We maintain a lean expense structure while we invest for future growth. Regardless of the global economic climate, this ensures that our spending remains focused on those initiative that generate return.
Based on our current business outlook, we continue to expect double-digit revenue growth in 2012 coupled with modest expense growth, which means profit should once again grow faster than revenues.
Specifically, we expect that expenses will be up slightly on a GAAP basis and up 3% to 6% on an adjusted basis, including compensation expenses rising 6% to 7%.
We've included additional financial guidance in our earnings release so please refer to it for more detail.Let's turn to Slide 7 and review the fourth quarter performance of ICE's future segment. Volumes grew 11%, generating a 13% increase in revenue. Average daily volume at ICE Futures Europe grew 22%, contributing to the exchange's 14th consecutive year of record volume. This is further confirmation of the rising importance of our benchmark contracts and the critical function they perform around the world. ICE Brent and Gasoil futures and options posted average daily volume growth of 36% and 21%, respectively, during the fourth quarter. In January, the Brent contract achieved an important milestone, reaching $1 million contract in open interest. Conversely, WTI volume has underperformed as idiosyncratic issues with the contract have made it less useful for hedging for customers with international price exposure. ICE's emissions contract also continued to perform well as volumes grew 51% and open interest grew 26% over the prior fourth quarter. Read the rest of this transcript for free on seekingalpha.com
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