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US Government Securities – Operations Performance Index

April's US Government Securities – Operations Performance Index average at 14 basis points (bps) continues the operational improvement seen in each of the last three months. This gradual improvement follows a single weekly deterioration in early January, when the Index jumped to 58 bps, and returns overall performance in April to levels last seen in October/November 2006.

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Weekly variability in operational performance, the difference between the highs and lows, during April was better (2 bps) than during the comparable October/November 2006 period (8 bps). For the past year, the Index average has generally been trending down off previous period highs, indicating a continuing improvement in the operation of this market. The shaded area on the graph shows the one-year

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