Lower Manhattan is the third-largest central business district in the United States and is home to the New York Stock Exchange, on Wall Street, and the NASDAQ, at 165 Broadway, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies in 2013. Investment banking fees on Wall Street totaled approximately $40 billion in 2012, while in 2013, senior New York City bank officers who manage risk and compliance functions earned as much as $324,000 annually. In fiscal year 2013–14, Wall Street's securities industry generated 19% of New York State's tax revenue. New York City remains the largest global center for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy.:31–32 In July 2013, NYSE Euronext, the operator of the New York Stock Exchange, took over the administration of the London interbank offered rate from the British Bankers Association. New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment mangers headquartered in Manhattan are important participants in other global financial centers.:34–35 New York is also the principal commercial banking center of the United States.