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So and Ameritrade.
Just moved it to the New York Stock Exchange from the NASDAQ so I wanna look.
Do people still trade big time when the economy showing signs of slowing down so -- the company is TD Ameritrade chief Fred Thompson.
So welcome -- the program is very good to have you with us today and congratulations on the move but it is my point.
In January of this year average trading volume was down a billion shares a day from January of last year.
I just don't think that many people of training that much stock and yet you came -- I think we've pretty good earnings how do you do that.
-- we make our money in a couple of ways it is trading.
You know we have a lot of asset based fees lot of them are sensitive to interest rates and that's painful but.
You know we came in right honest on consensus.
But that's a combination of things that -- -- -- definitely trading is down.
From what -- was last year the same cornerstone part of it was down 50000 trades -- -- But substantial but we've been keeping our expenses and -- We've been buying back stock.
And that we've been managing things pretty well what.
What we did you all this do you have funny for average traded down 50000 a day that that I think is a big deal.
Can you can you explain that speed is there a wholesale retreat on the part of the little guy.
From investing actively in the stock market is -- I don't know if there's a wholesale retreat I think you know we looked at our customers and -- pockets.
If you're advised by the independent registered investment advisor they have put you in the market in the last three or four months and taken advantage of the run.
If you're an active investor and very active with your stop.
You're trying it and thought you know you're not trading as much as you might have before because there's no volatility in the market.
But that long term investor worked as a large portion of the retail investor.
They definitely are cautiously conservative right now.
They're sitting in bond funds there are now trading much.
Maybe they'll get back into it and -- boost your profitability even moments Fred Thomson ex CEO TD Ameritrade.
It was a great pleasure having you with us today we do appreciate it thank you --
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