As ardent believers in the power of market competition, we strongly support the idea of a dual-listing, and are proud to be among this initial group of market innovators, ... Our hope is that as more companies opt for dual-listing, we will experience a healthy increased competition in our trading markets, resulting in innovative applications of technology, heightened transparency, and improved trading outcomes for all investors.

These estimated results reflect heavy trading volumes, the strength of our core domestic business, the absence of any international proprietary trading and a continued focus on staffing levels, expenses, and risk management,

We have millions of these customers who are reasonably demanding of services, which we're pleased to provide but which have to be paid for, ... Customers have the opportunity to justify their service levels by adding to their account.

With a slowing economy and weakening corporate earnings, our clients are facing the most challenging market environment in many years.

While our clients' trading activity had increased in early September ? daily average revenue trades were 136,000 for the first five trading days of the month ? last week's terrorist attacks and their aftermath have added fresh uncertainty to the market environment,

The question is: What can we do for less money? What can we do for the man who has $200,000? ... We're working on that.

Was I in a funk for about a week about that story? Absolutely,

Recent trading volumes are propelling the company to its best quarter ever in terms of revenues and profits.

Our continued leadership in online investing is reflected in the growing number of customers using these services at Schwab,

Given our outlook regarding the potential duration of these uncertainties, we are taking additional measures to enhance our financial performance.