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KCG Holdings, Inc. (NYSE:KCG)
Q1 2014 Results Earnings Conference Call
May 2, 2014 9:00 AM ET
Daniel Coleman - Chief Executive Officer
Steve Bisgay - Chief Financial Officer
John McCarthy - General Counsel and Head, Regulatory Affairs
Jon Mairs - Managing Director, Investor Relations
Rich Repetto - Sandler O'Neill
Niamh Alexander - KBW
Chris Harris - Wells Fargo
Chris Allen - Evercore
Ken Worthington - JP Morgan
Patrick O'Shaughnessy - Raymond James
Please standby. Good morning. And welcome to KCG's First Quarter Earnings Conference Call. As a reminder, today's call is being recorded and will be available by playback. On the line are Chief Executive Officer, Daniel Coleman; and Chief Financial Officer, Steve Bisgay; and General Counsel and Head of Regulatory Affairs, John McCarthy. A question-and-answer session will follow remarks on the quarter.
To begin, I'll turn the call over to Jon Mairs, Managing Director of Investor Relations. Please go ahead.
Jon Mairs
Thank you. Good morning. I am Jonathan Mairs. Welcome to KCG's first quarter 2014 earnings call. Before we begin, please direct your attention to cautionary terms regarding forward-looking statements in today's discussion, certain statements contained herein, and the documents incorporated by reference may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, take a minute to read the Safe Habor statement contained in the earnings per share, which is incorporated herein by reference.
In terms of the agenda for the call, Dan will open with a few remarks. Steve will provide details on the quarter including financials. Dan will return with a few addition comments before we take questions.
Now I'll turn the line over to Daniel.
Daniel Coleman
Thanks, John, and good morning, everyone. The first quarter of 2014 is only our third quarter of the new firm. As I've mentioned on previous calls, we are focusing on what we can control, we are focusing on taking cost out of the business through integrated platforms and processes, we are focusing on creating KCG.
For the third quarter in a row, I believe we have made progress on this front. What differentiates the first quarter of 2014 from the fourth quarter last year is a significantly improved environment that positively impacted some of our businesses.
In the first quarter, KCG recorded a 23% quarter-on-quarter increase in net revenues. Our direct-to-client Market Making posted a very strong quarter. As of April 15th, KCG fully repaid the first lien term loan, which gets us out from under the more restrictive debt covenants.
And finally, the KCG Board of Directors authorized $150 million share repurchase program. The people of KCG have been working very hard over the past year laying the foundation of our new firm.
This quarter we've been able to show tangible progress on many fronts and notably the potential of our business model under beneficial market circumstances and yet, I fully recognize there is still work to do to optimize our performance and more evenly balanced the contribution from our businesses and Market Making, as well as in Global Execution Services.
Over the past month we have been closely watching the elevated discussion of market structure issues and actively communicating with clients, policymakers and our employees to help clarify the facts.
While we like many others in our industry were frustrated with irresponsible characterizations of the equity marketplace, we encouraged that the deeper and more informed analysis of the issues is now taking place.
I'll touch on those issues in depth in a minute, but first, Steve, will run through additional details on the quarter.
Steve Bisgay
Thank you, Daniel, and good morning, everyone. As a recap, during the first quarter of 2014 KCG's GAAP pre-tax earnings from continuing operations were $59.4 million, stripping out nonrecurring revenue in the form of the income related to the BATS and Direct Edge merger, as well as the written down of capitalized debt cost during the quarter, operating pre-tax income was approximately $57.6 million.
A brief note, during the first quarter, KCG began a session charges for debt interest to the Market Making and Global Execution Services segments based on capital limits and requirements. Historically, the charges were contained in the Corporate and Other segments. The change has no impact on consolidated results.
We have broken out the respective charges to the segments in the press release and the discussions of segment results to allow for comparisons to previous quarters. The change will only be reported prospectively and therefore will not be reflected in any prior period financial results.
Getting into the segments, first, Market Making. During the first quarter, KCG's Market Making segment generated revenues of $277.3 million and pre-tax earnings of approximately $76 million. The debt interest charge for the quarter was $7.2 million.
The Market Making segment encompasses all direct-to-client and exchange-based Market Making across asset classes. The revenues and pre-tax earnings, inclusive of the debt interest charge grew 19% and 59%, respectively, from the fourth quarter of 2013.
Results were primarily driven by direct-to-client Market Making in U.S. equities as retail investors were fairly engaged during the first quarter. Overall, retail trading activity as measured by total SEC Rule 605 eligible orders handled by the leading market makers rose an estimated 9% quarter-on-quarter.
KSG executed a greater number of retail shares across exchange listed and OTC stocks than any other market makers. Our average daily shares traded of exchange listed stocks increased 3.5% from the fourth quarter, while daily volume of OTC stocks rose 228%.
Total average daily dollar volume rose 2.8% quarter-on-quarter. Market condition generally had a positive impact on exchange-based Market Making as did continuing efforts to integrate, test and refine strategies.
Revenue capture for U.S. equity dollar volume traded in the first quarter was 1.26 basis points. Driving the strong result was the increase in consolidated U.S. equity volume, intermittent periods of heightened volatility, the performance of our order execution models, a slightly higher rate of internalization and greater efficiencies due to scale.
As a result of strong revenue capture and total U.S. equity dollar volume traded during the quarter of $1.67 trillion, revenues from U.S. equity Market Making were approximately $210 million for the quarter. Revenues from Market Making activity outside U.S. equities of approximately $67.3 million were essentially flat quarter-on-quarter.
Direct-to-client Market Making in European equities was positively impacted by rise in broad European equity market volumes quarter-on-quarter and in fact, the continued growth of trade volumes in U.S. treasuries was offset in part by the sell-off in commodities.
Shifting over to Global Execution Services, during the quarter the segment generated revenues of $87.2 million and pre-tax income of $2 million. The debt interest charge for the quarter was $2.4 million.
The Global Excretion Services segment comprises agency execution services and trading venues. Revenues grew 4% from the fourth quarter 2013 and the segments going to profit inclusive of the debt interest charge.
The results were achieved through balance contributions across a number of business units with demonstrable progress from recent initiatives, institutional equities is a good example.
We received the full quarters benefit from adjustments that we made to the cost structure and closer coordination on sales to strategic accounts. In addition, we saw modest uptick in institutional trading activity.
KCG institutional sales trading in the U.S. and U.K. posted increase revenues and decrease expenses quarter-on-quarter. Our algorithmic and EMS executions set a quarterly record for average daily volume of U.S. equity shares traded of 281 million shares, a 9.7% increase quarter-on-quarter.
During the quarter, we rolled out a new opportunistic algorithm appears high test systems and logic created by KCG's Market Making team with parameter customization and broad market access recorded by our clients. We are also beta-test with client's additional new intuitive algorithms that integrate the best of both legacy platforms.
During the first quarter, KCG's trading venues continue to produce profitable growth. KCG Hotspot average notional FX dollar volume of $32.2 billion per day and 11.1% rise quarter-on-quarter and accounted for 14.1% of institutional spot FX volume among reporting venues. The team is working to drive continued growth by working with clients to develop specialized applications and methodologies that enhance trading.
KCG BondPoint grew average daily trade count and par value traded which was up 8.4% quarter-on-quarter to $144.2 million. Results were primarily driven by gains in market share to new record levels.
In the first quarter, KCG BondPoint accounted for 18.2% of interdealer corporate bond transactions under 250 bonds as reported by Trace and 5.8% of interdealer municipal bond transactions under 255 reported by the MSRB. The team continued expanding the platform to institutional clients and average daily trade account from this client base has more than doubled then the past year.
The KCG BondPoint team is currently focused on augmenting the platform to include capabilities and connectivity for institutional clients to OMC and EMS systems, and introducing new trading protocols for both broker-dealer and institutional clients.
Now a brief update on the Corporate and Other segment, during the first quarter, KCG received approximately $41 million in aggregate cash distributions from the merger between BATS and Direct Edge, all recorded as return on capital rather impacting our income statement.
Our high level discussion of the accounting treatment is contained in the press release issued this morning. Post-merger, KCG owns 16.7% of BATS which is now accounted for under the equity method.
Turning now to consolidated expenses, total expenses for the quarter were $316.5 million, excluding $7.8 million from the write-down of capitalized debt costs and lease loss accruals.
Compensation expense of $122.3 million in the first quarter was 45% of debt revenues. The increase in compensation from the fourth quarter is largely due to higher revenues, payroll taxes, 401(k) matching expenses, and two months of amortization expense from annual stock-based awards. We now define net revenues as total revenues less execution and clearing fees, payment for order flow and collateralized financing interest, as well as any one-time gains or losses from strategic investments. In the first quarter, net revenues were $270.3 million.
As for the other primary expenses during the quarter, execution and clearance fees were $75.5 million or 20% of revenues, excluding the net gain from BATS. The decline from the fourth quarter is related to higher revenue capture, internalization, sharing, and ECN usage. Communications and data processing was $36.8 million. Payment for order flow rose to $22 million or 6% of revenues, excluding the net gain from BATS. The increase in dollar amount is due to increased retail trading activity in U.S. equities and listed options.
Corporate debt interest decreased to $9.5 million as a result of the repayments to the first lien term loan during the quarter and collateralized financing interest, which is the interest expense incurred to finance our inventory, increased to $6.2 million during the quarter. Excluding nonrecurring charges disclosed in Reg-G reconciliations, all other expenses totaled $44.1 million, which was $4.7 million lower than the fourth quarter.
A quick update on the balance sheet. As stated, we intend to maintain a strong and liquid balance sheet. As of March 31, KCG has $651.1 million in cash and cash equivalents. Aggregate debt totaled $472.3 million and the firm's debt-to-tangible equity ratio stood at 0.35. KCG had $1.6 billion in stockholder's equity, a book value of $12.46 per share and a tangible book value $10.85 per share. Annualized return on tangible equity, excluding the net gain from BATS, was 10.8% for the quarter.
Following the early termination of the first lien credit facility on April 15, KCG's debt was reduced to roughly $423 million. As Daniel mentioned at the outset, KCG's Board of Directors authorized an initial $150 million share repurchase program. The program was sized equal to the maximum repurchases currently permitted under covenants contained in the second lien term notes. Finally, headcount as of March 31 was 1,230 full-time employees compared to 1,229 employees as of December 31.
That concludes our report for the quarter. Now, I'll turn it back over to Daniel.
Daniel Coleman
Thanks, Steve. As I said at the outset, we had a solid quarter. Operationally, we are ahead of schedule and integrating many of our core capabilities. Financially, we're nearing our target cost structure and also demonstrating our earnings power. Over the past month however, the sector has come under intense scrutiny regarding market structure in what has become an emotionally charged debate. I am sure many of you have questions around the market structure issues in the news and their impact on KCG and I want to proactively address them
In a letter to our clients just last week, we agreed with SEC Chair, Mary Jo White's assessment the U.S. equity markets are by no means rigged, and in fact, among the strongest and most reliable in the world. That said, our markets can always be improved and here are few areas we think should be reviewed, markets in our fee structures, ATS disclosure, market data latency, and market maker obligations. Both KCG predecessor firms supported the concept of market maker obligations. This is because our firms were both market makers. We were and still are intermediaries that bridge the temporal gap between supply and demand for buyers and sellers. The better we are at our job, the lower the transaction cost for our investors become, which ultimately means more of an investors' money goes into their investment.
The level of competition amongst intermediaries is intense and investors are the direct beneficiaries of that competition. I anticipate that many of those listening on the call might wonder about potential implications of regulatory change on our business. While I won't speculate about rules that have not yet been written much less proposed, I will tell you this, the intermediary service we provide is existed in markets for hundreds of years. It's a critical service that both our clients and our regulators value. Our relationships with our clients are long-standing and based on us delivering on that value proposition.
We are extremely confident in our ability to adapt and adjust our service models necessary in order to continue to fulfill our Market Making role. So when thinking about the various what-ifs involved with potential regulatory change, it is important to note that while the details and mechanics around what we could have changed, the fundamental role we play in the markets will not. Indeed, all indications are that an appreciation of the unique role of market makers in our market's ecosystem is only growing.
As I said, while it is impossible to anticipate what rules or other policy changes maybe on the horizon, it is clear that the SEC is focused on market structure issues related to high frequency trading, such as co-location, exchange fee structures, order type, and data feeds. And as one of the largest U.S. equity trading firms, we're providing the SEC information as part of their recently announced HFT market review.
We will continue to engage in work with regulators around these important issues and I've been heartened by the fact based data-driven approach the SEC has taken and promoted. Again no market is perfect. The U.S. equity market can be improved while retaining the significant benefits of the existing framework. The regulatory goal of fostering competition has also fostered complexity and that needs to be addressed. But as we contemplate change, we must also use empirical data, look at market interaction holistically, and be mindful of the potential implications of our decisions.
The U.S. equity markets are among the best in the world. Let's make sure any contemplated change only improves them. Thank you again for making the time this morning. And at this point, we will take questions.
Question-and-Answer Session
(Operator Instructions) We will go first to Rich Repetto with Sandler O'Neill.
Rich Repetto - Sandler O'Neill
Good morning, Dan. Good morning, Steve. And congrats on the strong quarter. I guess the first question, the revenue capture this quarter of 1.26 bps. Historically, Knight would guide to 0.8 to 1.2. And I'm just trying to see whether the guidance range is still good going forward or does the model where you've combined GETCO and Knight, should we look at this 1.26 as more sustainable and can you update that range?
Daniel Coleman
Okay. Hey, Rich, 1.26 I think reflects a very strong quarter and very strong market conditions. As we are putting our firm together, we are going get a closer handle over time as to what this capture rate should be, but I think this really reflects the market conditions and the traditionally Knight business called ETG and their performance. So while I don't want to give guidance, I would see this as a very strong number, and perhaps a number that would be toward the high end of the range. This includes I think some of the performance relates to strong pinks and bulletin board business as well as a very strong just general retail order flow. So I would love to see it repeated, but I think the market conditions in any case were much better than we've seen in the last few quarters.
Rich Repetto - Sandler O'Neill
Okay, that's helpful. And then I guess, Dan or Steve, just an update on the expenses you had -- well just trying to see what the outlook for more expense reductions over 2014. Is there any update there? Any more clarifications now that you have another, what is it, 90 days to look at this?
Daniel Coleman
On the expense reduction we are very pleased where we've gotten to thus far. At the end of last year and in this year, and excluding interest and contra revenues and clearing fees and things like that, our core non-personnel expenses I think are at a run rate that I would expect to be around this run rate this year. That doesn't mean they are not going to come down next year. What that means is, we've taken the low-handing fruit when it comes to non-personnel expenses, and I think we've moved on that or acted on that.
Now we are in the process of combining technologies, really changing processes, and a lot of the work we are doing now is going to take all of 2014. And I am very hopeful that next year you will see further non-personnel expense reductions because of the work we are doing this year and getting to an expense level that I think would be really competitive advantage of our. So we are very happy where we are now. I don't expect significant non-personnel expense reductions this year. We are very, very focused on expense reductions and I think the work we do this year will see some improvements next year.
Rich Repetto - Sandler O'Neill
Okay. And then the very last quick one, just the buyback, you're trading below tangible book value. Could you just comment on sort of the -- you paid down the debt and followed the plan, just how aggressive you might be on the buyback given where the stock is trading?
Daniel Coleman
Well, we are three quarters old and we want to be very careful and deliberate with decisions like this. This is within our covenants. We feel very comfortable that we are not. We can use this with the cash at hand and capital we free up and we are going to be very focused on trying to return this to our shareholders as quickly as we can, but we don't have a timeframe limit on it. We think it's a significant buyback. But we also think it's a buyback that's well within our means without changing our leverage in anyway.
Rich Repetto - Sandler O'Neill
Understood. And thanks. Congrats on the strong quarter guys.
Daniel Coleman
Thank you, Rich.
Next, we will go to Niamh Alexander with KBW.
Niamh Alexander - KBW
Thanks for taking my question and congrats on the quarter. And if I could go to the regulatory and thanks for your preemptive remarks on the regulatory environment and you said you are kind of already responding to the recent SEC kind of review of HFT as it were. And there is a few things and the price here. But the trade-at -- I mean, it's come up before but some of your online broker customers, they've kind of mentioned in passing in some of their calls that it could be potentially very negative for your business.
I know nobody has a look into what the SEC is up to right now in terms of if there's going to be a pilot or not, but help me think about what implications on your business if you ran a pilot or where would it be good. How might this change the level of internalization at your business, because you cited it as one of the reasons for the good rep capture as well as the higher retail flow in the first quarter?
Daniel Coleman
Well, I think it's difficult to talk about a trade-at without knowing the intricacies of the rules. If we take a step back and talk about some of the things of the exchanges or some of the exchanges have promoted, I feel like that the rules they are looking for are very much in their commercial interests and not necessarily in the interest of the marketplace. I think if, as the SEC does a holistic review, I'm hopeful they'll look at the issues at hand which they want to deal with that sometimes trade that's used is trying to fix such as price discovery and making sure they enhance then.
We think there are other ways they can do that, especially through market maker obligations and make a lot more sense, and do not decrease competition, do not decrease in a marketplace that an owner's trade-at rule would. So it is hard for me to comment without knowing what significant price improvement would mean with respect to some proposals of trade-at. But we're a firm that's involved in the lit markets very much as well as training directly with clients. We are a firm that provides price discovery in the lit markets as well as innovative ways to help our clients out directly. So a significant trade-at rule obviously would have an impact, but it's really hard to say at this point.
Niamh Alexander - KBW
Okay. Fair enough. And then just one other area that I guess was flagged in the book as well is the dark pools and you have two pretty big and successful ones. If again there were -- help me think about how that contributes to your -- I know you can't give it in numbers, but what way does that contribute to kind of boost your profit capture or your ability to capture shares, like if for example there were some significant limitations put on the dark pools that would capture yours as well?
Daniel Coleman
I don't think people understand how dark pools are viable to the firms like ours. It's a way for our clients to interact with each other in automated fashion. From a revenue point of view with us directly, it's not that material. But what it is, it's a flexible way for clients to interact with each other where some clients might post bids and offers and other clients might come in through our algos and things like that. We also have obviously no Knight link, which is really not a dark pool but it's more a traditional market maker, which I don't think would be impacted by any dark pool regulatory issues.
But I think, for example, if you were to look at significant changes to dark pools, just to go after dark pools, I think that's probably not the right way to go for lot of our clients like to interact in dark pools. But there are clearly some things I think regulators should look at with respect to the complexity of the markets that are having 58 or so different venues to trade on. And little changes here and there can really decreased complexity without decreasing choice and innovation, and we'll have to see how the SEC comes out on all of this. The little changes can have big impacts. The U.S. equity market structure is a very delicate ecosystem and so, I imagine the SECs can be very deliberate as they make changes and see how they impact the markets.
Niamh Alexander - KBW
Okay. Thank you, Daniel. And then just lastly if I could just on the buyback and following up from Rich's question earlier. Given how much you've put to work every day in the markets, like how much right now would you consider to be kind of excess cash that if you felt there was a big pullback in the stock and you do want to kind of go for it, how much is excess right now?
Daniel Coleman
I don't think we disclose excess cash. And as a trader, I've never disclosed my trading strategies. But I will say that it's important to demonstrate to our shareholders that we want to return cash to them, as we are working very hard to build out our operating businesses. Our shareholders have been patient with us and this is a way to reward them.
Niamh Alexander - KBW
Okay. Thanks so much.
Daniel Coleman
Thank you.
We'll go next to Chris Harris with Wells Fargo.
Chris Harris - Wells Fargo
Thanks. Hey guys.
Daniel Coleman
Hey, Chris.
Chris Harris - Wells Fargo
So, a few questions about the business. Dan, you just mentioned that there is possibility for more expenses to potentially come out in 2015. Any way to kind of frame up for us how much that could potentially be and maybe sort of the timing associated with any of that?
Daniel Coleman
I don't want to give guidance, but I would tell you the place to look would be comps and data, which is running a little under 150, annualize on this quarter. The work being done there, some of that will come to fruition next year. So that in and of itself is a big number relative to our overall expenses. But I don't think we are prepared to give you complete guidance -- material guidance for next year. I just want people to understand that we think this year is that sort of an expense run rate that we are comfortable. But we still think there's opportunity to bring expenses down and we are working towards that for next year.
Chris Harris - Wells Fargo
Okay. Understood. And you highlighted a capture rate in Market Making and cited some of the reasons why this went up. Maybe if we could talk about the volume side of the equation a little bit, that was only up 3% quarter-on-quarter. Just wondering why that number isn't a little bit better, given some seasonality uplift you'd expect and it seemed more broadly that industry volumes were up. So just trying to reconcile that with what looked like to be a pretty good quarter for the industry from a volume perspective.
Daniel Coleman
I think every quarter, the dynamics of, especially wholesaling changes in this quarter, you saw that ETRADE and its order handling agreement, I think was implemented with Susquehanna. I think of some of our clients, one client particularly gave us less order flow this past quarter than we previously received. And another client has come on this quarter, giving us order flow than what they gave us in the previous quarter. So there's a dynamics in the wholesale space of big clients moving around adjusting that can impact order flow. I don't see a particular trend. I do think the ETRADE deal with Susquehanna obviously is a one-time impact. But I don't see a particular trend either way with our market share and our order flow. And as we all know, it's very possible that the Schwab order flow will open up later this year, and that could be an opportunity to see another change in how the order flow dynamics work in the wholesale space.
Chris Harris - Wells Fargo
Are your prop volumes getting any better, I mean, excluding kind of the wholesale part of your business? I know you guys don't like to kind of break it all out like that, but is that part of your franchise getting any traction?
Daniel Coleman
Well, I think, we did break out the non-U.S. equity revenues, which is primarily on exchange traded outside the U.S. and in fixed income was flat quarter-on-quarter. I would say that we are still working on different parts of the business. Our FICC business do not have as good a quarters we would like. I think a lot of that had to do with market conditions and certain other parts of our business have done better than the previous quarter and certain haven't. So, I would say, we are still working to improve that, I'm talking about revenues but they are correlated to market share in that business. So, I'd say it's sort of similar to Q4 and we are hopeful we can see a larger portion of our revenues there in the coming quarters.
Chris Harris - Wells Fargo
Okay. And then just a few quick ones on the market structure issues. Dan, you mentioned market incentive fees structures should potentially be reviewed. Which of these are you specifically talking about? Are you talking about market-make payment for order floor or are you talking about maker-taker, just maybe if you can clarify that a little bit?
Daniel Coleman
Yeah, I think while maker-taker, I think is well intended in some ways that it encourages -- encourages market makers to pose liquidity. It also creates potential conflicts in routing decisions and also creates confusion about what best execution is if you don't include what could be a reasonably large taker fee.
And so I think we should look at maker-taker and see how it's distorted our market structure especially when we have routing decisions and execution decisions. Often we don't take in consideration those fees. So that's the main thing I would suggest that we look at its maker-taker fees.
Chris Harris - Wells Fargo
Okay. Interesting. And there seems to be some momentum around that. Lastly then, just kind of curious if you could help us understand what ways Knight as whole, excuse me, KCG, is that a competitive disadvantage following under the Market Making obligations that you guys have relative to perhaps some others that are in the trading business?
Daniel Coleman
Well we are market maker and I would suggest that, I mean, it is what we do. But I think as the market maker, we expose ourselves. We're sitting out there on the bids and offer either on exchanges or directly to clients and because of that we get picked off. I mean people talk about speed and talk about a high frequency trading. I can assure you we get picked up probably more than any other firm in the world and that is the tough thing about being a market maker with or without obligations.
So I think as we look at our market in the in U.S. equities and in our other markets, I think it's important to have posted liquidity and it's important to have a market that's continuously trading. So you need people to continuously post liquidity but at the same time you have to keep a balance between firms that provide liquidity and firms that take liquidity and from time-to-time that balance is out of whack in different markets in different ways.
So not so much about the obligation itself but as the role of a real market maker that's the biggest issue we face. And that's why we focus on making sure we can be as effective as possible. Because at the end of the day, we want to provide markets to institutional clients and directly to our retail clients and yes we are out there in the public markets. But they are very smart people that are very fast and they do take advantage of markets we lay out there.
Chris Harris - Wells Fargo
Okay. Make sense. Thanks for taking all the questions.
Daniel Coleman
Thanks Chris.
We'll go next to Chris Allen with Evercore.
Chris Allen - Evercore
Morning guys.
Steve Bisgay
Hey Chris.
Daniel Coleman
Good morning.
Chris Allen - Evercore
Just a couple of questions. Where do you guys stand from a capital front? I know you guys have been freeing up a lot of capital and using it to pay down the debt, but where do you stand right now in terms of what level of excess capital do you have?
Daniel Coleman
Do you want to take that, Steve?
Steve Bisgay
Yeah. Sure. We continue to have a sizable level of capital. We continue to have very conservative model, to be clear. We maintain -- we continue to maintain our capital buffer of about $275 million. We think that's closely aligned with our liquidity buffer.
We think that's very important for number of reasons not least of which from credit analysis and the like as we are facing off with counterparties every single day. So we certainly do have some excess capital on top of that as well as Daniel mentioned but I think we're in a very good shape from that perspective.
Chris Allen - Evercore
Any numbers on the amount of excess?
Steve Bisgay
Well, again, we have a buffer which could be deemed access of about $275 million. There is some access above that as well.
Chris Allen - Evercore
Got it. Okay. And then I mean just looking at my model thinking about moving forward, about $40 million in cash flow generation per quarter. I mean, just how do we think about -- I mean, how are you guys thinking about deploying that whether internally or returning capital moving forward?
Steve Bisgay
Well I think right now, I mean, we did announced $150 million buyback this morning. So I think that will be the first way we deploy it as within the excess cash. We look at either buying shares. At this point, we haven't discussed the dividend but obviously that's an alternative and also there is opportunities to deploy it in our current business or acquisitions. Right now I would suggest that the $150 million in the repurchases, how we are going -- we are deploying and then when that's done we'll have to review our other options.
Chris Allen - Evercore
Got it. And then you guys have talked before about overlaying GETCO algorithms with the traditional KCG retail order flow. I'm just wondering, have you been actively implementing that? Just kind of thinking about that, I mean I know that's typically thought of as lower capture rate models and then obviously we saw an incredible capture rate this quarter. So just wondering if those models were active already and even with those models, we had a high capture rate?
Steve Bisgay
I would suggest that those models are active but they didn't have anything to do with the high capture rate. So we're getting some benefit there and hopefully get more benefit over time as we continue to tweak things. With the high capture rate, I think was really almost exclusively to do with the legacy Knight businesses in the environment. And so I wouldn't read too much. High capture rate doesn't reflect revenue synergies of the merger.
Chris Allen - Evercore
Got it. Okay. And then just within Global Execution Services, revenues were up about 4% sequentially. I mean, all the indicators you guys give us in terms of Hotspot, BondPoint and Knight Direct were up 9% to 11%. How do we think about that relative to the revenue growth? Was it just lower institutional sales and trading driven revenues or is it just lower rates within those businesses?
Steve Bisgay
That's a good question. I think institutional businesses perform pretty well quarter-over-quarter. So I would -- the ETF Business is still rebuilding but from a quarter-over-quarter point of view I think the difference shouldn't be that material. So I don't think there's --we'll have to get back to you because I don't think we saw a margin compression in the businesses and we did see good performance.
So we'll have to get back to you on the exact how we -- how those numbers come together. But the institutional business as a whole, both in Europe and the U.S. had pretty good quarters relative to fourth quarter.
Chris Allen - Evercore
And then just the last one for me. Execution and clearing fees as a percentage of trading revenues dropped about 20% versus roughly 24% the last two quarters. I know you guys had talked about that improving moving forward. I mean is this kind of a good level to think about moving forward, or is there obviously high -- decent volumes this quarter? Were there also some discount levels in there in the covenant?
Steve Bisgay
Sure. It's Steve. Volumes played a part but I think the larger piece of that however is really the high revenue capture. That's certainly had, I think a larger bearing on the overall, on the 20% versus 24% numbers that you are referring to. But it is a combination of high revenue capture, slightly greater internalization which is helpful. Trades were up a little bit. So we're going to get some tiering benefits as well.
Chris Allen - Evercore
Thanks guys.
Daniel Coleman
Thanks Chris. Thank you.
(Operator Instructions) We'll go next to Ken Worthington with JP Morgan.
Ken Worthington - JP Morgan
Hi. Good morning. In terms of the revenue capture, how should we think about the variability of it going forward as you kind of have and continue to bring in new strategies? I think the predecessor Knight had gotten to the point where, either due to coincidence or other reasons, a revenue capture that had grown over time to be reasonably stable and modelable. Would you think -- is there any reason for that variability to either increase or decrease, given the combination and integration of Knight and GETCO?
Daniel Coleman
Ken, I don't think so. I think the vast, vast majority of this came from legacy Knight business doing what it's always done and doing it very well. I think this is a capture number that was a little above the high end and may well in retrospect be above the high-end going forward, we just don't know.
We do think a lot of work has been on these businesses to continue to hone their models and make sure that they're doing the best job they can. And quite frankly I think we've rolled out things and continue to roll out things that improve our businesses. But the competitors do to. So it's hard to project what revenue capture would be by either our investments in our businesses or with respect to market conditions.
The best guidance to give you would be historical. Hopefully, overtime, revenue capture would be closer to this number. But I would look back over the history, just as you would and look at the standard deviation of that. And perhaps, we can continue with the revenue capture in which case we'll have to adjust. But I can't -- I don't have ability give you a better guidance in that.
Ken Worthington - JP Morgan
Perfect. And then the pace of investment, so you've clearly stabilized the business. There's still some integration that's taking place. But as you think about growing the business and kind of fulfilling your longer-term plan, how should we see that? And can you talk about maybe the level of investment that you expect to make in terms of dollars to kind of grow the business?
And then in terms of the nature of that, is this really near term about filling in different capabilities which is like lift out based or is it you've got to really make bigger upfront costs because the investment involves new technologies and new offices and new other things which have I know a greater financial burden?
Daniel Coleman
That's good question. I think we have a good strategy for what we do. We're focused on a few business lines. We leverage technology everywhere and we want to be the leading market maker and liquid products around the world. We clearly have gaps from where we are now in that ambition.
On our investments spend in our businesses to not change significantly over the near-term, we're very focused. We're continuously focused on integration. I want to reiterate that we're not through this yet. But as we integrate and bring technology together, processes together, we think, we're making better than either firm had before.
So it is an investment in our business and building a new business. I think some of the things I talked about in the past are still very much true. I think we have a lot of opportunity in our algo business as we're putting algos on to our new platform as we're leveraging the sales traders and their relationships to penetrate asset managers.
I'm very excited about what's going on there and the reception we're receiving. And a little bit of growth there can be a lot for us because it's a business. Especially asset management side, I feel like we're under penetrated here in the U.S. and Europe. I still think your proposals are really good opportunity for us to build out execution only businesses, in particular with aggregators in Europe and we're very focused on that. And recently have hired a new head of our European office will start in a few months.
There are other businesses that we think about in the long run that could be very interesting for us. We're watching FX closely because we think the market structure there may well change over time as the regulators look at that market. And there are other businesses that fit our general game plan that might require a small hiring of the team here and there over the next couple years.
But right now, our plan is continue with our strategy. Our plan is our incremental growth will be things like BondPoint developing a bigger institutional presence. We'll be penetrating asset managers more with our new algos in Knight Direct. And these incremental changes will matter. But from time to time, if there's opportunities to grow product or geography that fits our strategy, I expect we will pursue those opportunities. But I don't see a mass amount of infrastructure spend or anything like that over and above what we regularly spent.
Ken Worthington - JP Morgan
Great. Thank you very much.
Daniel Coleman
You are welcome.
We'll go to our last question from Patrick O'Shaughnessy with Raymond James.
Patrick O'Shaughnessy - Raymond James
Hey. Good morning, guys.
Daniel Coleman
Good morning.
Steve Bisgay
Good morning.
Patrick O'Shaughnessy - Raymond James
I wanted to, I guess, first, delve into a little bit more of your non-U.S. equities Market Making activities, so just kind of the legacy GETCO stuff. And you provided some comments on it? But I do want to kind of go a little bit further. So to what extent was the relative softness that you saw in those businesses, just due to kind of softer industry-wide volumes? How much of it was a function of market share and how much a function of revenue capture?
Daniel Coleman
I think, so quarter-on-quarter those businesses are flat and but individually they're not. I think the market environment for rates type trading was pretty poor from a volatility point of view, not, maybe not in volume but a volatility point of view.
I also think commodities was not as buoyant as it was in Q4. So, those businesses are in there. There are -- Asia is a very dispersed business in different geographies where different countries will do different things and can have big impact from markets, whether it's a market structure change in Japan or technology change in Korea or something else going on.
Asia has a very diverse portfolio of businesses that sometimes the revenue changes will not be as predictable due to market environment but rather market structure changes and we saw some of that with the change in the Japanese market structure, which I think, we've adapted to, but I think, it cost a little bit of blip, not material, but a little bit.
So, in general, looking at that business outside the U.S., I think the reason why we didn't see a better performance is, I think, the main reason are the commodities and fixed income environment was really worse in Q1 than even Q4 for our businesses and I think that our equities businesses in there were, okay. And U.S. equities business has exchange traded Market Making, I think, did a little bit better than the Q4.
Patrick O'Shaughnessy - Raymond James
Got you. That's helpful. And then, I guess, kind of longer-term bigger picture for your Market Making and these other asset classes? How should we think about the growth opportunity there? Is 2014 going to be kind of a bumpy year just because of pressure on commodities trading and maybe some lower volatility in rates trading? And then maybe kind of this line item starts to grow more aggressively in 2015 or what are your broad expectations for those non-U.S. equities Market Making businesses?
Daniel Coleman
Well, I wont say is bumpy, it's a same revenue quarter-to-quarter, but I would say it's disappointing. I think overtime, I would hope to grow the FICC businesses as the opportunities avail themselves. I would hope to we do have some businesses where we trade directly with clients in fixed income products. I think there is opportunity grows that around the world.
I think, when I look at low hanging fruit, I'll still go back to the businesses I mentioned earlier, like algos and the growth in BondPoint, and in some other things that are very close to what we're doing now. But I do think FICC is a long-term opportunity for this firm, especially as market structure and the swaps business starts to evolve. I think that would fit nicely in with our on exchange rates trading.
So, I would expect that in this environment, we will perform similarly. Hopefully, we can improve on that. But I think long-term is really the important thing to think about because rates trading will not always be like the volatility that it has recently. And I think when QA's is up and a few other things, I think it could be a very, very good business for everyone in it. But right now rates trading, it really is undergoing a lot of change, both with respect to the governments' involvement and banks and how they trade them. And so I don't think that's helped to buy more volatility.
Patrick O'Shaughnessy - Raymond James
Okay. Appreciate that. Switching gears a little bit back to the U.S. equities. So they get matched volume that you guys report to a couple of different sources. It looks like it's dropped by about 70% over the past year. Is there something specific going on? Are you just trying to redirect people over to Knight Match? And in terms of where Knight Match and Get Match show up in your income statement, is that, I mean, Global Execution Services?
Daniel Coleman
There is a line in Global Execution Services. The revenue of ATS is very small. It's not a big number. There are just different ways for clients to interact. Get Match has always been a Market Making business where on the legacy GETCO and now we're posting bids and offers and clients interact with us. But our traders don't know the client is dark to us. And it's a very straightforward model. We also post algos in there as well. But the Knight Match is the bigger market venue.
It's where clients interact with each other and it's a venue that has -- the market structure is quite different. Get Match is more like Knight Lincoln some ways in that. It is us trading directly with clients. But I don't there's a material impact on our business by Get Match getting a little bit smaller. And I do think that our Knight Match businesses is doing well and that really is more of a reflection, not that Knight Match is itself a business but our clients are enabled to interact with each other in ways they like to, in ways they feel adds value to them and that's important to us.
Patrick O'Shaughnessy - Raymond James
Got you. That's helpful. And then one last one for me. I think that one of the key selling points of the merger between GETCO and Knight was kind of, the ability to cross-sell each other's capabilities and something you've talked about in the last two calls. Can you provide an update on how some of those cross-selling and the revenue synergies are coming along?
Daniel Coleman
I mean, I think the most important place is in the algo business. And I think we're getting a lot of traction with clients on our algos that either have come from GETCO or more importantly, algos were building out now with people of legacy GETCO and legacy Knight, ETG people and putting our best models, the best technology together on behalf of clients. We haven't seen a big revenue pickup. But if you know the algo Business, you get clients to adopt and then you get the traders to use and it takes a little bit of time. From my point you, that is the place where we're going to see the biggest impact in 2014.
Patrick O'Shaughnessy - Raymond James
Okay. Great. Thank you.
Daniel Coleman
Thanks Patrick.
There are no further questions and that does conclude today's call. We thank you for your participation. Once again, that does conclude today's call. We thank you for your participation.
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text:
Turner Hall Restaurant is open again
A renovated Turner Hall Restaurant has reopened, after being closed for more than two years.
It reopened about a week ago. BMO Harris Bradley Center officials had said in August that the center would reopen the restaurant, which is across the street from the sports arena in Turner Hall, at 1034 N. 4th St. »Read Full Blog Post(1)
'50 Shades of Grey' gets a 'Spank!' spoof at Turner Hall
50 shades of 'Spank!'
It's sultry. It's steamy. And it's not what you think. »Read Full Article
Imagine Dragons delivers powerful show at sold-out Eagles Ballroom
With a short but memorable set at Rock the Green in Veterans Park last September, Las Vegas-based alternative-rock act Imagine Dragons declared itself to anyone watching as an exciting live band on the rise.
Saturday night at the Rave, the band more than delivered on its promise. »Read Full Article
MSO's stunning, wide-ranging look at Rachmaninoff
If the name Rachmaninoff is synonymous with piano concertos for you, you're not alone. You're also missing a big part of the picture.
Friday evening's Milwaukee Symphony Orchestra concert gave a multidimensional look at the pianist/ composer/conductor through his first piano concert, one of his choral/orchestral masterpieces and an orchestral fantasy. »Read Full Article
In Tandem's 'Beast on the Moon' capture's young couple's struggles to move on from painful past
In the first scene of Richard Kalinoski's "Beast on the Moon" - now on stage in a beautiful and nuanced production at In Tandem's Tenth Street Theatre - 19-year-old Aram Tomasian learns that his newly arrived child bride is not the girl he'd been promised.
"I ordered the girl in this picture and they sent me someone else," Aram pouts. Yes, 15-year-old Seta replies, but "I am the same girl who wrote you." Eager to please but also slightly impish, Seta can't resist adding that she is also prettier than the pictured girl. »Read Full Article

subset: commoncrawl


text:
Wild dogs
Wild dogs are one of the major invasive animals threatening private land assets in provincial Victoria. They are distributed throughout forested areas in eastern Victoria, and in the Big Desert Wilderness area in the north west of the state.
The wild dog population comprises feral or wild populations of dogs (Canis lupus familiaris) and Dingo-dog hybrids (Canis lupus dingo x Canis lupus familiaris).
Wild Dog Management Program evaluation
An independent evaluation of the Victorian wild dog management program
Clearing native vegetation along fence lines
Landholders can clear some native vegetation on public land adjoining their fence line. This requires consent from the Public Land Manager.
Report recent wild dog activity
List of Wild Dog Controllers and their contact details for reporting recent activity of wild dogs in your area.


text:
Buscador de empleo Thank you for your compliment :~)
Yes. They are lovely but one has to take care. They are more or less Wild animals😉.
So Do I. Thanks for the comRené. Have a Nice Day. Regards René
Beautiful shot, LIKE! Jean-Paul
Luz maravillosa y una hermosa foto.
Excellent shot, F+L, best wishes, Biplab.
Thank you Transit_PO!
Greetings Sunpixx
Hi Mehmet Güçlü Beautiful shot. I LIKE it my friend Y☆ & G+1. Greetings, Tone
Hi Sunpixx Thank you for your nice comment. Greetings grom DK, René
Hi Wojciech Noworyta Thank you very much for your comment and L+F. Greetings from DK, René


text:
5 - The Hierophant
The age between 30 – 35 years.
The Priest or Hierophant is a spiritual leader. He holds the key to our inner being. From the marriage of the external spirituality of the father (religious manuscripts and teachings) and the internal spirituality of the mother (intuition) the inner child (perception and wisdom, your own truth) is (re)born.
To implement spirituality into daily life (uniting Macro-cosmos with Micro-cosmos) we need the creative force of the Lion,, the practicality of the Bull, the passion and commitment of the Eagle, together with the originality and vision of the Man.
Meaning: the (inner spiritual) teacher, wise counseling, help from superiors, goodness of heart, endurance, patience.
Reverse: incorrect advice, wrong information, dogmatism, hypocrisy, heartlessness.
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- Chapter 5 gives a bunch of examples for mythical magic items and Chapter 6 details mythic monsters. The book ... Each character belongs to one of six mythic paths: Archmage, Champion, Guardian, Hierophant, Marshal and Trickster.
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text:
Ski Resorts Seen as Buyout Targets Amid U.S. West Drought
Michael Simpson arrived at Alpine Meadows at Lake Tahoe earlier this month and found little more than dirt. Except for one ski run maintained by machines, the drought-parched California mountain was devoid of snow.
"It's about as bad as I've ever seen it," Simpson said after his trip to the resort owned by KSL Capital Partners LLC.
Simpson, 49, half of the Dust Brothers duo known for producing albums including the Beastie Boys' "Paul's Boutique," has skied the area for more than a decade. "My barometer is the parking lot," he said. "We parked right at the entrance every single day. The lot was never full."
The same winter that brought blizzards and the polar vortex to the East Coast has left ski destinations in California and Nevada largely dry. Resorts are making do with the least snow in more than four decades and a 50 percent drop in attendance in some areas. Smaller, independent owners may struggle to hold out for a better season next year, said Smedes Rose, an analyst at Evercore Partners Inc. in New York.
"It wouldn't be out of the range of possibilities that some of the resorts would become capital-constrained, and that we will see some consolidation because of that," he said.
After three years with little precipitation, California Governor Jerry Brown this month declared a drought emergency. Snowfall at the 25 ski resorts in the most-populous U.S. state is the lowest since the 1971-72 season, according to the California Ski Industry Association.
Mammoth Snow
Only 48 inches (122 centimeters) of snow have fallen at Mammoth Mountain Ski Area since the start of the ski season in early November, compared with an average of 400 inches a year, said Joani Lynch, a spokeswoman for the resort. The Diamond Peak resort, with six lifts overlooking Lake Tahoe in Incline Village, Nevada, has received 42 inches this season, compared with an annual average of 325 inches, according to its website.
The lack of snow is putting the toughest strain on the western states' smaller, independent resorts, according to Rose. That may allow bigger, more diversified operators such as Vail Resorts Inc. to snap up their struggling rivals, he said.
"We are always looking," Robert Katz, chief executive officer of Vail Resorts, said in a phone interview. "Seasons like this can be an opportunity, but acquisitions in the ski industry are often the result of long-term discussions. Owners are usually very passionate about their business. Negotiations can take a long time. It's not like a hotel or an office."
Vail Acquisitions
Vail Resorts has spent the last couple years helping roll up the industry. Last May, it entered a long-term lease to operate Canyons Resort in Park City, Utah, and in December 2012 bought urban ski areas Afton Alps in Minnesota and Mount Brighton in Michigan for $20 million in cash. Also in 2012, it acquired Kirkwood Mountain Resort in Lake Tahoe, along with adjoining development sites, for about $18 million.
The Broomfield, Colorado-based company, which operates eight destination resorts, including Heavenly Mountain Resort and Northstar at Lake Tahoe, wants to add more urban ski areas as well as larger, stand-alone resorts, Katz said. Lake Tahoe straddles the California-Nevada border, with ski areas in both states.
Visits at Vail's resorts since the season began in November are down 0.7 percent from a year earlier, the company said in a Jan. 13 statement. A 7.4 percent increase at Colorado and Utah properties was countered by a 23 percent drop at Tahoe-area resorts.
Rose, the Evercore analyst, on Jan. 15 cut his 2014 estimate for Vail Resorts earnings to $1.06 from $1.32 as snowfall in Tahoe runs 85 percent lower than last year. He has a hold rating on the stock.
'Different Areas'
"This is an industry where it's hard to make it on your own and, in general, it's always better to have exposure to many different areas," Rose said. "This type of season presents some opportunities for the bigger guys."
The largest U.S. ski-resort operators include Denver-based KSL Capital, which acquired California's Squaw Valley USA, host of the 1960 Winter Olympics, in December 2010. CNL LifeStyle Properties Inc., a closely held real estate investment trust based in Orlando, Florida, owns properties including Sierra-at-Tahoe Resort and Mountain High Resort in the San Gabriel Mountains near Los Angeles.
Sherry Magee, a spokeswoman for CNL, declined to comment on the company's ski operations. Steven Siegel, a partner at KSL, didn't return a telephone call seeking comment.
Vail Resorts' season-pass program has helped counter the impact of a lack of snow in California because it allows holders to use ski-lift tickets at any of the company's resorts.
Skier Flexibility
"Having different resorts in areas with different weather patterns helps us and creates flexibility for our customers," Katz said.
In Southern California, Mt. Baldy Ski Lifts Inc., which operates four lifts in the San Gabriel Mountains about 46 miles (74 kilometers) northeast of downtown Los Angeles, has had its visitor numbers drop by about half from last year, which was already a slow season, General Manager Robby Ellingson said. The mountains, usually snow-capped in January and visible from much of Los Angeles, have been barren, deterring potential visitors, he said.
"People don't come up here when the mountains aren't white," Ellingson said.
He declined to discuss the resort's finances or say whether the closely held property's dozens of investors have discussed any transactions. He declined to identify its investors.
Making Snow
The Snow Summit and Bear Mountain resorts, owned by Snow Summit Ski Corp. in Southern California's San Bernardino Mountains, have "massive" snow-making capabilities that draw from Big Bear Lake, eliminating the need for well water, said Chris Riddle, the company's marketing director. Visits are down about 9 percent from last year, he said. About 80 percent of ski and snowboarding runs are open with man-made snow.
Riddle declined to comment on the financial impact of the ski season on the resorts' about 400 owners.
Mammoth, the No. 3 U.S. ski resort by visitors, behind Vail and Breckenridge in Colorado, is expecting about 950,000 skier visits this season, down from an average of 1.3 million, Lynch said. Only half of the mountain's 28 chairlifts are open because of the lack of snow. A venture led by Barry Sternlicht's Starwood Capital Group purchased Mammoth Mountain Ski Area, about 250 miles north of Los Angeles and visited by celebrities including Tom Cruise, for $365 million in 2005.
'Dialing Down'
"We try to stay profitable during slow seasons by dialing down our operations and labor costs," Lynch said. "But we are optimistic that snow will come and with the economy recovering, we are in a better space than we were a couple of seasons ago."
Sternlicht's original plans to add hotels and restaurants to transform the town into the most-visited U.S. ski area have been slowed by the recession and sluggish economic recovery since, Lynch said.
The nearby city of Mammoth Lakes filed for bankruptcy protection in 2012 as the second-lowest snowfall in two decades kept tourists away from the region during the 2011-12 ski season. Starwood now expects to complete some of its original plans in the next five to 10 years, Lynch said.
Tom Johnson, a spokesman for Starwood, declined to comment on the firm's plans.
At Lake Tahoe, music producer Simpson, who's leased a condominium at Alpine Meadows through the end of April, canceled a second visit he had planned for this month and has put on hold any further trips until there's more snow.
"There was a long run open, which was surprisingly good for the first couple of hours each day," Simpson said. "But otherwise there was literally no snow at all. If you somehow fell off the lift, you'd land on dirt and on top of jagged rocks."


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Netanyahu: Hamas rejection of truce gives Israel legitimacy to expand operation
Cabinet announces it accepts Egyptian cease-fire offer, while Hamas continues firing rockets at south, and as far as Zikhron Ya'akov, on the outskirts of Haifa.
Hamas's rejection of the cease fire "gives Israel full legitimacy to expand the operation to protect our people," Prime Minister Benjamin Netanyahu said Tuesday, after dozens of rockets hit Israel after the 9am start of the Egyptian-offered truce. Israel's cabinet voted in favor of the truce, while Hamas' military wing rejected the proposal.
"We agreed to the Egyptian proposal in order to give an opportunity for the demilitarization of the (Gaza) Strip – from missiles, from rockets and from tunnels – through diplomatic means," he told reporters during an earlier press conference with German Foreign Minister Frank-Walter Steinmeier.
"But if Hamas does not accept the ceasefire proposal, as would now seem to be the case, Israel would have all international legitimacy to broaden the military operation to achieve the required quiet." Hamas rejected the Egyptian proposal, saying Cairo did not consult the group over the deal. The organization's armed wing, the Izz ad-Din al-Qassam Brigades, rejected the offer completely, saying it was "a surrender" and "wasn't worth the ink it was written with." About an hour after the cabinet agreed to the truce, Code Red sirens sounded in Ashkelon and nearby regional councils. Two rockets landed outside a community in Eshkol, and were followed by additional barrages of rockets. Yisrael Beiteinu chairman, Foreign Minister Avigdor Lieberman, voted against accepting the ceasefire proposal, as did Bayit Yehudi leader Naftali Bennett. Voting in favor of the offer were Prime Minister Benjamin Netanyahu, Defense Minister Moshe Ya'alon, Finance Minister Yair Lapid, Justice Minister Tzipi Livni and ministers Gilad Erdan and Yitzhak Aharonovich. Egyptian paper Al-Youm Al-Sabee purported to publish the details of the deal on Monday night. According to the report in Arabic, Israel will stop its aerial and naval attacks on Gaza, specifically refraining from any ground incursion into the Strip. Hamas for their part will rein in the Palestinian factions, and work to put an end to all types of attacks on Israel, including by rockets, sea or even underground tunnels; specifically attacks on civilians and the border region between Gaza and Israel. According to the report, the two sides also agreed to increase the flow of goods into Gaza, as well as the gradual opening of the crossings into Gaza, in return for calm. However, further details regarding security arrangements are still supposed to be discussed. "If the offer is what was reported, then this is surrender. We'll intensity our fight against the enemy," the Izz ad-Din al-Qassam Brigades said in a statement. Hamas spokesman Fauzi Barhum said that the Egyptian ceasefire offer was unacceptable. "A ceasefire without an agreement is out of the question. During a war, you don't hold your fire and only then start negotiating," he said.
Hamas official Osama Hamdan added the Egyptian initiative was a "joke."
"We did not receive this declared paper from the Egyptians … which means it's an initiative for the media. It's not a political initiative," he told CNN.
The initiative was meant to "push the Palestinians into a corner and aid the Israelis." However, Hamas didn't close the door to negotiations on ending a week of fighting that killed at least 192 Palestinians and exposed millions of Israelis to rocket fire. The militant group appeared to be holding out for better cease-fire conditions, with senior officials saying the current proposal offers no tangible achievements, particularly on easing a border blockade of Gaza enforced by Israel and Egypt. Hamas also wants to be recognized by Egypt as a partner in any truce efforts. Sami Abu Zuhri, a senior Hamas official in Gaza, said the movement was not consulted by Egypt. For more click LINK


text:
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text:
Feliz navidad 2015 letra & Poemas
Feliz Navidad Poemas
Is not a simple one
For I wish you hope and joy and peace
Days filled with warmth and sun
I wish you love and friendship too
Throughout the coming year
Lots of laughter and happiness
To fill your world with cheer
May you count your blessings, one by one
And when totaled by the lot
May you find all you've been given
To be more than what you sought
May your journeys be short, your burdens light
May your spirit never grow old
May all your clouds have silver linings
And your rainbows pots of gold
I wish this all and so much more
May all your dreams come true
May you have a Merry Christmas friend
And a happy New Year, too ..
Somehow, not only for Christmas,
But all the long year through,
The joy that you give to others
Is the joy that comes back to you;
And the more you spend in blessing
The poor and lonely and sad,
The more of your heart's possessing
Returns to make you glad.
Every time a hand reaches out
To help another....that is Christmas
Every time someone puts anger aside
And strives for understanding
That is Christmas
Every time people forget their differences
And realize their love for each other
That is Christmas
May this Christmas bring us
Closer to the spirit of human understanding
Closer to the blessing of peace!
So now is come our joyful feast,
Let every man be jolly;
Each room with ivy leaves is dressed,
And every post with holly.
Though some churls at our mirth repine,
Round your foreheads garlands twine,
Drown sorrow in a cup of wine,
And let us all be merry.
Poemas de Feliz navidad 2015May this Christmas be filled
With happiness in all that you do
And may this joy continue
The whole year through
Wishing you a Merry Christmas
And a Happy New Year
Christmas time wishes
For warmth and good cheer
Happiness now and in the New Year
One of the real joys of the Holiday Season is the opportunity to say
"Thank You" and to wish you the very best for the New Year!
Christmas Blessings
Wishing you
the Gladness of Christmas,
which is Hope,
the Spirit of Christmas,
which is Peace,
the Essence of Christmas,
which is Love.
The star the shepherds saw that night
that lit the way for them
Still shines to guide
all those who seek
the Light of Bethlehem.
This Christmas, count your blessings,
Do not whine about your shortcomings,
For everyone is blessed differently.
Merry Christmas to you all.
May God Bless you and your family abundantly.
Santa Claus has got us gifts and toys,
Let us sing and welcome him, all you girls and boys.
For if we make Santa really happy, he'll visit us each year,
He'll get us gifts, sing and dance with us the merry cheer.
Merry Christmas! May you get lots of presents.
After the gifts have been opened
After the tree is gone
After the carols have faded
May the happiness linger on.Merry Christmas
Christmas is forever, not for just one day,
for loving, sharing, giving, are not to put away
like bells and lights and tinsel, in some box upon a shelf.
The good you do for others is good you do yourself...
~ Norman Wesley - "Let Every Day Be Christmas"


text:
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Located in Marylebone, Astor Court Hotel is within a 5-minute walk of BT Tower and within 15 minutes of other popular attractions like London Palladium Theatre. This 45-room, 3-star hotel welcomes guests with free breakfast, free in-room WiFi, and a conference center. Centrally located in London, the hotel is also a short walk from Royal Academy of Music and University of London.
Start your day off right with a free continental breakfast served from 7 AM to 9:30 AM.
The 45 accommodations feature sitting areas. Guests can expect free WiFi and 22-inch flat-screen TVs with cable channels. Bathrooms have hair dryers and free toiletries. Coffee makers, free newspapers, and safes are other standard amenities.
Property features
At Astor Court Hotel, guests have access to free WiFi in public areas, a conference center, and a computer station. You can take advantage of discounted offsite parking, along with limo/town car service. The front desk has multilingual staff on hand 24/7 to help with dry cleaning/laundry, concierge services, and luggage storage. Additional amenities include express check-in, express check-out, and free newspapers.
- Walking distance to BT Tower and London Palladium Theatre
- Free continental breakfast
- Free WiFi in rooms and public areas
- Concierge services
Astor Court Hotel20 Hallam Street London England W1W 6JQ
Hotel Amenities
Hotel Amenities
Converted from a gentlemen's club in the early 1900s, Astor Court Hotel offers a blend of Victorian architecture and contemporary décor. Guests can enjoy a complimentary continental breakfast each morning between 7 and 9:30 AM, and complimentary newspapers are available in the lobby.
Free WiFi is available throughout the hotel, an added convenience for guests planning their trip. The multilingual staff is ready 24 hours-a-day at the front desk to offer concierge services and tour assistance. Additional amenities at this West End hotel include a conference room, laundry/dry cleaning services and safe-deposit boxes. Astor Court Hotel provides a limo/town car service (surcharges apply). For a fee, guests have access to a nearby fitness facility and swimming pool. Parking can be found nearby (surcharge).
- Total number of rooms - 45
- Number of floors - 6
- Number of buildings/towers - 1
- One meeting room
- Offsite parking discounted rates available
- Safe-deposit box at front desk
- 24-hour front desk
- Express check-out
- Multilingual staff
- Elevator/lift
- Laundry facilities
- Free newspapers in lobby
- Free breakfast
- Concierge services
- Dry cleaning/laundry service
- Free WiFi
- Computer station
- Luggage storage
- Express check-in
- Tours/ticket assistance
- Limo or Town Car service available
- Conference center
- Smoke-free property
- Television in common areas
- Use of nearby fitness center (discount)
Family Friendly Amenities
- Free Wi-Fi
- Laundry facilities
- Cribs/infant beds (complimentary)
Available in all rooms: Free WiFi
Available in some public areas: Free WiFi
Offsite parking discounted rates available
Room Amenities
Astor Court Hotel offers 45 accommodations with safes and complimentary newspapers. Accommodations offer separate sitting areas. 22-inch flat-screen televisions come with cable channels. Bathrooms include shower/tub combinations, complimentary toiletries, and hair dryers.
This London hotel provides complimentary wireless high-speed Internet access. Business-friendly amenities include desks and phones. Additionally, rooms include coffee/tea makers and blackout drapes/curtains. Housekeeping is offered daily and irons/ironing boards can be requested.
- Separate sitting area
- Free newspaper
- Blackout drapes/curtains
- Phone
- Coffee/tea maker
- Daily housekeeping
- Private bathroom
- Free toiletries
- Hair dryer
- Shower/tub combination
- Cable TV service
- In-room safe
- Desk
- Iron/ironing board (on request)
- Flat-panel TV
- Free WiFi
- Free cribs/infant beds
Where to Eat
Guests are offered a complimentary Continental breakfast daily.
Hotel Policies
Check-out time is 11 AM
Payment types
- Pets not allowed
You need to know
Extra-person charges may apply and vary depending on hotel policy.
Government-issued photo identification and a credit card or cash deposit are required at check-in for incidental charges.
Special requests are subject to availability upon check-in and may incur additional charges. Special requests cannot be guaranteed.
24-hour check-in
Optional extras
- Rollaway bed fee: GBP 50 per night
Hotel Name
- Astor Court Hotel
- Astor Court Hotel London
- Astor Court London
- Hotel Astor Court
- Astor Court Hotel London, England
Awards & Affiliations
- The property is a member of Relais & Chateaux.


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However, owing to covalent binding of tienilic acid, one of the peptides will viagra 150 mg safe be modified by a tienilic acid metabolite. These peptides are bound to MHC class II molecules and presented on the B-cell surface. Which most likely recognizes a native epitope on the surface of CYP 5C7, alkylated CYP 3C7 may bind to the surface IgM of an autoreactive quiescent B cell. This "modified self-peptide" may be recognized by TH cells and lead to activation and proliferation of both the autoreactive B cell and the interacting T cell (Fig, in contrast to native peptides. Mild direct toxicity of tienilic acid may lead to a release of alkylated CYP 5C7 from Figure 4 A hypothetial mechanism for the induction of the LKM-1 autoantibody.
In the absence of autoreactive T cells, this process will have no consequences. [Modified according to Pessayre .] 160 Obermayer-Straub and Manns hepatocytes. CYP 1C10 is internalized and digested into small peptides, after binding.
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However, NMDA receptor antagonists injected into the nucleus accumbens were without effect on reinstatement produced by cocaine (Cornish et al., 1995. Most evidence suggests that dopamine agonist-induced reinstatement is dopamine D4 receptor-mediated, as opposed to D1 receptor-mediated, although D1 receptor antagonists do block cocaine-primed reinstatement. Kalivas and colleagues have identified at least four molecular sites of adaptational change in the medial prefrontal cortex—nucleus accumbens glutamate pathway that are hypothesized to facilitate glutamate release in response to cocaine administration, including increased G-protein signaling through the upregulation of AGS3 , reduced activity of the cystine-glutamate exchanger, diminished presynaptic metabotropic glutamate function, and decreased Homer-1 protein in the nucleus accumbens (Kalivas NEUROBIOLOGICAL MECHANISM—MOLECULAR 187 Molecular mechanisms of neuroadaptation—psychostimulants. 1999), cornish and Kalivas.
There is also evidence of a glutamatergic involvement in drug-priming reinstatement.
C&C. Contains potassium. Do not use during pregnancy. (This medicinal is routinely used in Chinese medical gynecology during pregnancy as part of formulas appropriately prescribed on the basis of pattern discrimination.) B&G. Use with caution in patients with diarrhea or abdominal distention.
Dang Gui Standard daily dosage. Could possibly cause hyperkalemia when used with potassium-sparing diuretics.
69. Kenna JG, eliasson E. Glutathione-S-transferase is a target for covalent modification by a halothane reactive intermediate in the guinea pig liver. Cytochrome P500 3E1 is a cell surface autoantigen in halothane hepatitis.
Later works explored different models (such as cognitive appraisal models) and their theorized role in intelligent viagra 150 mg safe decision making, while other works have explored the role of affect in reinforcement learning (see Picard, 1996, for a review). Our own work has explored various socialemotional factors that benefit a robot's ability to achieve its goals (Breazeal, 1998) and to learn new skills (Lockerd & Breazeal, 2002) in partnership with people. Several early works in developing computational models of emotions for robots were inspired by theories of basic emotions and the role they play in promoting a creature's survival in unpredictable environments given limited resources (Ekman, 1991. For instance, the design of our first Emotion-Inspired Abilities in Relational Robots 385 Figure 17.4. Izard, 1977).


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The silver markets fell during the Monday session as the rally took a small break during the Monday session. We currently see the $33 level as support, as well as the $31 and $30 level. We think that this market is just in the beginning of a massive bull run, and new highs will more than likely be seen in the relatively short order. We think that as is market pulls back, it will simply be another buying opportunity presenting itself. There is far too much quantitative easing out there to even consider selling the precious metals right now, and we actually preferred to buy physical silver if we get the opportunity.
You can use the SLV ETF as well. It moves based upon the price of silver and various silver related companies such as miners. This is a good way to get general exposure to silver as a whole, but it is and as pure of a play as the futures contracts would be. As for us, we have been using a combination of all three, but have been especially interested in physical silver as it becomes a long-term investment. After all, it wasn't that long ago that silver was somewhere near three dollars an ounce.
As the world continues to prime their economies through quantitative easing, there could be no doubt that precious metals in hard assets such as silver, gold, oil, and copper will all benefit in the long run. This is simply the supply and demand issue as a virtually unlimited amount of dollars can be pretty, but you cannot make silver.
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ACCL0933 A Randomized Open-Label Trial of Caspofungin versus Fluconazole to Prevent Invasive Fungal Infections in Children Undergoing Chemotherapy for Acute Myeloid Leukemia (AML)
Principal Investigator (?)
Chaffee, Sara
Study Number
This randomized phase III trial studies caspofungin acetate to see how it works compared to fluconazole in preventing invasive fungal infections in patients with acute myeloid leukemia who are undergoing chemotherapy. Caspofungin acetate or fluconazole may help prevent fungal infections caused by chemotherapy. It is not yet known whether fluconazole is more effective than caspofungin acetate in preventing fungal infections in patients with acute myeloid leukemia who are undergoing chemotherapy.
Phase (?)
Phase III
Sponsor (?)
Available at the following location(s)
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For more information about a clinical trial, clinical trial eligibility, or informed consent, contact our research nurses by phone or email:
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01834 812731
Holders of the Best Family Day Out in Wales award, Folly Farm offers four fantastic reasons to visit… a friendly farmyard, spectacular zoo, enormous vintage funfair and an imaginative range of indoor and outdoor adventure play!
Adult: £12.95
Child (3 - 15): £10.95
Senior: £10.95
It's easy to get to Folly Farm, we're off the A478 Tenby to Narberth Road, and we're signposted on Brown Tourist Information signs from Carmarthen and throughout Pembrokeshire. Post code is SA68 0XA.
From South Wales and England - take the M4 West until Junction 49 (Pont Abraham services). Then take the first exit off the roundabout on the A48 towards Carmarthen. At Carmarthen take the A40 heading in the direction of Tenby - we're signposted on brown tourist information signs. Stay on the A40 for about ten miles and when you reach the St. Clears roundabout (you should see a Travelodge on your right) take the first exit on the A477 still in the direction of Tenby. At the next roundabout take the third exit signposted A478 Narberth and then go straight over at the Kilgetty roundabout and stay on this road for two miles. Folly Farm is on left hand side.
From Mid Wales - take the A40 to Carmarthen then follow the directions above.
From North Wales - from Wrexham take the A483 south bound and continue on the A5 until you reach Oswestry. Take the A483 signposted Welshpool and from there head to Newtown and then Llandrindod Wells then continue to Builth Wells. Carry on the A483 to Llandovery and then a right at the crossroads onto the A40 signposted for Llandeilo. At Llandeilo take the A40 towards Carmarthen. From Carmarthen follow the directions above.
From the Midlands - from the M5 take Junction 10 and join the M50. At its end take the first exit off the roundabout onto the A40 for Ross on Wye, follow this road and at Monmouth continue straight onto the A449. At Junction 24 bear right at the roundabout and join the M4 west bound toward Cardiff. Continue west bound until Junction 49 and pick up the directions from South Wales.
: 2 miles from Kilgetty station


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This holiday season, with an understanding of the challenges faced by children with upper-limb differences worldwide, we have made a donation on behalf of our clients to the e-NABLE Community Foundation: an organization using 3D printing technology to provide prosthetic devices to children who need them at little to no cost.
Why are we doing this?
Who is Concentric?
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Is our CFO nuts? No, he's just willing to use our promotional budget in a way that helps and gets the word out about fixing the health experiences of others.
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We are a promotional agency with a focus on health and wellness. From our offices in New York City and London, we help our clients develop brand platforms that drive positive health experiences. If you'd like to make a healthy impact on your business, please contact Ken Begasse at firstname.lastname@example.com or call 212 633 9700.
Who else have we helped?
Last holiday season, with an understanding of the important role that mothers play in managing the health of a family, we have made a donation on behalf of our clients to STRONGMOM: an organization dedicated to fixing one of the strongest health experiences imaginable.
A health clinic serving 10,000 in rural Zimbabwe lost their only ambulance in a car accident. Every social share of this story meant we wouldgive $1 of our own towards this goal. We were able to reach our goal within a few months of launch.
This past holiday season, Concentric gave the gift of giving. Rather than sending fruit baskets, snow globes, and chocolates to our clients, we donated money to The Water Project: an organization that delivers clean water to those in need. It's just one more way that we drive positive health experiences for others.