A number of providers - ClearPar, TSI, Euroclear - are reportedly keen to participate in the initiative, in an effort to imitate the already established U.S. system. One of the more appealing features of this system is the use of ISINs and CUSIPs to get the marketplace more familiar with various types of securities. Last week, Bank of America and Wachovia announced that their earnings dropped after they wrote down a combined $6 billion of mortgage loans and securities. BofA's profits fell 95% while Wachovia's dropped 98%. These numbers were disclosed last Tuesday. BofA had net income of $268 million, or five cents a share, compared with $5.3 billion, or $1.16, the previous year. Revenue fell 31% to $12.7 billion. Despite the dismal numbers, as well as a $4.1 billion bet in purchasing Countrywide Financial, BofA estimates that earnings in 2008 will be well above $4 a share, assuming that a market disruption like that seen in 2007 does not occur.