joining us to discuss is the ceo of marketaxess, rick mcvey. talk to me first about trading volume and the growth that you are seeing. rick: happy to do so. it has been a great run in the first quarter is a continuation of growing adoption in each rating for global fixed income markets. it was gratifying because the market conditions were not that active in our core products during q1, yet we set a brand-new record for the quarter and revenues were up 16% year-over-year. what it reflects is that both investors and dealers are finding that electronic trading ot only more efficient, but it is also reducing cost. those economic benefits are carrying through to high levels of volume and higher levels of market share taking place electronically. matt: break down your clients for us. who is using marketaxess? rick: we are an institutional platform. if you look at our key client firms around the world, they tend to be all of the market makers and banks and broker-dealers that work to make markets in global fixed income and global credit and all of the