Good day, ladies and gentlemen and welcome to the INTL FCStone Fourth Quarter 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 be given at that time. [Operator Instructions] As a reminder, today’s conference is being recorded. I would now like to turn the call over to Mr. Bill Dunaway, CFO. Sir, you may begin.

Good morning. My name is Bill Dunaway. Welcome to the earnings conference call for our fiscal fourth quarter ended September 30, 2017. After the market closed yesterday, we issued a press release reporting our results for the fiscal fourth quarter. This release is available on our website as well as a slide presentation, which we will refer to on this call in our discussions of the quarterly and year-to-date results. You’ll need to sign on to the live webcast in order to view the presentation. Both the presentation and an archive of the webcast will also be available on our website after the call’s conclusion. Before getting underway, we’re required to advise you and all participants should note, that the following discussion should be taken in conjunction with the most recent financial statements and notes thereto as well as the Form 10-K filed with the SEC. This discussion may contain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC. Although the Company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there could be no assurances that the Company’s actual results will not differ materially from any results expressed or implied by the Company’s forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance. With that, I’ll now turn the call over to Sean O’Connor, our CEO. Sean O’Connor: Thanks, Bill. Good morning, everyone. And thanks for joining…

Thank you, Sean. I’ll be referring to slides and the information we have made available as part of the webcast. Specifically, starting with slide number three, which represents the bridge between operating revenues for the fourth quarter of last year to the current fiscal fourth quarter. As noted on the slide, the fourth quarter operating revenues were $205.1 million, a record high and a $26.5 million increase over the prior year. Looking at the performance in our operating segments, the most notable change was a $13.2 million increase in our commercial hedging segment. This represents a 24% increase over the prior year, driven by a 59% increase in over-the-counter revenues. The growth was driven by a 24% increase in OTC volumes, primarily in the grain and energy markets. Exchange-traded revenues increased 3% over the prior year with increases in agriculture and energy revenues being partially offset by lower LME revenues. Interest income in this segment increased 77% to $4.4 million compared to the prior year. The increase in interest income was primarily driven by an increase in short-term rates as average customer equity declined 7% versus the prior year period. Also showing strong revenue growth was our clearing and execution services segment, which added $11.9 million in operating revenues versus the prior year. Within this segment, the exchange-traded futures and options business increased $4.5 million over the prior year and 14% growth in customer volumes. In addition, the ICAP voice brokerage business acquired October 1, 2016 added an incremental $6.9 million in operating revenues in the quarter. As Sean noted, the correspondent clearing business acquired at the beginning of the fourth quarter of 2016 has grown nicely, increasing revenues 32% versus the prior year. Gains were offset by modest declines in FX prime brokerage and independent wealth management. Our global…

[Operator Instructions] Sean O’Connor: Well, it doesn’t look like we have any questions at this time. So, thank you for your attendance and -- it does look like we have a question. So, let’s take that one, operator.

Certainly. We have a question from the line of Will Settle with Woodmont. Your line is open.

Yes. Thank you. Sean, just real quick, I appreciate the commentary around the bad debt. I guess, could you elaborate on maybe why this division was unique in the way it was structured or the type -- business that was undertaking that makes this -- just gives us comfort this is isolated and it is much lower risk that this kind of issue could emerge in one of the other segments? Sean O’Connor: Well, you were very faint there. So, let me, for everyone one, paraphrase what I think your question was. I think what you were asking is what were the circumstances related to this business and how is it different and unique, and not relevant to our other businesses? Is that a correct paraphrase?

Yes. Certainly, just make sure this is isolated, give us comfort there. Sean O’Connor: Yes, okay. So, this business was started up about two years ago. It is not a business we are involved in anywhere else. We have in numerous times over the past started business from scratch that have become very big franchises for us. We saw an opportunity to start in the coal business in Singapore. Because this is not a business we do on a global basis and because of the geographic and time remoteness of Singapore, this business was set up with all the controls around this business in the Singapore office. So from that point of view, it is certainly very unique and very different to what we do elsewhere, where we generally run global businesses, we have our controlled vesting in our large offices where we have a robust control environment. Secondly, I think, although, we believe that the time we set this business up -- as I said at my opening statements, we spent a lot of time on controls and making sure that these kind of events don’t happen. And we certainly designed the business at the outset, I think in appropriate way. I think we had the necessary separation of duties in Singapore with various people checking and crosschecking and making sure that the business was going to be run appropriately. And we also sort of scaled the business appropriately, size wise and capital wise. I think, the issue we had and we sort of disclosed this in our filings, is we did not, on a continuous basis, verify that the control environment we set up was operating as we believed it was. And in all of our other businesses, we tend to have almost near continuous review of our…

Yes, very helpful. And just real quick on, as we think about 2018, could you comment on what’s in the global payments business, just kind of pipeline, are you still seeing the opportunity to approach new institutions and roll that offering out to them or things slowed down there? Sean O’Connor: Yes. So, just a general comment. What’s truly frustrating with the situation we find ourselves in, as you know for the first time in many, many years, we think that our business is just really poised for kind of liftoff. We’re seeing accelerating earnings in all our businesses, the microenvironment is start into turn into a tailwind, and we’re dealing with the situations. So, as a general comment, I think we feel pretty excited about all of our businesses right now and kind of where we sit, the hard work we put into build clearing and attract customer balances, so we can earn money not only just on the execution revenue, but also on those balances. For the first time, we’re going to see our business model kicking in. So, generally, we’re kind of excited about all of that. The global payments business continues to power on. Those guys have got a real scalable business; they’ve got a very efficient platform. We I think have made enormous inroads into that business where I think we are now generally accepted as one of the premier providers and that becomes a lot easier and self-sustaining and self-fulfilling. When we started this business five years ago and we called on the banks, it was a tough sale. No one knew who we were; no one knew why they should deal with us. But, I think we’ve now got ourselves in a really strong position. And as I said these calls numerous times before, we think there is a long adoption curve with each of our banks and we’re still not fully through on-boarding the banks. So, the combination of getting deeper and further into each of our banks payment flows and adding new banks, I think is going to sustain that business and sustain that business growth for some time to come. And then, the other thing is I think the percentage wise, the decline in the revenue per payment is going to start flattening at some point. We’re now sort of reaching kind of almost -- it’s going to deploy a little bit for a while, but those rates that have declined are going to stop flattening out. And that’s when I think you’re going to see more of the revenue growth drop directly to the bottom line. So, we’re excited about that. Will, any other questions?

No, thank you and all the best in 2018. Sean O’Connor: Thanks very much. Any other questions from anyone?

[Operator Instructions] And I’m showing no further questions. Sean O’Connor: All right. Yes. We don’t see any further questions. I’d like to thank all of you for making time to participate in the call. And I guess all that remains for me is to wish all of you happy holidays, healthy family time. And we will be talking to you soon about our December quarter. Thank you.

Ladies and gentlemen, thank you for participating in today’s conference. This does conclude the program. And you may all disconnect. Everyone have a great day.