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But I think that it's probably 2/3, 1/3, with 2/3 of it being acquisitions and 1/3 being start-ups.----------------------------------------------------------------------------------------------------------------------------------------------------------------Great. FCStone Financial Inc., or IFM, as noted in this presentation. On a year-to-date basis, segment income was up 17%.Securities was a mixed bag, with our rates business recording revenues up 83% for one of the best quarters in a number of years. As you have seen from our recent announcements, we have made a number of small acquisitions and organic growth initiatives in the last year. Within this segment, Equity Capital Markets income declined $3.6 million as the majority of the operating revenue growth in our conduit securities lending activities was offset by higher associated net interest expense and our nonsec lending activities suffered from weaker performance in our principal equity trading business as well as an increase in costs related to the start-up of our equity prime brokerage and institutional sales businesses.Segment income in our Debt Capital Markets business increased $2 million, driven by the increase in operating revenues, which was partially offset by higher interest expense, weaker performance in municipal securities and increased costs associated with the acquisition of GMP Securities. The largest increase was in our Securities segment, which added $67.4 million, driven by growth in Equity Capital Markets volumes as well as increase in interest income related to our securities lending and domestic fixed income activities.Our Global Payments and Commercial Hedging segment added $12 million and $9.1 million, respectively, while our Physical Commodities segment added $7.8 million versus the prior year-to-date period. For the year-to-date, revenues and segment income were roughly unchanged from a year ago.Our Global Payments business continues to grow with an 8% increase in revenue capture, which combined with increased volume, drove a 7% increase in segment income. This is a well-established business, owned by one of the premier banks in the region, which will give us real critical mass in Asia. Exchange-traded volumes increased 12%, driving a $3 million (technical difficulty) transactional revenues, primarily in the domestic agricultural market. It's a missing customer segment for us. Mr. Krehbiel is the manager of Kanza Cooperative Association in Iuka, Kansas, and has worked for Kanza Cooperative Association since 1986. As Sean noted earlier, the Fed recently dropped short-term rates by 25 basis points. These gains were partially offset by $1.6 million decline in our municipal securities business.Operating revenues increased in our Commercial Hedging segment by $8.5 million versus the prior year to $86.4 million. One is on the prime brokerage side. Commercial Hedging was the positive standout for the quarter with revenue up 11% due to some weather-related volatility mentioned above, which resulted in a 17% increase in segment income. Sure. In the last week or so, we have seen some real volatility around interest rates and it appears around the competitive currency devaluations was about to start, combined with an acceleration of the trade war.We had a 25 basis point cuts, and it now appears that may be followed with a further cut, which of course negatively affects the interest and fee income we received on our customer floats, but this could be offset by the positive impact of increased volatility in these markets.Our third quarter earnings were $16.3 million or $0.84 a share, down 32% or $7.7 million from a year ago. CES operating revenues declined $1.4 million versus the prior year.Finally, the decline in unallocated overhead operating revenues is primarily related to the net fluctuation in the market value of economic hedges held against the Argentinean peso as well as the increase in elimination entries to eliminate gross-ups among our segments.Moving on to Slide #9 for a discussion of the variance in pretax income by segment for the year-to-date period. 4 0 obj %���� We're excited by this, which we believe is a transformational step for us in Singapore.
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