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<!-- Copyright (C) 2005 CEBS Secretariat Ltd., Tower 42, 25 Old Broad Street, London, EC2N 1HQ, United Kingdom. -->
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  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_CapitalRequirements" xlink:label="p-ca_CapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="p-ca_CapitalRequirements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem117" xml:lang="en" id="label_newItem117_1134043390106_2">Capital Requirements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="p-ca_CapitalRequirements" xlink:to="p-ca_CapitalRequirements_lbl"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_CapitalRequirementsRelatedFixedOverheads" xlink:label="p-ca_CapitalRequirementsRelatedFixedOverheads"/>
    <link:label xlink:type="resource" xlink:label="p-ca_CapitalRequirementsRelatedFixedOverheads_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem172" xml:lang="en" id="label_newItem172_1134046467672_1">Capital Requirements Related To Fixed Overheads</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="p-ca_CapitalRequirementsRelatedFixedOverheads" xlink:to="p-ca_CapitalRequirementsRelatedFixedOverheads_lbl"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_OtherTransitionalCapitalRequirements" xlink:label="p-ca_OtherTransitionalCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="p-ca_OtherTransitionalCapitalRequirements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem173" xml:lang="en" id="label_newItem173_1134046523202_1">Other And Transitional Capital Requirements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="p-ca_OtherTransitionalCapitalRequirements" xlink:to="p-ca_OtherTransitionalCapitalRequirements_lbl"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_SurplusDeficitOwnFunds" xlink:label="p-ca_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess"/>
    <link:label xlink:type="resource" xlink:label="p-ca_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem180" xml:lang="en" id="label_newItem180_1134117207570_1">Surplus (+) / Deficit (-) Of Own Funds </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="p-ca_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess" xlink:to="p-ca_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess_lbl"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_TotalOriginalOwnFundsGeneralSolvencyPurposes" xlink:label="p-ca_TotalOriginalOwnFundsGeneralSolvencyPurposes"/>
    <link:label xlink:type="resource" xlink:label="p-ca_TotalOriginalOwnFundsGeneralSolvencyPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem95" xml:lang="en" id="label_newItem95_1133949297871_1">Total Original Own Funds For General Solvency Purposes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="p-ca_TotalOriginalOwnFundsGeneralSolvencyPurposes" xlink:to="p-ca_TotalOriginalOwnFundsGeneralSolvencyPurposes_lbl"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_TotalOwnFundsSolvencyPurposes" xlink:label="p-ca_TotalOwnFundsSolvencyPurposes"/>
    <link:label xlink:type="resource" xlink:label="p-ca_TotalOwnFundsSolvencyPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_newItem2" xml:lang="en" id="label_newItem2_1133803686998_2">Total Own Funds For Solvency Purposes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="p-ca_TotalOwnFundsSolvencyPurposes" xlink:to="p-ca_TotalOwnFundsSolvencyPurposes_lbl"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess" xlink:label="SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess" xlink:title="SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess"/>
    <link:label xlink:type="resource" xlink:label="label_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess" xml:lang="en" id="label_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess">Surplus (+) / Deficit (-) Of Own Funds Taking Into Account The Supervisory Review Process</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess" xlink:to="label_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess" xlink:title="label: SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess to label_SurplusDeficitOwnFundsTakingIntoAccountSupervisoryReviewProcess"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_OperationalRiskCapitalRequirements" xlink:label="OperationalRiskCapitalRequirements" xlink:title="OperationalRiskCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="label_OperationalRiskCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperationalRiskCapitalRequirements" xml:lang="en" id="label_OperationalRiskCapitalRequirements">Total Capital Requirements For Operational Risks (OpR)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperationalRiskCapitalRequirements" xlink:to="label_OperationalRiskCapitalRequirements" xlink:title="label: OperationalRiskCapitalRequirements to label_OperationalRiskCapitalRequirements"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_MarketRiskCapitalRequirements" xlink:label="MarketRiskCapitalRequirements" xlink:title="MarketRiskCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="label_MarketRiskCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MarketRiskCapitalRequirements" xml:lang="en" id="label_MarketRiskCapitalRequirements">Total Capital Requirements For Position, Foreign Exchange and Commodity Risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRiskCapitalRequirements" xlink:to="label_MarketRiskCapitalRequirements" xlink:title="label: MarketRiskCapitalRequirements to label_MarketRiskCapitalRequirements"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_SettlementRiskCapitalRequirements" xlink:label="SettlementRiskCapitalRequirements" xlink:title="SettlementRiskCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="label_SettlementRiskCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementRiskCapitalRequirements" xml:lang="en" id="label_SettlementRiskCapitalRequirements">Settlement/Delivery  Risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementRiskCapitalRequirements" xlink:to="label_SettlementRiskCapitalRequirements" xlink:title="label: SettlementRiskCapitalRequirements to label_SettlementRiskCapitalRequirements"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_CreditRiskCapitalRequirements" xlink:label="CreditRiskCapitalRequirements" xlink:title="CreditRiskCapitalRequirements"/>
    <link:label xlink:type="resource" xlink:label="label_CreditRiskCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskCapitalRequirements" xml:lang="en" id="label_CreditRiskCapitalRequirements">Total Capital Requirements For Credit, Counterparty Credit And Dilution Risk And Free Deliveries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskCapitalRequirements" xlink:to="label_CreditRiskCapitalRequirements" xlink:title="label: CreditRiskCapitalRequirements to label_CreditRiskCapitalRequirements"/>
    <link:loc xlink:type="locator" xlink:href="p-cm-ca-2006-07-01.xsd#p-cm-ca_CommonCAItemsDomain" xlink:label="CommonCAItemsDomain" xlink:title="CommonCAItemsDomain"/>
    <link:label xlink:type="resource" xlink:label="label_CommonCAItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonCAItemsDomain" xml:lang="en" id="label_CommonCAItemsDomain">Common CA Items (Domain)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonCAItemsDomain" xlink:to="label_CommonCAItemsDomain" xlink:title="label: CommonCAItemsDomain to label_CommonCAItemsDomain"/>
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