Good morning, ladies and gentlemen and welcome to the Institutional Financial Markets’ Third Quarter 2014 Earnings Call. My name is Jenifer and I’ll be your operator for today. Before we begin, IFMI would like to remind everyone that some of the statements the Company makes during the call may contain forward looking statements under applicable security laws. These statements may involve risks and uncertainties that could cause the Company’s actual results to differ materially from the results discussed in such forward looking statements. The forward looking statements made during this call are made only as of the date of this call and the Company undertakes no obligation to update such statements to reflect subsequent events or circumstances. IFMI advises you to read the cautionary note regarding forward looking statements in its earnings release and in its most recent Annual Report on Form 10-K filed with the SEC. Please note also that the Company’s earnings release from the third quarter 2014, the non-GAAP measures of performance have been reconciled to their corresponding GAAP measures for performance. I would now like to turn the call over to Mr. Lester Brafman, Chief Executive Officer of IFMI.

Thank you Jenifer and thank you everybody for joining us for our third quarter 2014 earnings call. With me on the call is Joe Pooler, our CFO. During the quarter, we continued to make important progress on our strategic initiatives. The transaction to divest of our European operations, which we announced in August, will further simplify IFMI’s business model and provide additional capital for our principal investing portfolio, which we believe will enhance profitability and long term shareholder value. Moving to operating results of the European operations to be sold from reported numbers results in improved adjusted operating income of $1.9 million and $6.2 million for the three and nine months ended September 30, 2014 respectively. Given the headwinds that are faced in fixed income markets, and they continue to be challenging, we remain focused on rationalizing our expense base. Importantly, we have continued to pay a quarterly dividend, reflecting our continued commitment to returning value to our shareholders. During the third quarter, the Company continued to deploy available capital into our non-sponsored investment vehicles, primarily CLO equity positions, utilizing our expertise in structured credit and leveraged finance. As of September 30, 2014, the Company's entire principal investment portfolio had an aggregate fair value of $30.1 million, including investments in ten CLOs with an aggregate fair value of $23.1 million. We hope to grow the principal investing portfolio to $35 million in the coming quarters. We continue to work diligently to reposition the Company for future success and [indiscernible] generating nice returns and increasing value for our shareholders. Importantly, our Board continues to return value to our stock holders through a $0.02 dividend for the quarter. As always, in a special account for these challenging markets we will carefully review our dividend policy on a quarterly basis. Now Joe will walk through some of the previous financial highlights in more detail.

Thank you, Lester. Our reported adjusted operating loss was $100,000 for the quarter ended September 30, 2014 as compared to adjusted operating income of $2 million for the quarter ended June 30, 2014 and adjusted operating loss of $600,000 for the prior year quarter end. As Lester mentioned, adjusting the third quarter of '14 for the pending year European transaction would result in adjusted operating income of $1.9 million in the current quarter. Our net trading revenue came in at $6.3 million in the current quarter, down $300,000 from the second quarter of $14 and down $1.5 million from the third quarter of the prior year. Our trading revenue dropped from second quarter was less than 5%, which was somewhat favorable considering the third quarter generally includes the slower month of July and August and our drop off from 2Q has historically been much more severe. For example, in '13 our trading revenue dropped 33% from 2Q to 3Q. The prior quarter decrease was primarily due to less trading revenue from our investment grade corporate group following a lower summer month, while the decrease from the prior year was primarily driven by the restructuring and consolidation of IFMI symmetric trading operation in the second half of '13, which included the elimination of certain asset classes and a significant reduction in the number of revenues producers from the prior year period. New issuant [indiscernible] advisory revenue was $300,000 in the quarter, which was down from both the prior and prior year quarters. The decrease was primarily due to its SPAC transaction fees received in the second quarter of '14 and the third quarter of '13. Our asset management revenue was down $500,000 to $2.7 million in the third quarter from second quarter and was down $1.7 million compared to the year…

Thanks Joe. As we approach the end of the year, I would like to take this opportunity to thank our employees and our board members for their continued hard work and support. We are encouraged our by our prospects for value creation as we continue to transition to more simplified and stable platform and looking forward to opportunities in 2015. End of Q&A: Thank you. Ladies and gentlemen, this does conclude today’s conference call. You may now disconnect.