ITG announced a plan to reduce operating costs in the face of continued weakness in institutional equity trading volumes. This cost reduction initiative is designed to improve financial performance while maintaining ITG's competitiveness and high standards of client service. This plan stems from a comprehensive review of ITG's various business activities, benchmarking ITG's cost structure against industry peers. The cost reductions are primarily focused on headcount, market data and other general and administrative costs across ITG's businesses. The reductions reflect in part the impact of improved efficiencies from recent investments in product and infrastructure as well as secular changes in the business environment. This initiative is expected to generate pre-tax cost savings of approximately $20M in 2013, or 32c per share after taxes. Most of the cost savings will begin to take effect during the 1Q13. ITG will incur pre-tax charges associated with this plan estimated at $8.5M, or 14c per share after taxes, in Q4.