grym02

Couple of questions on OTCM. - What do you think normalized operating margins are? OPM% has increased very significantly in the past 5-7 years (more then 1000bps), it looks cheap-ish on current numbers but is there a risk margins are at peak levels? If not, what has been driving the margin increase? - How do you think about ongoing dilution? - Threat of regulation? Any risk this business is taken away or substantially haircut via regulatory action?