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All segments of our business reported increases in operating revenues as compared to the prior year-to-date period with the exception of the CES segment. Market conditions continued to be generally less favorable during the quarter under review than they were a year ago, especially for our Equity Capital Markets business but were positive for our Commercial Hedging business due to the unusually wet weather we experienced over the planting season in the U.S. %���� The largest increase was in our Securities segment, which added $67.4 million, driven by growth in Equity Capital Markets volumes as well as increase in interest income related to our securities lending and domestic fixed income activities.Our Global Payments and Commercial Hedging segment added $12 million and $9.1 million, respectively, while our Physical Commodities segment added $7.8 million versus the prior year-to-date period. As Sean noted earlier, the Fed recently dropped short-term rates by 25 basis points. As noted on this slide, our earnings on these balances have increased $2.8 million versus the prior year to $16.6 million, as our yield on these balances has increased 61 basis points to 2.37% in the current period.Interest income on these balances remained relatively flat versus the immediately preceding second quarter of 2019. I'll be referring to slides and the information we've made available as part of the webcast, specifically starting with Slide #3, which shows our performance over the last 5 fiscal quarters. Exchange-traded volumes increased 12%, driving a $3 million (technical difficulty) transactional revenues, primarily in the domestic agricultural market. But again, when you hire teams of people, you get costs before you get the revenues. Or is it even a relevant factor?----------------------------------------------------------------------------------------------------------------------------------------------------------------Sure. Pretax and adjusting for the items mentioned above, we are roughly in line with last year's record pretax results.

%PDF-1.5 Net income was $57.9 million for the current year-to-date period as compared to $39.8 million in the prior year, with the prior year-to-date period including a $20.1 million charge related to tax reform. In addition, over-the-counter volumes increased by 21% versus the prior year, driving a $5.1 million increase in OTC transactional revenues off the back of increased activity in both the North and South American grain markets. INTL Book Value / Share Russell 2000 INTL Market Value / Share 18.4% 10.0% INTL FCStone Overview 4 Company Overview Key Stats (1) INTL has built a comprehensive global platform providing our customers with efficient and transparent execution, market intelligence and insight, and post-trade services across asset classes and markets. While operating revenues in our CES segment declined $10 million versus the prior year, segment income declined a more modest $1.8 million due to the increase in interest income as well as the lower transaction-based clearing expenses and introducing broker commissions.Finally, the $10.5 million increase in net cost in unallocated overhead were driven by the $1.9 million decline in operating revenues noted earlier, a $1.4 million increase in the cost associated with our recent acquisitions and initiatives as well as increased headcount in several administrative departments and higher nontrading technology and support costs related to various IT and client engagement systems.Moving on, Slide #6 shows the interest and fee income on our investment of client funds in our Exchange-Traded Futures & Options businesses as well as the client balances held in our Correspondent Clearing and Independent Wealth Management businesses. This growth was driven by increased activity from our existing international banking clients as well as the onboarding of several new banking clients during the third quarter.Physical Commodities declined $200,000 or 1% in operating revenues versus the prior year, driven by $800,000 decrease in precious metals as a result of the $2.5 million unrealized mark-to-market loss, Sean discussed earlier. So they will take some time for us to integrate.----------------------------------------------------------------------------------------------------------------------------------------------------------------Bill, would you be able to split that $3.5 million between the businesses that you have purchased versus the organic start-ups that are costing you money?----------------------------------------------------------------------------------------------------------------------------------------------------------------We haven't just put that in the disclosures as now. Modestly offsetting these increases, Commercial Hedging segment income declined $800,000 as compared to the prior year.Finally, the $21.5 million increase in net costs in unallocated overhead were driven by the decline in operating revenues noted earlier, up $4.4 million increase in the costs associated with our recent acquisitions and initiatives as well as increased headcount at several administrative departments and higher nontrading technology and support costs related to various IT and client engagement systems.Finally, I will touch on the year-to-date dashboard, which is Slide #10 in the presentation.

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