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Jeffrey Marc Solomon - Chief Operating Officer, Head of Investment Banking, Director, Member of Executive Committee, Member of Operating Committee and Chief Executive Officer of Cowen & Company
Stephen A. Lasota - Chief Financial Officer, Principal Accounting Ofifcer and Member of Operating Committee
Joel Jeffrey - Keefe, Bruyette, & Woods, Inc., Research Division
Devin Ryan - Sandler O'Neill + Partners, L.P., Research Division
Good morning, ladies and gentlemen, and thank you for joining the Cowen Group, Incorporated Conference Call to discuss the financial results for the 2012 second quarter. By now, you should have received a copy of the company's earnings release, which can be accessed at the Cowen Group Incorporated website at www.cowen.com.
Before we begin, the company has asked me to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to risks and uncertainties described in the company's earnings release and other filings with the SEC. Cowen Group, Incorporated has no obligation to update the information presented on the call. A more complete description of these and other risks and uncertainties and assumptions is included in the company's filings with the SEC, which are available on the company's website and on the SEC website at www.sec.gov.
Also on today's call, our speakers will reference certain non-GAAP financial measures, which the company believes will provide useful information for investors. Reconciliation of these measures to GAAP in consistent with the company's reconciliation was presented in today's earnings release.