"
The RTTM rollout for corporate and municipal bonds and UITs last
year marked the last stage of FICC's multi-year effort to bring RTTM
to all fixed income products.

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FICC Launches Real-Time Interactive Messaging Link to NASD for Corporate Bond Price Reporting; Both Trade Matching and Price Reporting Come Together in One Sea

The interactive messaging functionality also will help
participants meet the new TRACE trade reporting requirements for
corporate bonds effective July 1, when the time frame for reporting
such trades goes to 15 minutes from the present 30 minutes.

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Shinsei also maintains
leadership positions in a number of investment banking businesses, including
real estate finance and securitization (International Finance Review's Japan
'Securitization Deal of the Year' or 'Japan Securitization House of the Year'
awards in three of the past four years).

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"
Essentially, the new functionality allows broker/dealers to submit
corporate bond trade data to RTTM using a single interactive message
that serves two purposes.com

The acquisition
by Shinsei furthers the existing strategic relationship between the Shinsei
Bank group and Terwin.

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"
The Fixed Income Group worked collaboratively with another DTCC
subsidiary, National Securities Clearing Corporation (NSCC), to
enhance NSCC's existing trade reporting interface between TRACE and
RTTM.
Charles Lichter, Brokerage Processing Services , vice president of
Automatic Data Processing, stated: "We are pleased that FICC and NASD
have worked together to improve the NSCC TRACE interface. Shinsei Bank, Limited currently provides financing to
Terwin, including financing for Terwin's correspondent warehouse program, and
has invested in Terwin's first private mortgage equity fund, Taku I, L. Shinsei is committed to long-term
growth and profitability by expanding its customer-focused business model.

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The
real-time link will enable our clients to meet 15-minute reporting,
and have a single message that submits corporate bond trade reporting
information and satisfies trade-matching requirements.4
million transactions a year in the over-the-counter corporate bond
marketplace with a value of $2. Government securities in 2000 , followed by mortgage-backed
securities (MBS) in 2002.

About DTCC

Through its subsidiaries , DTCC provides clearance, settlement and
information services for equities, corporate and municipal bonds,
government and mortgage-backed securities and over-the-counter
derivatives.
Going forward , Terwin and the Shinsei Bank group of companies plan to expand
their existing financing and strategic relationships and to explore additional
opportunities for cooperation with Terwin in the mortgage finance and asset
financing areas.

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For more information on DTCC, visit www.

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NSCC operates the netting and settlement services for municipal
and corporate bonds and unit investment trusts (UITs), as well as
equities.
Today, about 98% of all U. In addition, DTCC is a
leading processor of mutual funds and insurance transactions, linking
funds and carriers with their distribution networks."
Shinsei 's PowerFlex account, free ATM network and internet banking service,
and customer friendly financial centers have redefined the Japanese retail
banking experience and has resulted in Shinsei consistently leading all other
major Japanese banks in quality of customer service.

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Business Editors

NEW YORK----Helping to satisfy an
industry goal to combine real-time trade matching and price reporting
into one seamless process, Fixed Income Clearing Corporation (FICC)
recently enhanced its Real-Time Trade Matching (RTTM) service to
support regulatory price reporting for over-the-counter (OTC)
corporate bond trades. DTCC has
operating facilities in multiple locations in the United States and
overseas.

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4 trillion, and about
87% of MBS trades representing an average daily value of $274 billion,
are submitted daily in real time to RTTM.0 billion in warehouse line capacity.

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This is a
benefit that brings us closer to achieving straight-through
processing. NEW YORK, On December 29, 2005, Shinsei Capital
(USA), Limited ("Shinsei"), a wholly-owned subsidiary of Shinsei Bank,
Limited, acquired Greenpoint Mortgage Holdings LLC's entire minority interest
in Terwin Holdings LLC (d/b/a The Winter Group) ("Terwin").

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So NSCC participants using this interface still needed to
separately monitor the NASD TRACE web screens to view the trade status
for both customer and street side activity, and then input trade
corrections directly on the TRACE screen.

Includes banking , loan and credit categories.

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RTTM's new interactive messaging link for corporate bond price
reporting uses similar messaging protocols to those being used now for
municipal bonds to the Municipal Securities Rulemaking Board (MSRB). DTCC's depository also provides custody and asset
servicing for more than two million securities issues from the United
States and 100 other countries and territories.

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Customer feedback on
the new functionality has been very receptive. The DTCC subsidiary introduced RTTM for
U.S.

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Ed Fanning, vice president of Product
Management, explained that the previous NSCC-to-TRACE interface for
corporate bond trades only provided TRACE Accept/Reject data via batch
processing . "They have the option to instantly monitor these output
messages for further action through the RTTM service, or they can
continue to utilize the TRACE web screens. About 90% of corporate,
municipal bonds and UITs are submitted via interactive messaging for
matching with an average daily value of $18. With over $61 billion in assets and 30 Shinsei
Financial Centers throughout Japan (non-consolidated , as of September 2005),
Shinsei provides a broad range of value-added financial solutions to
institutional and individual customers under the banner of "Better Banking.

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"We expect that industry participants will see substantial
benefits from this new enhancement because it provides a single
pipeline for trade matching and price reporting submission in one
real-time interface," said Jeff Ingber, DTCC's general manager, Fixed
Income Clearance and Settlement. But
DTCC did not provide real-time price reporting capabilities via RTTM
for corporate bonds until now.P.

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The initiative, which enhances RTTM's interactive messaging
capability, helps customers reduce risk and achieve greater
efficiencies for the real-time price reporting of such transactions to
the NASD's Trade Reporting and Compliance Engine (TRACE).
That system went into effect January 31, 2005 and requires trade
reporting within 15 minutes of execution.
For clearance and settlement purposes, the RTTM service has been
matching corporate bond trades in real time since June 2004, when the
service was rolled out for corporate and municipal bonds and UITs.

The Winter Group and Shinsei Bank Announce Equity Investment and Strategic Relationship

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Upon receipt of corporate bond trade data,
DTCC immediately forwards a report of the trade to TRACE, while
simultaneously passing the data onward internally for matching and,
ultimately , clearance and settlement of corporate bond trades by NSCC.

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85 trillion.S.

About Terwin Holdings LLC
Terwin is a fully integrated capital markets residential mortgage
financing, sourcing , securitization, trading and distribution platform with
significant servicing and asset management capabilities.

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The RTTM service currently matches an average of approximately 5.
"With this enhancement , NSCC participants can now obtain TRACE
acknowledgement and reject messages on a real-time basis via RTTM,"
Fanning said.dtcc. Terwin's operations
include: loan origination through bulk acquisitions , mini-bulk or loan-by-loan
through its website; aggregation and securitization of residential loans;
servicing via Specialized Loan Servicing LLC, an affiliate of Terwin;
distribution through new issue securitization and whole loan trades; asset
management via Terwin Money Management LLC, an affiliate of Terwin; and
warehouse lending for correspondent originators.

Please review the related categories below if you cannot find what you are looking for here.

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"A single platform augments
processing consistency, increases efficiencies and precludes the need
to support multiple development projects for various processing
functions.

About Shinsei Bank
Shinsei Bank is a Japanese banking institution founded on global standards
of governance and management.

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FICC is a
subsidiary of The Depository Trust + Clearing Corporation (DTCC). Government securities trades
representing an average daily value of some $2.6 billion.

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The Fixed Income Group has closely coordinated testing over the
past four months with NSCC participants and the NASD to prepare for
the interactive messaging enhancement to TRACE. Terwin has over $150 million
in capital and $3.