Operator: Good day, ladies and gentlemen, and thank you and welcome to the First Quarter 2012 NYSE Euronext Earnings Conference Call. My name is Chanel, and I will be your operator today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference.
I would now like to turn the call over to Stephen Davidson, Head of Investor Relations at NYSE Euronext. Please go ahead sir.
Stephen Davidson - VP, IR: Thanks Chanel. Good morning and welcome to the NYSE Euronext first quarter 2012 earnings conference call.
Before I introduce today's speakers, let me remind you that comments on the call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause NYSE Euronext's actual results to differ materially from those in the statements. These forward-looking statements speak as of today and you should not rely on them as representing our views in the future.
Please refer to our SEC filings for a full discussion of the risk factors that may affect any forward-looking statements. Except for any obligation to disclose material information under the federal securities laws, NYSE Euronext undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after this conference call.
We will discuss non-GAAP financial measures during this call. These non-GAAP measures are fully reconciled in the tables attached to the text of the earnings press release that we issued earlier today. We believe that these tables provide investors useful information about our business trends. However, our non-GAAP measures do not replace and are not superior to GAAP measures.
Duncan Niederauer, our Chief Executive Officer will review the highlights for the quarter, update you on the macro environment and our new initiatives and then close by highlighting the momentum we're seeing in listings and the progress we have made on Project 14.
Michael Geltzeiler, Chief Financial Officer, will then review the financial results for the quarter. We will then open the line for your questions. We are incorporating slides for the call today, which are available for viewing on our website, and Duncan and Mike will refer to the slides during their remarks.
With that, let me turn it over to Duncan.
Duncan L. Niederauer - CEO and Director: Thanks Steve and good morning, everybody. Thanks for joining the call today. Just to preview it a bit to start out, given that we did our Investor Day at the beginning of April and then we just had the annual shareholder meeting, just a few days ago. I think since we've communicated so much recently and I think we can tell by the attendance on the call today, it's a little later than usual as well. We're going to keep our prepared remarks shorter than we normally do figuring there's not a lot of new news in here. We'll leave it at usual time that we leave for questions and then our expectation would be, we'd have everybody back to work by about 8.45 or so. From our point of view, the story of the first quarter is what we've done already and what we're continuing to do to set the table for growth, so that when the challenging market conditions we now face revert to what we believe are more historical norms.