In 2005 Nasdaq executed very well to plan, growing the top-line, reducing our baseline expenses and generating a significant increase in net income.

It was a good bunt. It made me go to the baseline. It was just well-executed.

The top line hasn't knocked your socks off, but certainly they've been good at controlling expenses.

We executed our game plan to the tee.

We had a good plan at the end of 2001, ... We executed it. We achieved everything that was in it and then some. But it wasn't good enough. ... So guess what? Now we have to respond again, and we're going to step up to it.

We already assume we have competitive products. But then there's our top line revenue, margin expenses, cost structure, and if we manage those right, we will yield greater (profit) margins.