Okay. That''s interesting. Thanks.
Operator
We''ll go to Dan Fannon of Jefferies.
Daniel Fannon – Jefferies & Company
Thanks. Good morning. Building on that question a little bit, can you guys prioritize where you see the most opportunity for growth? I mean, obviously you have your OTC initiatives, but are you also evaluating potential bolt-on acquisitions that are some of which are being rumored over the last couple of weeks in the news?
Craig S. Donohue
Well, obviously, we''ve got, I think, diverse and broad growth strategy, as you can tell from our discussion and the highlighting of our continued product innovation and enhancements with our technology and clearing capabilities. We''re continuing to focus very strongly on core growth in our core businesses. We obviously also have a number of very important non-core growth initiatives including as you mentioned the over-the-counter derivatives clearing services area. And then obviously globalization is an important part of that in both respects.
So, we have always a view toward how we can expand the range of products and services that we provide to our clients and to create value for customers. So non-organic growth opportunities are always going to be something that we look at. But beyond that, I have no specific comments.
Daniel Fannon – Jefferies & Company
Okay. Great. Thank you.
Operator
We''ll go to Michael Carrier, Deutsche Bank.
Michael Carrier – Deutsche Bank Securities
Thanks, guys. Jamie, just on the expenses. Obviously, investing in the business has given, I know you guys are working on the extent but when you think about the level of the 1.1 billion, I know it''s hard to say. But in terms of volumes and what you''re expecting where we''re at like currently and for the year, like how much flexibility if volumes were to slide or if you don''t get the increase in, say, the interest rate products?
James E. Parisi
Well, I think -- I''m not going to get specific around volumes, as you know. But if you look back at last year, I think that''s pretty instructive hopefully that we take to heart, we have some flexibility in there. When you look at if the business isn''t performing, the bonus expense naturally flexes and you''ve seen us pull back when we need to on the discretionary expenses. So I think we demonstrated that we''re capable of doing that.
Michael Carrier – Deutsche Bank Securities
Okay. Thanks. And then the follow up is just, any update in terms of timing for the European Clearinghouse and/or like an interest rate swap solution?
Kimberly S. Taylor
I''ll address the European Clearinghouse part of that question. We continue to work with the FSA, the regulator in the U.K. and moving through our recognition process. We are making progress with that process, but I can''t really give you a definitive timeframe on our regulatory process. We''ve made good progress on building out the team there and we look forward to being able to launch the services relative soon after achieving recognition.
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