And now, I would like to turn the call over to Tom.Tom Kloet Thank you, Paul; and good morning, everyone. Thank you for joining us to discuss TMX Group's second quarter performance. Michael will walk you through our financial results in detail in a moment, but first, I would like to take a few minutes to review our operational results, as well as our business initiatives and activities. It was an eventful quarter for TMX Group. It is perhaps an understatement to say that it was an eventful period for the capital markets and for the country. Most impactful were the flash crash in the US, and the G8 and G20 summits held here in Canada. But it certainly isn't often that Toronto experiences an earthquake, riots in the streets, and a flood, all in one week. But I do want to note the work done by the TMX Group teams, who ensured the uninterrupted operation of our markets, including price discovery and capital formation throughout this period. I will take a few moments to share my thoughts on the flash crash first. Simply put, the events of May 6 were a wake-up call. The extreme inexplicable market volatility on that day harmed issuers and investors and it revealed very serious systematic flaws and weaknesses. There is the general consensus is that a fragmented marketplace with multiple trading venues working under very different rules was an important factor, and that these disparate and uncoordinated rules are not understood by many investors, or listed companies. While the flash crash was in the US, regulators around the world have taken note, and are proactively working to ensure similar events do not occur elsewhere. TMX Group welcomes and strongly supports the Canadian regulators' review of both the May 6 market event, and the broader regulatory and policy issues it raised. We stand prepared to assist in any way, and to share our insight as steps are taken to fix the problems that were exposed by market activity on that day. In fact, we have been participating in a marketplace committee that has been working to provide input to the CSA on issues like single stock circuit breakers. This is encouraging, because by demonstrating the common will to eliminate the flaws, and sure up those weaknesses going forward, we will strengthen the Canadian capital markets.
The quarter's other impactful event was the G8 and G20 summits. While it was massively inconvenient for Toronto's heavily populated financial district, hosting the G8 and G20 summits provided Canada with a great opportunity to showcase the unique attributes of the Canadian marketplace to the world. The exposure was helpful for TMX Group, because it was well aligned with our efforts to promote the Canadian marketplace as a listing and trading venue internationally. Canada's economy weathered the economic storms of 2008 and 2009 relatively well, and the summit gave the country a chance to demonstrate needed leadership on a global scale. While much of the outcome of this meeting cannot be measured in immediate economic terms, we believe the visibility will ultimately help the Canadian economy.There have been signs of renewed economic activity in Canada, including signs that Canada is experiencing a more robust recovery than many parts of the world. Canada's GDP rose 6.1% in the first quarter of 2010. Since then, the rate of growth has slowed somewhat, but Canada's growth is expected to outpace other G8 economies for some time. The Bank of Canada recently bumped up essential rate, and there were other encouraging economic indicators, for example, lower unemployment numbers at the end of the second quarter. Read the rest of this transcript for free on seekingalpha.com