With a presence on all major listed stock exchanges, and as a market maker in over 3,000 securities through our subsidiary Mayer & Schweitzer, Inc. (M&S), Capital Markets and Trading (CM&T) delivers quality trade execution to our customers and to many of the nation's leading institutions. In 1998, CM&T felt the effects of Securities and Exchange Commission reforms which were designed to benefit investors by narrowing the spreads on trades. Although this had the potential to significantly reduce revenues, the higher volume we experienced in 1998 more than made up for the reduced spreads. M&S saw its share volume increase by 41% from 1997 to 1998. In addition, strategic alliances with Credit Suisse First Boston Corporation, Hambrecht & Quist L.L.C., and J.P. Morgan and Co., Incorporated enabled us to offer a broad array of initial public offerings and secondary offerings to our clients. We also maintain a strong presence in the options markets and provide a full range of fixed income investments. With all this, investors don't need to go anywhere else.