At the present time, we are the only major corporate supplier of a full yield curve of short-term debt. We have also introduced other features to make our top-quality corporate debt more like U.S. Treasuries. Of course, Freddie Mac s securities are not backed by the full faith and credit of the U.S. government. But our Reference products consistently offer transparency, liquidity and quality execution three essential characteristics of bellwether debt instruments. The recent launch of futures contracts for Freddie Mac and Fannie Mae securities underscores the market s acceptance of our debt as a viable pricing and hedging alternative.
Technological innovation is as important to today s global markets as product innovation.
On January 3, the first business day in the Year 2000, we became the first corporate borrower to use the Internet to augment traditional syndication practices. As new opportunities emerge, Freddie Mac will continue to use technology to interact more effectively with dealers and an expanding group of investors. There s an old German proverb that says, Change, and change for the better, are two different things. Innovations that spring from new products, streamlined processes or emerging technologies are often the levers that trigger change for the better. And innovative businesses that continue to push those levers are in the best position to shape the future of evolving global markets.