Michael Vinciquerra (BMO Capital Markets): You mentioned the 1.77% rate on the debt. Do you not have any swaps in place at all?
William J. Gerber: We have not swapped. That''s certainly something that we have looked at in the past and obviously are looking at now. Right now we''re resetting it every month based off of LIBOR.
Michael Vinciquerra (BMO Capital Markets): On the TOS deal, the main benefits come within 12 months after integration. How long do you think the integration''s actually going to take once you close that deal?
Fredric J. Tomczyk: It would take upwards of 18 months to get the full integration but we are looking at ways right now to get some of the benefits earlier, particularly on the revenue side. It''s premature for us to get there. We have ideas but until we get into integration planning in earnest with the other side, which is not right now, it''d be premature for us to try to refine those numbers.
Michael Carrier (UBS Investment Research): On the outlook statement, when I look at the DARTs, the average level for the year is in line with the January level of 310,000. It seems relatively high given the environment, but you''re also generating a lot of new account growth. What makes you feel that the 310,000 is a good average rate?
William J. Gerber: We actually have kept the same midpoint for the last nine months as we had in the initial, so I think we''re averaging about 290 as our expectation; we will definitely keep watching that. The outlook does have a range in there for the last nine months of about 270 to 320. That''s what''s baked into the high and low end of the range. We do think that if there is a tapering off, we''ve built some of that into the outlook statement.
Brian Bedell (Merrill Lynch): On the money market fund balances, are you assuming the $30 billion stays for 2009 and your outlook statement does not include any mitigation strategies to shift those over to higher-yielding assets?
William J. Gerber: Correct. We have not put any of the mitigating strategies into the outlook statement yet.
Brian Bedell (Merrill Lynch): On the NIM compression outlook, do you think you can hold margin rates relatively steady over the next 12 months or so?
William J. Gerber: We''re fairly confident they''re not going to go much lower; we think zero''s as far as they can go. We think that the opportunity as far as price improvement is not really that great but the rates have come down to a point where we feel that we''re very competitive and we don''t see really very much pressure in reducing those further.
Brian Bedell (Merrill Lynch): On the MMDA, what is the average maturity of that portfolio right now?
William J. Gerber: The duration is slightly over two years. We''re getting about $2 billion to $3 billion in run off every year.
Brian Bedell (Merrill Lynch): Confirm they''re still being primarily invested in Canadian mortgage-backed securities on the short term?
William J. Gerber: They have been. As you recall, we switched to the notional basis last July 1st but the vast majority of the funds are currently invested in the Canadian mortgage-backs.
Brian Bedell (Merrill Lynch): The reason for the average commission drop in the outlook statement from when you did it this last October versus now; is it really just a different assumption on the level of options in the mix or are there more assumptions of free trades baked in the new numbers?
William J. Gerber: It''s actually the impact of what happened in the December quarter. When you blend it into the original outlook, that’s what drives it down. The last nine months we are continuing at the same commission rate that we had in the October outlook to this outlook. The last nine months is identical. It''s just the effect that this quarter had $12.76 and when you blend that in for the entire year, that''s what gets you to the $12.92 to $13.30.
Brian Bedell (Merrill Lynch): On the momentum of the DARTs of the 310, January to date, is that improving as we''re getting into January or was that stronger in the beginning part of January?
Fredric J. Tomczyk: As with any January, it''s a little bumpy as you start the year, so it''s very hard to draw many conclusions. Obviously, the first couple of days of the year were slow but since then we''ve seen some decent trading levels.
Brian Bedell (Merrill Lynch): Can you update us on the conversations that you''re having with the regulators on auction rate securities and what level of auction rate securities your clients have been holding?
William J. Gerber: Currently our clients have about $700 million in auction rate securities. This is an area where we are seeing some liquidity come to the market. There has been redemptions, almost $400 million, since post-Christmas and so we''re pleased to see about that. We are cooperating with regulators in the discussions, although there''s no finalization yet as to ultimately what the result will be.
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