Our fourth quarter results reflect the extraordinarily difficult business environment in which Goldman Sachs operated this Fall,

Our trading and underwriting business were down from record first-half levels in an increasingly difficult environment.

Amy led the drive to improve efficiencies, modernized the exchange's financial systems and processes, and helped reinvent our business and pricing models. I am especially grateful to Amy for her invaluable work on the NYSE/Archipelago merger.

The business environment remains challenging, ... But if you have a good strategy ... there is gold in all of this.

The NYSE is by far the largest market, it is the most liquid market, we have the best price 93 percent of the time, but one of the things we're not is the fastest. And some of the big institutional customers have said they want the ability to trade quickly and with a high degree of certainty and we're going to give them the ability to do that.

pleased with the resolution of this litigation, which allows our members to vote as planned on the proposed merger on Dec. 6.