contracts that the exchange recorded during June. We believe that the exchange will continue to benefit from several of its small but rapidly growing product categories, including foreign exchange, interest rate options, energy and commodities. Furthermore, we believe that the company will continue to innovate new product categories that
can be added to its electronic Globex trading platform at low cost, and that these products will carry high incremental operating margins. First Marblehead, the provider of
outsourced services to financial institutions participating in the private student loan market, saw its shares increase after the company reported several favorable developments during the quarter. Its loan facilitation volume increased 45%, implying a strong pipeline of loans available for future securitizations, on which First Marblehead earns the bulk of its revenues. In addition, the economics of its most recent securitization did not indicate a meaningful reduction in profitability, as some investors had feared. Lastly, the company announced new client relationships with Key Bank and GE Consumer Finance.