We will discuss non-GAAP financial measures during this call. These non-GAAP measures are fully reconciled in the tables attached to the text of the earnings press release that we issued earlier today. We believe that these tables provide investors useful information about our business trends. However, our non-GAAP measures do not replace and are not superior to GAAP measures.Duncan Niederauer, Chief Executive Officer, will address the merger, review the highlights and accomplishments for 2011, walk you through the drivers of our equity story for 2012 and beyond and close with comments on the macroenvironment. Michael Geltzeiler, Chief Financial Officer, will then review the financial results for the quarter and provide you with preliminary guidance for 2012. We will then open the line for your questions. We are incorporating slides for the call today, which are available for viewing on our website, and Duncan and Mike will refer to the slides during their remarks. With that, let me turn the call over to Duncan. Duncan L. Niederauer All right. Thanks, Stephen. Good morning, everybody, and thanks, as always, for joining us. Before I get into the details on Slide 3, let me just tell you what we're going to try to accomplish this morning. I thought I'd start by saying a few words about the merger prohibition announcement from last week. We'll move quickly into what we've accomplished in 2011, and I think the most important focus this morning will be to outline our plan for creating value for shareholders in the quarters to come. So let me just dispense with the merger first, if I may. It is our view and it was our view, and I think it continues to be our view, that the proposed merger was a great opportunity to accelerate our strategy. It was a great opportunity to create long-term value for shareholders, and we also believed it would provide substantial benefits with regard to capital efficiencies for the capital markets community.
However, given the narrow market definition that the Commission chose to use when evaluating the transaction, it was my view that the industrial logic of the transaction would've been significantly compromised if we agreed to meet the Commission's demand for remedies, and we were not going to violate the trust that the shareholders placed on us when they voted to support the deal this past summer. So the deal is done. It's behind us, and I want to be very, very clear about that. I'd like to close that remark by thanking the shareholders, the customers, and most importantly, our employees for their patience and support during this process. I'm still glad we tried. But unfortunately, the outcome was not what we'd hoped for.So now let's move on to 2011. I'm extremely pleased to share our full year 2011 results with you, which, as you can see, were characterized by a 6% increase in revenue, a 21% increase in operating income and a 19% increase in both net income and earnings per share. The results were driven by strong trading volumes, continued cost discipline and more meaningful contributions from new initiatives. We beat our cost guidance for the year as cost declined 4% on a constant dollar, constant portfolio basis, and we were well below $200 million in CapEx. While we fell short of our target of 15% revenue growth in our NYSE Technologies business, we did achieve double-digit revenue growth under challenging market conditions and the uncertainty for clients that was created by the proposed merger. On the business front, we made significant progress in growing our NYSE Liffe U.S. business with the launch of interest rate derivatives and the migration of the MSCI Emerging Markets and EAFE stock index futures to our exchange. Open interest in these products has nearly doubled since the migration and open interest across the entire exchange surpassed the $1 million contracts mark in December. Read the rest of this transcript for free on seekingalpha.com