On June 18, 2009, NYSE Euronext and the DTCC announced their agreement to create a joint venture for clearing U.S. fixed income derivatives, to be known as New York Portfolio Clearing. Cash positions and derivatives will be margined through the new clearing house in a “single pot” designed to (i) improve operational and capital efficiency and (ii) provide greater transparency of investment positions between cash positions and derivatives and allow regulators to more effectively monitor market participants’ total exposure across multiple interest rate asset classes. NYPC is expected to be operational in the second quarter of 2010.