Following our prepared remarks, we'll open up the line for Q&A. You can access the results press release and presentation on the NASDAQ Investor Relations' website at www.nasdaqomx.com. We intend to use the website as a means of disclosing material nonpublic information and for complying with disclosure obligations under SEC Regulation FD, and these disclosures will be included under the Events and Presentations section of the site.Now before I turn the call over to Bob, I'd like to remind you that certain statements in the prepared presentation and during the subsequent Q&A period may relate to future events and expectations and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The actual results may differ materially from those projected in these forward-looking statements. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our press release and in our periodic reports filed with the SEC. And with that, I'll turn it over to Bob. Robert Greifeld I think your statement gets longer every quarter. You're not leaving anytime for the rest of us. Thank you, everybody, for joining the call this morning. I'll begin by spending a few minutes highlighting our third quarter 2011 results, and then I'll update you on our plans going forward. Lee will then walk you through the detailed financials. The third quarter of 2011 was a record-setting one for us. Its net revenues reached an all-time high of $438 million. Non-GAAP net income grew to $121 million and diluted earnings per share came in at $0.67, 34% above our third quarter of 2010 non-GAAP results. The record revenues we generated highlight the power of our business model as we're able to lever increases in trading volume to deliver the fourth consecutive quarter of record earnings. Our ability to grow to revenues -- grow revenues by double-digit rates has been achieved by redefining what it means to operate in each and every one of our businesses, as efforts to broaden our product offering are yielding results. We continue to examine opportunities to provide value to our customers while delivering solid returns to our shareholders, and our record setting results demonstrate the strength of this plan.
Slide 4 of our presentation shows that we've done a remarkable job growing earnings over the past 4 years. Non-GAAP EPS of the first 9 months of 2011 are $1.90, up 31% from the first 9 months of 2010. The growth from 2007 reflects an impressive 14% compound average growth rate over the past 4 years, quite an accomplishment considering it was delivered during a period where our industry faced really unprecedented competitive pressures.On Slide 5, we showed that NASDAQ OMX has performed very well when compared to the broad markets. Our earnings per share has more than doubled over the past 4 turbulent years. The S&P 500 Index is up 11% for the same period. Anyone can make their own determination of value, but there is no denying that we have outperformed. On Slide 6 of the presentation, you can see that year-to-date revenues have grown 13% from the same period in 2010, well ahead of the 9% target we've communicated in the past. We've been able to achieve this growth, while U.S. equity industry volumes averaged 8 billion shares per day this year, down 10% from 2010 and well below the 9 billion to 10 billion we assumed when we established our growth targets during our Investor Day. Our ability to grow revenues by double-digit rates has been achieved by redefining what it means to operate in each and every one of our businesses, and efforts to broaden our product offerings are yielding results. Turning to the details of the quarter. In Market Services, revenue increased 20% when compared to the third quarter of 2010. The volumes in all of our products grew year-on-year. In U.S. equities, our matched volume was up 16% to 125 billion shares, the highest level since the second quarter of 2010. We continue to innovate to stay ahead of our competition. One example is the new feature plan for implementation is a minimum quantity order for PSX, which will allow our customers to specify a minimum number of shares they wish to trade. It's the most popular enhancement request we received from customers and is consistent with the price size philosophy of the market. We're also looking to add routing capability into PSX and are evaluating opportunities to add new features to NASDAQ and to BX to ensure that in addition to a speed base competitive advantage, we continue to drive functionality that sets us apart. Read the rest of this transcript for free on seekingalpha.com