CME
#Hi, Rob, this is <UNK>.
Our view on M&A hasn't changed.
We will be looking at all potential M&A to create shareholder value and grow in our strategic point of view.
We'll evaluate all opportunities.
With regard to why we changed to ---+ on amortization, all of our other US exchange peers have taken amortization out of their ---+ out of their earnings.
BATS came out last quarter excluding it, CBOE removed it from their results.
We thought it was important from a comparison purposes to exclude it so that the investing community can have an apples-to-apples comparison with the other exchanges.
Okay, thanks.
Good morning, <UNK>.
Yes, sure, thank you.
Just a couple of things to point out as it relates to CapEx.
On a year-over-year basis CapEx was down, but that was primarily driven by our New York City staff space build-out after the sale of the NYMEX building.
If you exclude all the real estate, our technology spend for the first quarter is slightly higher than the second quarter last year, and about $4 million higher than the first half of last year.
We're continuing to invest in our technology footprint.
I think the second half, we are making investments and continue to make investments in our technology platform for the items that you had referred to ---+ things like repo, things like improving our capacity.
If you take a look at our slide 8 in our deck, you can see that the day after the Brexit vote, we had the highest message ---+ highest message traffic in our history.
It was ---+ it did not impact our speed whatsoever.
I think keeping our platform robust, and keeping our platform improving the technology, improving the functionality, so that's the items that we'll be investing in the second half of the year as we continue the trend.
All right, thanks.
<UNK>, there is opportunity.
As you know, Europe is a very large part of our franchise on a global basis.
The short answer to your question is yes there are, and yes, we are ---+ there are opportunities, and we are in full engagement mode with our client base regarding deeper participation into our market place.
Some of the opportunities that present themselves fit very nicely with what we are seeing to be changing or evolving client demands and client needs.
One of the things we referred to in the earnings call in my formal remarks was precisely that opportunity that lays ahead of us.
<UNK>, <UNK>, <UNK>, and their respective staffs are talking very intently to our clients, and to understand what their needs are.
As you point out, the certainty of US regulation is a very large driver there, too.
Sure.
