Good day, ladies and gentlemen, and welcome to the NASDAQ First Quarter 2015 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Ed Ditmire, Vice President of Investor Relations. Please go ahead, sir.

Good morning, everyone. And thanks for joining us today to discuss NASDAQ's first quarter 2015 earnings results. On the line are Bob Greifeld, our CEO; Lee Shavel, CFO; our Co-Presidents, Adena Friedman and Hans-Ole Jochumsen; Ed Knight, our General Counsel; and other members of the management team. After prepared remarks, we'll open up to Q&A. The press release and presentation are on our website. We intend to use the website as a means of disclosing material, non-public information and complying with disclosure obligations under SEC Regulation FD. I'd like to remind you that certain statements in the presentation and during Q&A may relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from these projections. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our press release and periodic reports filed with the SEC. I now will turn the call over to Bob. Robert Greifeld - Chief Executive Officer & Director: Thank you, Ed. Good morning, everyone, and thank you for joining us today to discuss NASDAQ's first quarter 2015 results. We had a very strong start to our year. Our focus on creating new opportunities for our businesses and our customers was clearly evident. And I am very pleased with the overall direction this franchise is headed. The results we delivered during the quarter are the second best in our history in terms of non-GAAP operating income, net income, and diluted EPS. This occurred while also including material year-over-year bottom line growth despite elevated FX headwinds. As I pointed out to you on this call before, we have a fundamental view that our performance at this particular point in time in our evolution…

Operator, can you open the line for questions.

Certainly. And our first question comes from Rich Repetto from Sandler O'Neill. Your line is now open. Please go ahead. Richard H. Repetto - Sandler O'Neill & Partners LP: Yeah. Good morning, guys. I guess my question first with, Lee, there was a lot of expense movements around and the new guidance, and when you look at that guidance, it's down $35 million, I think to $40 million, the yearly guidance. Can you first tell us what component – and you did talk about an FX component and then a true cost savings component? Could you break out, out of that $35 million to $40 million, what percentage is what? And then also just on expenses; it looks like the margins in Corporate Solutions were aided by 200 basis points to 300 basis points as you moved the re-categorized revenues, and I just want to make sure that was correct and is that being incorporated into the goals of the margin targets at Corporate Solutions or Technology Solutions? Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: Yeah. So Rich, on the expense guidance, I don't have a precise breakdown for you in terms of the, on the guidance, what is FX and then what is operational. I think it's something we can provide supplementary to you. On the Corporate Solutions element, I don't think that the re-categorization had any significant impact on the overall margins. So I'm a little – just a little puzzled in terms of what you're seeing on that front, but we can maybe understand that a little more clearly. Robert Greifeld - Chief Executive Officer & Director: I don't think its Corporate Solutions. It's really – probably TradeGuard (34:58) in the markets. Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: Oh, in the markets.…

Thank you. And our next question comes from Michael Carrier from Bank of America Merrill Lynch. Your line is now open. Please go ahead.

Hi. Thanks, guys. First question, just on the non-transaction part of the business. I think if I look over the past three quarters, it looks like the organic growth is coming around 2%. It seems like in some businesses, like Listings you guys have some momentum in pricing power, but there are some things on the Corporate Solutions and some of the other areas where there's this phase of re-pricing, and then I think the initiative is then to start to grow and take market share. So just want to get a sense like where are we in that stage of evolution where we see this maybe lower organic growth as you're going through some of this re-pricing to the process so that at the point that you expect that you see some acceleration once you had that behind you? Robert Greifeld - Chief Executive Officer & Director: All right. Great question. So one, we certainly agree with you that we are seeing really very strong momentum in the Listing business, both here and in Europe, and we're also seeing very strong momentum in NASDAQ Private Markets, which is particularly encouraging. With respect to Corporate Solutions, I would definitely say it's not the time to focus on a given quarter. This year is clearly a year of transition. We are working very hard, and I think quite successfully in coming forward with a number of different products. We mentioned next-gen in particular, but really as I said in my prepared comments across the wide range of products we have there is a significant amount of refresh going on. So we're pleased with the progress we have to-date. We're pleased with kind of the roadmap we have for 2015, but certainly expect to see an acceleration as these new products come on-stream.

Okay, thanks. And then just maybe one on the expense side. Any color you can give on, I know you mentioned it's tough to segment the FX versus the restructuring. But just curious, if you have any detail or when you do get that? And then just on the outlook, I think these – that the charges tend to be somewhat consistent or are ongoing. Just want to get a sense, when you think about the business model, you think about the level of acquisitions that you do over time. Is there an amount of, kind of charges, restructurings that you'd expect to be kind of consistent on an ongoing basis versus what would be more say one time in nature? Robert Greifeld - Chief Executive Officer & Director: So with the first part of your question, we can definitely give you the breakdown, we just don't have it at our fingertips today. Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: Actually, I can provide more color. Robert Greifeld - Chief Executive Officer & Director: Perfect. Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: So let me just address that quickly. So as we described in the restructuring program, we have identified $17 million to $19 million of cost savings in my earlier remarks associated with the restructuring. I think there have been some incremental savings that we have been able to achieve outside of that restructuring amount, but also I would say roughly in the $20 million category relates to expense savings, and then we have the balance of that difference will reflect the change in FX over that period.

Okay. Thanks a lot. Robert Greifeld - Chief Executive Officer & Director: Okay. And the second part of your question, I definitely want to make it very clear that we look at this operation on a continuous basis, and we always focused on how can we run this business more efficiently and more effectively. And the answer you get in one year is always different than the answer you might get in the next year. So when you look at our businesses, independent of any acquisition, you have an organization which will always – from the bottoms up, analyze what we do and always try to make sure we're properly structured for the perspective periods of time. When you have that mindset, we will always be going through some one-time or some level of refinement. We see that as a positive indication that the business is alive, dynamic, and thoughtful in terms of how to run the organization. So we'd like actually the number to be bigger, but obviously as we get more efficient, it becomes that much harder to find ways to do it better. But we remain positive that there are always ways for us to figure out how to run this business more efficiently. So I think when you think about NASDAQ, you should think about us always saying what can we do better and we're not going to get hung up on any accounting treatments in light of our ability to improve.

Thank you. And your next question comes from Brian Bedell from Deutsche Bank. Your line is now open. Please go ahead.

Hi, good morning, folks. Robert Greifeld - Chief Executive Officer & Director: How are you doing, Brian?

Good. How are you? Robert Greifeld - Chief Executive Officer & Director: Good.

Good. So just a little bit more detail on both the global rebranding initiative in terms of what you intend to get out of that, and then also in line with that, if you can talk a little bit more detail about the next-gen platform that the timing of the changes to that platform and if there are early revenue contribution targets from doing that, and then if you can remind us on the operating margin target for the TR Corporate Solutions business and the timing of that? Robert Greifeld - Chief Executive Officer & Director: Okay. All right. So let me start with the first part with respect to the rebranding. One is, we're very proud of the way we developed and evolved into a global company. That integration has been, I think very successful when compared with others in this space, somewhat remarkable. And what was interesting to me for the last number of years, we've had folks from our European operation saying that we should drop the OMX from our name, that NASDAQ was the good global brand and it played in Europe and Asia, and in certain ways it's stronger outside the U.S. than in the U.S. I had resisted that for a period of time but it didn't really make any sense going forward. It's the way our customers think of us, it's the way the public perceives us and it's right for us to have the official corporate name reflect that reality. So that was the decision in the coming. With respect to corporate solutions, as I mentioned in my prepared remarks, we're going to beta release quite shortly in the next month or two months with selective customers. Obviously that is not a ready-for-production version, but it shows that we're getting close to that. We expect the first major production release of next-gen to be sometime in the third quarter of 2015 and we expect the full release to be available in and around the end of 2015. So as I said, those efforts – we have a great set of team, people and teams working on it and we grow increasingly comfortable and the customer feedback has been beyond our expectations. Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: And then on the third part, on the Technology Solutions margin, what we have said is that, we do expect to achieve year-over-year improvements on that margin as we successfully integrate the Thomson Reuters integration, reduce the number of platforms. And we have a long-term objective of getting the profitability of that business to 20% or higher, but we have not set a specific timeline. I think we'd like to make certain that we've completed the integration and have a clear review on the success of that before we consider any more precise guidance on timing.

That's great. And then just may be one follow-up. Bob, if you could talk a little bit about the energy platform initiative? How it differs from NLX in structure and then if could also comment on what you're thinking about NLX in terms of timing of – if you continue to go with that and if it still a $0.02 drag per quarter? Robert Greifeld - Chief Executive Officer & Director: I think that's two follow-on questions, but we'll...

Sorry. Robert Greifeld - Chief Executive Officer & Director: It's okay, Brian. All right. So let me start with our energy platform. So one, as you saw with the announcement, the broad base of support is quite remarkable, and I would have to say since the announcement, the number of market participants across the globe, who are signing up for it is greater than we could have anticipated. So you see a lot broader acceptance of the concept with our energy effort. In addition, it's important to recognize that the core group and our energy product has to pay. So you might call a pay for play, but they have a commitment to the enterprise in terms of real dollars that have to work. So those are two, I think very strong differentials. I also say the FCM community has been particularly receptive to this, and we're getting stronger support again than I could have guessed. With respect to NLX, you had basically NFX learn from NLX and now NLX is trying to learn from the model that was negotiated with our partners in NFX and we remain, I think optimistic that we have a future for NLX. We watch it every day and as you've highlighted with your number here, we have reduced the operating cost of NLX quite dramatically.

Thank you. And your next question comes from Ken Worthington from JPMorgan. Your line is now open. Please go ahead.

Hi, thank you. I just missed the cutoff. Okay. So can you just talk about the options business, it looks like recent entrants have been having a reasonable impact on market share and the incumbents generally seem to be losing. Maybe what are the new entrants doing effectively and I guess is a NASDAQ response required here? Robert Greifeld - Chief Executive Officer & Director: Well, the one thing that I would say with respect to the Options business, which is outside the normal realm of competitive pressure is that we agreed to participate in a further funding of OCC based upon one, our equity ownership and the strong push by the regulators to bring better balance sheet to that operation. So we did that investment, it represented a good return to NASDAQ's shareholders but I'd have to say that not all customers were wild about that and some wish that they had had the opportunity to participate, and I think certain customers then took that as an opportunity to essentially put us in the penalty box. So it is a 100% our responsibility to get back in the good graces with those customers. We're focused on it. We're working on it hard and we're optimistic going forward. That being said, the options market is competitive. We thrive in competitive field, so we have our plans in place and we have respect for the competitors, but know that we come at it with a strong arsenal of customer centric tools and capabilities.

Thank you. And your next question comes from Chris Allen from Evercore. Your line is now open. Please go ahead.

Morning, everyone. Just wanted to ask on the restructuring. What was the thought process that led to the restructuring? What areas was targeted in specifically around in terms of head count reductions? And if it was FX driven, why was there a consideration around potentially using hedges instead? Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: Sure. So, Chris. A couple of answers there. First, the motivation for the restructuring charges. We are always looking at opportunities to improve our cost structure. I think, in particular, given some of the FX headwinds, we felt a higher obligation to take a close look across the businesses and we didn't rule anything out. We really challenged the businesses to find a variety of ways to reduce our costs. As I mentioned, certainly the head count reductions reflect in part permanent reductions, but also the acceleration of an initiative that we've had to look to move certain jobs in operations both market and accounting to lower cost areas, where we see a significant opportunity. So that represents a significant part of the restructuring charge as well as rationalization of some of our global real estate. Through acquisitions, we've acquired a number of facilities, and we've been in the process of consolidating those and have taken some steps to improve efficiencies on that front. So I would just describe it as part of our overall discipline here. Robert Greifeld - Chief Executive Officer & Director: And the point I would add is we're very attuned to how we (50:11) capital and what kind of returns we get, so obviously share buybacks are important acquisitions, internal investment. But by far and away, the highest return on invested capital is a restructuring opportunity. If we have the ability to invest to allow us to run more efficiently going forward, that is the best use of capital. So we just wish we had more of these opportunities. I think the team did a great job on reimagining how we can run this place, and obviously we're then reducing our core run rate going forward. So we're very happy with that. Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: And Chris, I think there was a second part to your original question?

Yeah, just whether any of the restructuring shown by FX, it kind of looked that way for future release. Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: Oh! Yeah. Well, not specifically and there's no specific restructuring charge associated with FX. Simply the change in our expense guidance reflects an expectation of a stronger dollar which reduces our overall expenses. I talked about the breakdown of that change where approximately $20 million of it is related to cost saves, the balance due to FX. And in terms of hedging, we do hedge our revenues when we recognize them, when we recognize, when we book the receivables so that we're not exposed to FX exposure on that front, but given the uncertain nature of many of our revenues, particularly on the transactional side or in the market technology business, which involves large contracts in uncertain timing, it's not, from our view, economically attractive for us to attempt to hedge those and we expect those exposures even out over time.

Thanks, guys.

Thank you. And your next question comes from Alex Blostein from Goldman Sachs. Your line is now open. Please go ahead. Alexander V. Blostein - Goldman Sachs & Co.: Great. Good morning, everyone. Robert Greifeld - Chief Executive Officer & Director: How are you doing, Alex? Alexander V. Blostein - Goldman Sachs & Co.: Good. So quick question for you guys, I guess, on FX again. So, Lee you gave this guidance which obviously implied some benefit from lower – from a weaker krona, I guess in March versus January for the year. I think it was – I think the krona was down like 5%, 6% when you kind of look at that March versus January timeframe. Any sense if you were to look at the revenues of the business, what that total number would look like, I guess if you looked at the same kind of FX impact in March versus January for the full quarter? Just trying to get a sense to like really match up your guidance on expenses and the kind of the lower guidance on expenses because of FX relative to revenues? Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: Right. So, Alex just to give you some sense around that, and it's important to understand that our primary FX exposure, it's a range of currencies, but it's not predominantly the Swedish krona because our revenues and expenses roughly match, and if you look at the enhanced disclosure that we'll be providing the 10-Q, it will provide a clearer sense of that transactional FX exposure. It really is predominantly a euro exposure, and to give you some sense of that, on a year-over-year basis from a revenue perspective, our revenues were impacted by a negative $29 million year-over-year. But on the sequential quarter…

Thank you. And our last question comes from Ashley Serrao from Credit Suisse. Your line is now open. Please go ahead. Ashley Neil Serrao - Credit Suisse Securities (USA) LLC (Broker): Good morning. Robert Greifeld - Chief Executive Officer & Director: How are you doing? Ashley Neil Serrao - Credit Suisse Securities (USA) LLC (Broker): Good. Couple of questions just around capital management, sideways to dividend. Just wanted to get your thoughts on how you're thinking about the dividend longer term, and also your current leverage levels as well? Robert Greifeld - Chief Executive Officer & Director: Right. So, let me start with the dividend question, and as I said in my prepared remarks, we look at multiple channels for use of capital. I think it's important for us always to be positioned to execute across those multiple channels. We certainly did that very successfully in the first quarter with both share buybacks and the acquisition of Dorsey, Wright, and further investments in internal initiatives. So that's what we have to do. So the raising of the dividend is certainly a quite strong positive, because it means that we think our business model is strong enough for us to execute across all those channels while increasing the dividend by two-thirds. And that is the benefit of the great execution we've had over the last number of quarters. Lee Shavel - Chief Financial Officer & EVP-Corporate Strategy: And Ashley, on the leverage question, as I noted, our total debt or gross debt-to-EBITDA is 2.3 times, and that – that reflects at one level a benefit from the stronger dollar having an impact on our euro-denominated debt, but offset by – what I would describe as a temporary increase in debt as we were financing the Dorsey, Wright acquisition through our revolver. But we would – we expect for that dent to be paid down over the balance of the year, and we would generally continue to target that number in the low 2s as our leverage – normal leverage level. Ashley Neil Serrao - Credit Suisse Securities (USA) LLC (Broker): Thanks for taking my questions. Robert Greifeld - Chief Executive Officer & Director: Great.

Thank you. I would like now to turn the call back to CEO, Bob Greifeld for any further remarks. Robert Greifeld - Chief Executive Officer & Director: Great. Well, I first thank everybody for the time this morning. As I said in my prepared remarks, it was a very solid quarter. We are executing really across a wide range of our businesses and it is an exciting time to be here at NASDAQ and we certainly have many great prospects going forward, and we appreciate your support in this effort. Look forward to talking to you in very short order. So, thank you.