURITIES SCHEDULED FOR IMMEDIATE AND FORWARD DELIVERY, AS WELL AS ALL U.S. GOVERNMENT SECURITIES TRADED ON A 'WHEN-ISSUED' BASIS BETWEEN THE ANNOUNCEMENT AND ISSUE DATE. DATA DO NOT INCLUDE TRANSACTIONS UNDER REPURCHASE AND REVERSE REPURCHASE (RESALE) AGREEMENTS. AVERAGES ARE BASED ON THE NUMBER OF TRADING DAYS IN THE PERIOD. INTER-DEALER BROKERS ARE THOSE FIRMS IDENTIFIED AS SUCH BY THE FIXED INCOME CLEARING CORPORATION. (2) CALCULATION: THE RANGES FOR EACH CATEGORY ARE DETERMINED BY THE HIGHEST AND LOWEST MARKET SHARE PERCENTAGE FOR INDIVIDUAL DEALERS WITHIN A SPECIFIC QUINTILE. THE FIRST QUINTILE PERCENTAGE REPRESENTS A MINIMUM FOR ALL DEALERS WITHIN THE GROUP WHILE THE LAST QUINTILE PERCENTAGE RANGE REFLECTS A MAXIMUM FOR ALL DEALERS WITHIN THE GROUP. (3) CALCULATION: THE AGGREGATE MARKET SHARE FOR EACH CATEGORY IS CALCULATED BY ADDING THE INDIVIDUAL VOLUME FOR ALL DEALERS WITHIN A SPECIFIC QUINTILE AND DIVIDING IT BY THE TOTAL VOLUME FOR THE SPECIFIC CATEGORY. (4) THE FIGURES REPRESENT PURCHASES AND SALES IN THE MARKET BY THE PRIMARY U.S. GOVERNMENT SECURITIES DEALERS REPORTING TO THE FEDERAL RESERVE BANK OF NEW YORK. OUTRIGHT TRANSACTIONS INCLUDE ALL U.S. GOVERNMENT, FEDERAL AGENCY, GOVERNMENT SPONSORED ENTERPRISE, MORTGAGE-BACKED AND CORPORATE SECURITIES SCHEDULED FOR IMMEDIATE AND FORWARD DELIVERY, AS WELL AS ALL U.S. GOVERNMENT SECURITIES TRADED ON A 'WHEN-ISSUED' BASIS BETWEEN THE ANNOUNCEMENT AND ISSUE DATE. DATA DO NOT INCLUDE TRANSACTIONS UNDER REPURCHASE AND REVERSE REPURCHASE (RESALE) AGREEMENTS. AVERAGES ARE BASED ON THE NUMBER OF TRADING DAYS IN THE PERIOD. (5) THE FIGURES REPRESENT TOTAL PURCHASES AND SALES IN THE MARKET BY THE PRIMARY U.S. GOVERNMENT SECURITIES DEALERS REPORTING TO THE FEDERAL RESERVE BANK OF NEW YORK. OUTRIGHT TRANSACTIONS INCLUDE ALL U.S. GOVERNMENT, FEDERAL AGENCY, GOVERNMENT SPONSORED ENTERPRISE, MORTGAGE-BACKED AND CORPORATE SECURITIES SCHEDULED FOR IMMEDIATE AND FORWARD DELIVERY, AS WELL AS ALL U.S. GOVERNMENT SECURITIES TRADED ON A 'WHEN-ISSUED' BASIS BETWEEN THE ANNOUNCEMENT AND ISSUE DATE. DATA DO NOT INCLUDE TRANSACTIONS UNDER REPURCHASE AND REVERSE REPURCHASE (RESALE) AGREEMENTS. AVERAGES ARE BASED ON THE NUMBER OF TRADING DAYS IN THE PERIOD.