This first annual report of the administrator of the international transaction log (ITL) provides information to the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (COP/MOP) covering the period from the tenth session of the Conference of the Parties until the end of October 2005. In particular, the report provides information on the development and operation of the ITL and the facilitation of cooperation among registry system administrators. The COP/MOP may wish to refer the consideration of the information contained in this report to the Subsidiary Body for Scientific and Technological Advice and provide guidance, as necessary, to the secretariat concerning the fulfilment of its functions as the ITL administrator