 | Ranked No. 1 in average rating by Orion Consultants for sales of government securities |
 | Analyst David Ader selected to the "First Team" on Institutional Investor's All-America Fixed Income Research team for U.S. Government Strategy |
 | Ranked No. 3 in market depth by Orion Consultants for government trading performance |
 | Money markets desk expanded presence in cash management sector through offering of RBS and Greenwich Capital Holdings commercial paper, and through increased activity in a number of US government and agency short-term instruments |
 | Continued to increase presence in GSE market, serving as lead manager on three benchmark offerings despite diminished volume in the GSE market generally |