No.	446
Date:	January 7, 2005
To:	All Members
From:	MANAGING PARTNER/OFFICER, CHIEF EXECUTIVE OFFICER, CHIEF OPERATIONS OFFICER, OPERATIONS PARTNER/OFFICER/COMPLIANCE OFFICER
Subject:	RULE CHANGE SR-EMCC-2005-01

---

On January 5, 2005, Emerging Markets Clearing Corporation ("EMCC" or “the Corporation”) filed a rule change with the Securities and Exchange Commission ("SEC") pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934, which consists of modifications to EMCC’s Rules and Procedures (the “Rules”) to provide for the exiting of open fail positions prior to the deregistration of the Corporation. EMCC has requested accelerated approval for this rule filing.

Specifically, the filing provides that February 15, 2005 will be the last date on which EMCC will accept data on transactions to be processed through the Corporation. In addition, the proposed changes will establish February 23, 2005 as the final settlement date, i.e., any trades that remain open as of this date will be exited by EMCC. Thereafter, EMCC will create deliver and receive instructions between the original buyers and sellers and these obligations must be settled directly between the parties.

The full text of the rule change (SR-EMCC-2005-01) may be obtained by visiting our web site at www.emcc.com. Written comments on the proposed rule filing may be addressed to the undersigned at 55 Water Street, New York, New York 10041, and your comments will be forwarded to the SEC. You may also address your written comments to the Secretary of the Commission, Securities and Exchange Commission, 450 Fifth Street NW, Washington, D.C. 20549. We request that you provide EMCC with a copy of your comments.

Questions regarding the above filing should be directed to Allison Finnegan at (212) 855-3283, or to the undersigned at (212) 855-3203.

Karen L. Saperstein
Managing Director and General Counsel