Question-and-Answer Session
Operator
(Operator Instructions)Your first question comes from Daniel Harris - Goldman Sachs
Daniel Harris – Goldman Sachs & Co.
Obviously, a really strong quarter here and the quality of the numbers is impressive. If you guys had to attribute the quarter to either changes that are being implemented at the NYSC or volume and volatility in the quarter, which one would it be more reflective of?
Jeffrey A. McCutcheon
Well the changes that we are anticipating in the New York Stock Exchange really have not taken place as of yet, in that there is going to be a big change in market structure going forward. I think it depends on when the SEC is [inaudible]. I don't know where that static is coming from.
Daniel Harris – Goldman Sachs & Co
Yeah, I’m sorry that was? I think I got rid of that.
Unidentified Corporate Participant
And that would actually be in November and we are currently working on a pilot program for the new market model. We don’t really think that is going to be the main driver of what’s going on. We think that the main driver of what is happening in the market is the fact that there are different participants in the market.
The market seems to be changing again our cash – our traditional cash equities business, which was strong last quarter, I think it was the best quarter we’ve had since the introduction of the new market, the hybrid and the [inaudible] and all that. That was – it was the best quarter so far.
But that goes to reduce cost, it goes to improved technology and it also goes the fact that you need a central market place when there is time of stress. So, between that, and our newer businesses including that in London and Hong Kong, I think that we’re in a good position there, and that’s really it.
The volatility in the market place often requires us to be more active and I think that’s played a big part too.
Daniel Harris – Goldman Sachs & Co.
Okay that’s helpful. And how should I be thinking about the commission that you’ve been getting from the NYSC and what we’re sort of hearing is that as part of the new sort of regulations that the NYSC is putting forward, it would really incent you guys to be at the inside more often than not, but in such a way that you might actually be making money just to trade irregardless of the spread.
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