We have all watched the historic transformation taking place in the world of listed derivatives during the past 18 months. This is a trend that has manifested itself in many ways.

- Clearing initiatives, such as the processing of repo's and swaps;

- Processing of merged asset classes, such as single stock futures,

- The introduction of open API's to allow data flow from upstream and to downstream systems, and

- Straight through processing

On a more global scale, we recognize the increasing need to provide downstream system access to the valuable information stored in GMI data files. In this way, your downstream systems can most efficiently perform further company-specific processing without the risk to data integrity that is obviously inherent to manual transfer. This introduces another key focus of our system growth. SunGard's global partnership with IBM has allowed us to take advantage of the latest enhancements to our iSeries core processing machines in order to enhance the openness of GMI's datamodel. We have created both downstream and upstream application program interfaces (API's) to maximize dissemination possibilities to your other systems.

We recognize that feeding data down from an upstream system is equally important. Order entry platforms represent the first step in the straight through processing cycle.

I have commented today that we have a shared vision and I reiterate that theme. Our system expansion is reflective of your future direction; our mission of expansion is intertwined with yours. The goals that I have outlined reflect the needs you have expressed to us. We are listening to you and our plans for system growth are a mirror of your input.