Bill Gerber: Another portion of that would be for personal services, as we are hiring technology people to help with product development; but the vast majority of it is comp.

Matthew Fischer (Deutsche Bank): 80 million of the $100 million is compensation, so the other 20 million is for products. Is that correct?

Joe Moglia: The initial part of the spend tends to be for bringing more people on board to help us in our assets gathering effort. $100 million gets broken down a lot of the ways and a big piece of that is related to compensation adding people, adding professionals. We are not going to fine tune or breakout. We are not going to breakout the details behind the $100 million.

Matthew Fischer (Deutsche Bank): You have mentioned some of the metrics that you used measuring your progress within the long-term investor state. Could you expand on that?

Joe Moglia: If you look at how we generate our revenues, you look at the first part of this transaction, what we are getting with regards to commissions. The second part of that is what a generator of the asset piece is. When you look at the assets, we break it down, you should still look into two components you have got your net interest margin. We are part of the way, we have always made money. That is also how we handle our relation with TD as far as our overall banking strategy with how we manage our risk on the yield curve and how we help manage to balance sheet with our client assets. You have got the other piece, how do you generate these, mutual funds, and money markets funds, what happens, what else then happens with things like our portfolio services, new products that we come up with. You have got fees that are generated, because of your assets away from net interest margin and how you have broken down that way that sort of the way we broken it down. At the end of the day it comes down to what extent, are you doing a better job of not just growing assets but to growing more assets under management that are generating internal fees for us.

Matthew Fischer (Deutsche Bank): Of your 5% sequential asset growth in total client assets, how much of that is net new assets and how much is market appreciation?

Joe Moglia: We do not break that number out.

Roger Freeman (Lehman Brothers): There been a few months including June that have been disappointing from DARTs perspective. As consumers are getting stress with the housing down turn do they have the less available cash put into the market?

Joe Moglia: We have not seen that yet. The retail investor is a lagging indicator in terms of what is going on. The fact that we are seeing the market it is directed highs. We have seen good market performance on an international basis. All those things tend to bring the retail investor into the equation. The fact that they are involved and that they are bullish, does not mean that they are irrationally exuberant. When you look at something like co-inflation while that might be in check, actual inflation is up over 5% year-to-date. The markets are doing well, they have a comfortable level on that, but they are not wildly bullish and they are not totally involved.

Roger Freeman (Lehman Brothers): Do you think some of the inflationary head wins are offsetting the way they are looking at their market entities setting new levels and not just rushing for the money?

Joe Moglia: Yes. It is not just because they say inflation is up over 5%. If that is up over 5% number it does translate into what they are paying for heating, what they are paying for fuel, what they are paying for the gas, what they are paying for the daily groceries, and that does have a psychological impact.

Roger Freeman (Lehman Brothers): How much of planned assets are in the Amerivest product yet?

Joe Moglia: We are not going to disclose it now.

Roger Freeman (Lehman Brothers): Has payment for auto flow been increasing from the market makers that you spent flow to?

Joe Moglia: Payment for the flow has been stable over the span of the last couple of years. Sometimes it goes up and goes down another time but for the most products it has been stable. The payment for the flow with regards to the options continues to be a reasonable piece of that and that continues to be substantial.

Roger Freeman (Lehman Brothers): How much have options being growing inside the mix and what option versus equities is in your credit mix?

Joe Moglia: With a movement toward penny pricing with regards to options we would see a tightening of payment for the flow there, but then you would also see a corresponding increase in volume. For the time being payment for the flow is not material enough for us to break it out. It has been consistent over the span of the last couple of years, although the mix has shifted away from equities to options over the span of last couple of years.

Roger Freeman (Lehman Brothers): How have overall options been trading trending and what percentage is the option of trading volume?

Bill Gerber: Options are now about 10% of our trading volume and represents about the lower 20% of our commission.

Roger Freeman (Lehman Brothers): Has that changed much since the end of last year?