Good day, everyone, and welcome to the INTL FCStone Q1 Fiscal Year 2014 Earnings Conference. Today’s conference is being recorded. At this time, I’d like to turn the call over to Mr. Bill Dunaway. Please go ahead, sir.

Good morning. My name is Bill Dunaway, CFO of INTL FCStone. Welcome to our earnings conference call for our fiscal first quarter ended December 31, 2013. After the market closed yesterday, we issued a press release reporting our results for the fiscal first quarter. This release is available on our website at www.intlfcstone.com, as well as a slide presentation, which we will refer to on this call in our discussions of our quarterly results. You will need to sign on to the live webcast in order to view the presentation. Both presentation and an archive of the webcast will also be available on our website after the call’s conclusion. Before getting underway, I would like to cover a couple of housekeeping items. On these conference calls and in the management discussion portions of our SEC filings, we present financial information on a non-GAAP basis in order to take into account mark-to-market adjustments in our physical commodity product lines, which are included in both our CRM and Other segments. As discussed on previous conference calls and in our filings, the requirements of accounting principles generally accepted in the U.S., which I will refer to as GAAP, to carry derivatives at fair market value but physical commodities inventory at the lower cost of market value may have a significant temporary impact on our reported earnings. Under GAAP, gains and losses on commodities inventory and derivatives, which the company intends to be offsetting, are recognized in different periods. Additionally, in certain circumstances, GAAP does not permit us to reflect changes in estimated values of forward commitments to purchase and sell commodities. For this reason, we believe that the GAAP numbers do not reflect the commercial results of our physical commodity product lines and therefore the company as a whole. Instead, we assess all…

Thanks, Bill and good morning everyone and welcome to our fiscal 2014 first quarter earnings call. Market conditions during much of the quarter were relatively unchanged and remained difficult as they had been for much of the prior 12 to 18 months. However, towards the end of the quarter and continuing into this current quarter, we have started to see some modest improvements in the general market environment. Volatility has increased likely as a result of the Fed tapering and we believe that cyclical effects of the grain market have now started to turn. In addition, we have – now have some stability around the regulatory environments and some time to make the changes required and can now turn our attention back to growing our customer base and revenues, but maybe a bit too early to call for good weather, but certainly the sky seem to be clearing. Turning to the numbers, I would like to start by pointing out that a year ago we had a number of significant non-recurring items, which significantly affect the comparison with the current quarter. This included the gain on the LME shares, Kansas City Board of Trade feeds as well as the CFTC fine. In aggregate, these amounted to a net pre-tax gain of $7.7 million in the prior quarter. Excluding these items, the current quarter was roughly comparable to both the year ago and the most recent fourth quarter. Unfortunately, it is a disappointing result in light of our targets, although we remained profitable. Our aggregate costs, excluding transactional cost and interests, were almost exactly the same as the year ago and around $3 million below the fourth quarter. As we mentioned on the previous call, management has been putting serious focus on costs. And despite regulatory pressures in some modest acquisition…

Thank you, Sean. I would like to start my discussion with a review of the quarterly results and refer to the fourth page of the slide presentation titled Quarterly Financial Dashboard. This slide lays out the quarterly operating results as well as the related balance sheet information in comparison to the prior year period as well as in some cases, the internal target which management has for our operating results. Adjusted operating revenues decreased 4% to $111.3 million in the first quarter compared to $116.5 million in the prior year. The prior year period benefited from a $9.2 million realized gain on the sale of our shares in the LME and Kansas City Board of Trade. So excluding this gain, revenues increased $4 million or 3% as compared to the prior year. Adjusted operating revenues decreased 2% from the $113.8 million recorded in the fourth quarter of 2013. Adjusted operating revenues declined in the core CRM segment, as well as our other segment. However, all other segments of the company experienced growth in adjusted operating revenues in the first quarter as compared to the prior year, highlighted by a 36% increase in adjusted operating revenues in our Securities segment. Looking at our revenues on a segmental basis, adjusted operating revenues in our Commodity and Risk Management Services segment decreased 7% to $47.6 million in the first quarter compared to $51.4 million in the prior year. Adjusted operating revenues were relatively flat with the $48.1 million recognized in the fourth quarter of 2013. Our CRM segment is further broken down into three product lines: soft commodities, precious metals and base metals. Starting with soft commodities, operating revenues decreased 11% to $35.9 million in the first quarter compared to $40.5 million in the prior year. Fourth quarter 2013 revenues were $38.5 million.…

Thanks, Bill. Despite difficult markets, we have a number of businesses that are showing exceptional growth and hitting new records regularly. The cyclical headwinds that have affected our largest commodities business are now abating and perhaps turning. Increased volatility drives customer activity in all our businesses and our withdrawal from the markets by the Fed which seemed to imply more volatility ahead. So not yet exactly a tailwind, but it seems the wins are no long ahead on for us. We have taken on board some comments from our shareholders about providing clear and more detailed descriptions of our business to enable investors to better understand what we do and how we make our money. To this end, we will be revising and improving on the information we provide to our investors with the goal to provide better insight into this diverse global financial services company, which we have built over the last 10 years. With that, I would like to turn it back to the operator to open the question-and-answer session. Operator?

Thank you, sir. (Operator Instructions)

Alright. Well, it doesn’t seem like we have any questions or we have one, yes.

I am sorry sir, we do have some questions.

Okay, go ahead.

Okay, thank you. We will go first to Russell Mollen with Bares Capital.

Hey, Sean. Quick question for you, is there any more detail that you can provide on this recent announcement of resignation of CEO of FCStone?

Well, firstly that First Article was totally erroneous. I think you should disregard that. And secondly, I would refer you to our 8-K announcement, there is really not a lot as we can say about that with a mutual decision and with our [ph] 8-K.

Got it, okay.

Okay, alright.

(Operator Instructions) We’ll go next to (indiscernible).

Yes, good morning. You mentioned improving conditions like Fed’s volatility etcetera, so is it safe to say that the write-off last year and delayed filing the K has not impacted customer activity.

I’d say, yes. Sorry, I am struggling to hear you well. Are you saying the delay in filing?

Yes, have you seen any fallout from having to delay the filing in the 10-K and restate the numbers?

There was definitely some short-term impact of customers from delaying our filings. I mean, we had as I think I discussed on the last call, we did have some customers who called us particularly larger customers who tend to be more credit sensitive called us wanting to understand what was going on. Very hard for us to know exactly what revenue impact that had, because you are not sure that people that diverged trades for a period of time to sort of have less exposure to you while that we are sort of testing the situation or not, not really sure if we can analyze it with any great insight. But I think once we filed, all our customers are dealing with us, not only there has been any long-lasting damages resulted. I think all our customers are with us. And I think only a few high-profile customers that had some concerns and wanted to understand what was going on and I think they were generally very comfortable with all the guidelines, but I am sure there is some impact, very hard for us to assess what that impact is (indiscernible).

Okay, great. And then just secondly on your last call, you gave lots of interesting detail around electronic payments business that you built out over the years, any update new wins traction that you can share with us on that front?

No, other than the kind of sound bite I gave you and I think in those commentary, we gave you little bit more detail, but that business, I am trying to find my next slide, on a sequential basis, I think the revenue was up like 36%.

Yes. Sean, it was over the prior year was up 34% well and over the prior quarter well comparing this quarter versus the fourth quarter, it was up 31%. So, it was up about $3.2 million over the most recent quarter here that we had in the fourth – up $13.6 million.

And given what we chatted about last time that we had put a lot of sort of technology into that business to make it a more robust and sustainable infrastructure. And I think you can make the assumption that a lot of that incremental revenue starts to drop to the bottom line, right. So when we start having growth of that sort of order of magnitude, it starts to become profitable very quickly. We caution though that in the quarter, so our first quarter, the one we just reported on tends to be a good quarter for that business. It’s sort of year end, a lot of people are sort of pushing payments up, carrying up, particularly in the NGO community on the non-profit that kind of using our budgets making sure they are triggering up the size, you have also got a lot of sort of holiday related payments that happened in the busy quarter. So I am not sure if one should initially annualize that quarterly quarter, but it is significant that it grows much higher than the prior year. So even if you look at it on a Q1 to Q1 basis is still up 30% and it was nice sequential growth. So anyway, you look (indiscernible) I just want to caution you that the Q1 is a strong quarter for them generally.

Okay, thank you very much.

Okay.

And gentlemen, we have no further questions. I will turn the call back to you for any additional or closing remarks.

No, I have nothing else. So, thanks very much for your time and we will speak to you in three months. Thanks.

Thank you. And that does conclude today’s conference. Thank you for your participation.