format this morning is a q&a, and i am pleased she is the hardest working person at the gmm, melody hopson, our gmm chair will serve as the questioner. we're eager to get to their conversation but first permit me to say a few words about chairman shapiro. in short she's had a remarkable career as an effective regulator and extraordinarily strong advocate for investors. in 1988 president ronald reagan appointed her commission of the of the fcc. she was named acting sec chairman by president bill clinton in 1993. president clinton later appointed chairman shapiro chairman of the commodity futures trading commission where she served until 1996. from there chairman shapiro entered the leadership ranks of the financial industry's self regulatory organizations. in 2006 she was named chairman and ceo of the nasd. in that role she over saw nasd's merger with a member regulation operations of the new york stock exchange. she became ceo of the resulting organization, the financial industry regulatory authority. in january 2009 president obama appointed chairman shapiro chairman of the sec and she wa