Hi, Rich.
Richard Repetto – Sandler O''Neill and Partners
I guess staying on the expense theme here a little bit. Jamie, your marketing and other expenses of 23 million average per quarter, so if you annualize that, it''s 92 million. And I guess it looks like a pretty big 35 to $0.37 increase year-over-year. I know ''09 had -- that line had some one times, so it''s not a fair -- totally fair comparison. But it is an uptick. So I guess -- I know you mentioned OTC, but can you give us a little bit more deeper color?
James E. Parisi
I think first, if you look at the overall picture, right, the marketing expense in ''08, a year where, prior or just leading into the price at the end of the year, the marketing expense in ''08 was about 22 a quarter. So it''s more reverting to that kind of more normalized level. And if you think about the projects or the strategy that we have outlined for everybody globalizing the business and going after the OTC markets, you can imagine that there''s quite a bit of marketing associated with that and a lot of -- as we globalize, there''s a lot of travel, so there''s a lot of expense -- additional expense associated with that. So it''s not just marketing. It''s marketing and other expense. The other thing to keep in mind is that, within that category, we enjoyed some for the year, in 2009. We enjoyed some favorable FX fluctuation which we assume we can''t assume for 2010.
Richard Repetto – Sandler O''Neill and Partners
Okay. Okay. And my follow up would be, I guess, for Terry and Craig. The Volcker plan, when it was announced, the stock, the exchange, at least yours and ICE got negatively impacted. Can you give us any update based on your discussions with the Congressmen or the administration on what you think the actual risk here is? Or maybe even your conversation with the dealers?
Craig S. Donohue
Terry, would you like to start?
Terrence A. Duffy
Craig, go ahead.
Craig S. Donohue
Rich, I think that it''s really premature for us to sort of speculate and comment on that in that. As you know, they''ve introduced, I guess, a broad concept but there is not yet any kind of specific proposal. So I think it''s awfully difficult for us to sort of project forward what the meaning and implications of that might be. So we''re going to be looking at that very carefully obviously if and when that advances. But for the moment, I think it''s difficult to speculate and it''s not clear to us at least at this point that it''s going to have a meaningful impact on us.
Terrence A. Duffy
And Rich, just to add a little bit to what Craig said, he said it in his prepared remarks earlier. There is a lot of pending legislation both out of the House bills on ag and financial services that we see that are potentially very favorable to us going forward. So we''re going to be out there a lot and we''re going to continue to work on the pending legislation and anything else that comes up.
Richard Repetto – Sandler O''Neill and Partners
I was just trying to see if you had any insight. I know you had strong relationships down there but I understand it is preliminary. So anyway, thank you.
James E. Parisi
Rich, this is Jamie. If you look at the revenue or the volume breakdown, right, we said that the banks were around 13% or so of the trading. When you look at it from a revenue perspective, it''s significantly less than that because they''re paying the lowest fees, right, in the way. But when you look at the revenue perspective, it''s in the 8 to 9% range. And then you look at it again and you say of that trading that they''re doing, how much is true speculative trading versus how much of it is hedging their books, so you haircut that yet again. So we don''t have specific numbers, but you can see the numbers get cut down pretty significantly as you start thinking through it.
Richard Repetto – Sandler O''Neill and Partners
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