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BGC Partners, Inc. (BGCP)
Q2 2012 Earnings Conference Call
July 26, 2012 10:00 AM ET
Howard W. Lutnick - Chairman and CEO
Shaun D. Lynn - President
Anthony Graham Sadler - CFO
Sean A. Windeatt - COO
Jason McGruder - Head of Investor Relations
Patrick O'Shaughnessy - Raymond James
Jillian Miller - BMO Capital Markets Corp
Richard Repetto - Sandler O’Neill & Partners
Niamh Alexander - Keefe, Bruyette, & Woods, Inc., Research Division
Justin Hughes - Philadelphia Financial
Good day ladies and gentlemen and welcome to the Second Quarter 2012 BGC Partners Incorporated Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions).
And now, I have the pleasure in turning the conference over to Mr. Howard Lutnick, Chairman and CEO. Please proceed.
Actually, first it’s Jason McGruder, Head of Investor Relations. Good morning. Our second quarter 2012 financial results press release was issued this morning. This can be found either at the News Center or Investors Relations section of our website at www.bgcpartners.com.
During today’s call, we will also be referring to a presentation that summarizes our results and which includes other useful information. This too can be found at our IR website. Today’s call will be – on today’s call we will be referring to results only on a distributable earnings basis. Please see today’s press release for GAAP results. Please also see the section of today’s press release entitled Distributable Earnings, Distributable Earnings compared with GAAP results and reconciliation of GAAP Net Income to Distributable Earnings for a definition of these terms and how, when and why management uses them.