Question-and-Answer Session
Operator
A press release containing Jefferies 2009 first quarter financial results was distributed via BusinessWire before the market opened today and can be access at Jefferies website www.jefferies.com.
Some of the comments made in this conference call may include forward-looking statements. These forward-looking statements may contain statements about management's current expectations, strategic objectives, growth opportunities, business and prospects. These forward-looking statements are not statements of historical fact and represent only Jefferies' beliefs as to future performance. They usually include the words continue, will, believe, should, or other similar expressions. Actual results could differ materially from those projected in these forward-looking statements. Please refer to Jefferies' annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2009, and in Jefferies' Forms 10-Q and 8-K for discussions of important factors that could cause actual results to differ materially from those projected in these forward-looking statements.
Thank you. (Operator instructions). Your first question comes from Steve Stelmach with FBR Capital Markets.
Steve Stelmach – FBR Capital Markets
Hi, good morning.
Richard Handler
Good morning.
Steve Stelmach – FBR Capital Markets
Rich, you mentioned that fixed income benefited from high-grade mortgage emerging markets. To what extent was that benefit the result of just drilling out that platform versus what appear to be pretty favorable conditions in the first quarter? Any sort of color would be helpful?
Richard Handler
I think the vast majority of it is the built out that we have put in place across the spectrum of the fixed income market and the markets were favorable in terms of the volatility but based we’ve got market share across the board.
Steve Stelmach – FBR Capital Markets
Okay, so primarily the result of your own efforts rather than just the favorable markets?
Richard Handler
I think, our team did an outstanding job and I give them the credit.
Steve Stelmach – FBR Capital Markets
Okay.
Richard Handler
At the close of the market.
Steve Stelmach – FBR Capital Markets
Okay. And then just starting with the prime brokerage. It sound like that there was a business. It’s took you further up I guess a little bit in 2008 and obviously now there is an opportunity there and more so than it was last year. Can you give us a little bit broader characterization of what you are doing within prime brokerage? Anything different today than you were maybe six months ago?
- To read the full transcript on Seeking Alpha, click here »
