Question-and-Answer Session
[Operator Instructions]. Your first question come from the line of Rich Repetto of Sandler O'Neill Please proceed sir.
Richard Schaeffer - Chairman
good morning, Rich.
Richard Repetto - Sandler O'Neill & Partners L.P.
Good morning guys. Can you hear me?
Richard Schaeffer - Chairman
Yes we can.
Richard Repetto - Sandler O'Neill & Partners L.P.
Sorry. Congrats on a solid quarter here. My first question Rich comes, have to do with 311G I believe about the revenue sharing with the Class A members. You released some, I guess it was a few weeks ago or a week two weeks ago more details. I am just trying to get the sentiment of the members. Does that help clarify in regards to going forward... did they help clarify and improve the sentiment or what is the sentiment with regard to that revenue sharing in the CME transaction in general?
James E. Newsome - President and Chief Executive Officer
Well, we've put out the information to begin to clarify the issue of course. We have a meeting scheduled in response to it a petition that was issued where a lot of the owners want clarification. So it didn't go out two weeks ago. It just went out actually 3, 4 days ago. So, although we haven't got a lot of questions, we anticipate a lot of questions and at our meeting on what's the day Rich? On June third, we of course will address all the issues. It's a pretty detail report. It gets into numbers. I am sure that we are going to continue to clarify. It's our opinion that we have done it the right way and we will educate all the members and tell them what we feel. So I wouldn't say it's clarified, although we haven't got many calls. I'd say we have put the information forthcoming, there is nothing that won't be given to the members before they feel, get to feel comfortable about the deal.
Richard Repetto - Sandler O'Neill & Partners L.P.
Understood, understood. Yes, I apologize it just seems... this is earning season for us, it seem like a long time ago. The next question would be on LCH.Clearnet. I heard Ken talk about $2.5 million in investment... or in spending in 2Q. Can you talk about what that's going to be spent on and could you give us an update possibly on the sentiment of, I guess, FCMs in regards to the venture?
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