Attached documents give an overview of the points discussed in the 2 meetings with the group. At the last call the discussion was taken in the direction of representing the Total Return type of swaps within the Equity structure and create a separate structure for asset swaps. The second document contains the asset swap proposal starting from the proposal GS submitted to the task force. It would be helpful to get feedback from the institutions not present at the last call on the approach taken. I would like to organize a next meeting, Wednesday April 20th at 10:30 a.m. NY time to confirm the approach, go over the outstanding questions and talk about the next steps for the proposal to the Standards Committee. Please let me know if date and time work for you. Karel
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