Unless otherwise stated, whenever we refer to income statement items such as revenues, expenses, pre-tax earnings or post-tax earnings, we are doing so only on a distributable earnings basis. Unless otherwise stated, all the financial comparisons we will be making today will contrast the second quarter of 2012 with the second quarter of 2011.
I also remind you that the information on today’s call contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 as amended and section 21E of the Securities Exchange Act of 1934 as amended. Such forward-looking statements include statements about the outlook and prospects for BGC and for its industry, as well as statements about our future financial operating performance.
Such statements are based upon current expectations that involve risks and uncertainties. Actual results performance or achievements could differ materially from those contemplated, expressed or implied because of a number of risks and uncertainties that include, but are limited to the risks and uncertainties identified in BGC’s filings with the US Securities and Exchange Commission.
We believe that all forward-looking statements are based upon reasonable assumptions when made. However, we caution that it’s impossible to predict actual results or outcomes or the effect of risks and uncertainties, or other factors on anticipated expected results or outcomes that accordingly you should not place undue reliance on these statements.Forward-looking statements speak only as of the date when made and we undertake no obligation to update these statements in light of subsequent events or developments. Please refer to the complete disclaimer with respect to forward-looking statements and risk factors set forth in our most recent public filings on form 8-K, 10-K and 10-Q which were incorporated today by reference. Now, I’m happy to turn the call over to our host, Howard Lutnick, Chairman and CEO of BGC Partners.
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