Chris McWilton: Not specifically. The firm had tremendous growth in the quarter. The management believes that it is going to be in a significant competitive advantage. The fact that MasterCard has Europe as part of its global structure and looks at what is going on with ABN AMRO right now and people that are chasing that bank. These are all the firm’s customers. They all have operations in all parts of the world. The company is looking forward to the chance to deal with these banks as one company rather than having to deal with MasterCard Europe and MasterCard Latin America, MasterCard Asia. The firm is happy that it has got the structure behind it.

Andrew Jeffrey: Could you talk a little bit about some of your pricing initiatives for the balance of this year as they may pertain to processors or any other area where you think you have some pricing leverage in the marketplace?

Chris McWilton: The management wouldn’t characterize that it has a lot of levers it can pull pricing. The company’s customers are diligent and thorough in their negotiations. But the firm does have a global pricing committee that meets regularly. What it tries to do is make sure that the firm is exacting the appropriate price for the value of providing to the customer in all of the different services it provides. If the company finds that the situation where it is not pricing as effectively as it can you will put those price increases through. The firm has nothing planned for the rest of the year. What you saw was cross border fees. But that doesn’t mean that the firm takes its foot off the gas pedals and ignore pricing altogether. If there’s a strategic surgical way it can go in and extract little bit more value out of its relationship, it can do that. But, nothing of same size and stock.

Andrew Jeffrey: Recognizing that there’s seasonality in the business, can you talk a little bit about where you think the long-term operating margin for this company can be? Over the long term, what profitability do you think you can drive?

Chris McWilton: The firm is going to try to maximize the margin. There are long term executive objectives out there. Obviously this quarter was very strong through the margin. There is a lot of scale in this business. If the firm can keep its costs under control, grow the revenue, even if you take out the currency and cross borders piece, you can see the scalability. The first quarter tends to get high margin and towards the end of the year when the firm is heavily into advertising and promotion, having rebates on the yield, revenue comes down. Certainly do not extrapolate this yield for the rest of this year. The management cannot predict long-term objectives, but it is certainly off to a great start.

Moshe Katri: Are you seeing any signs that there is anything different in terms of economic activity out there?

Chris McWilton: That is a broad question around the world. The revenue, the volume growths were very strong and it is too early to tell whether any sub prime fallout is going to impact and ripple through the US economy. But things still appear to be very strong. You have seen the earnings reports coming out in the past few weeks. The markets seem to be thinking that the economy is resilient to a lot of this. The firm is not seeing anything here and that would signal broad-based economic distress.

Christopher Brendler: Can you talk at all about the difference between margins and revenues on the debit versus credit and even more importantly international versus US?

Chris McWilton: You had to breakdown debit into two forms of debit. There is signature and there is PIN. The signature-based transactions are processed in credit rails and they carry the same pricing than a credit transaction. A PIN-based debit is not as profitable to the firm as signature-based, but if you do look at the operational statistics and the growth in the US in particular, the firm is getting a lot of traction there and seeing some of the success of that part of the portfolio conversion. International volume is great for the firm, if somebody crosses the border, it can’t be processed on the domestic scheme. It got to be processed in its networks and therefore it is getting not only the processing charge but it is getting the currency conversion charge regardless of whether or not it converts the currency. International volume drives this business.

Matthew Park: How far do you think you have gotten in terms of differentiating MasterCard in terms of what solutions you are providing and what feedback you are getting from your card issuers?

Chris McWilton: The firm’s customers seem to be happy because they’re getting a lot of business. The firm spends a lot of time on customer focus strategy making sure it has people in place that can be impactful to a customer’s business to understand brand and they understand processing. They understand how to increase activation rates on a card, advisory capabilities, how to help them make money. The firm is not just walking in with a price sheet to a customer saying it can beat its competitors, but it is walking with the approach that says how can it help the customer to make more money. The firm made a difference there and you will see the difference relative to one of its competitors going forward.