57 according to the bank of international settlements ( `` bis `` ) market review for the first half of 2009 , both the otc and exchange-traded derivative markets experienced contraction in 2009 versus the same period in 2008. according to the bis , as of june 30 , 2009 , the latest period reported , notional amounts outstanding for all otc derivatives was $ 604.6 trillion , down 11.6 % compared to $ 683.8 trillion in june 2008 , while the notional amounts outstanding for all exchange traded derivatives was $ 63.4 trillion on june 30 , 2009 , down 22.6 % from $ 82.0 trillion on june 30 , 2008. these declines compare to compound annual growth rates of 32.2 % and 16.5 % for notional amounts outstanding in otc and exchange-traded derivative markets , respectively , from june 30 , 2003 through june 30 , 2008. all otc product categories were down in notional amounts outstanding year-over-year according to the bis study , with credit default swaps down 37.2 % , commodities down 71.8 % , equity-linked derivatives down 35.0 % , foreign exchange derivatives down 22.6 % and interest rate derivatives down 4.6 % . interest rate derivatives represent the largest product category with $ 437.2 trillion outstanding as of june 30 , 2009. similarly , all exchange-traded derivative categories also realized significant declines in notional amounts outstanding year-over-year . we believe that the declines in notional amounts outstanding can be attributed , in large part , to macroeconomic and industry factors such as the general global economic climate , the deleveraging undertaken by certain market participants and regulatory uncertainty . additionally , industry efforts to net derivative exposure , especially in credit derivatives , has been a significant factor in bringing down notional amounts outstanding . except for energy related products , the same general trend was also evidenced by the reduced transactional volumes or slowing growth rate of certain products traded on futures exchanges . for several years , exchange traded derivatives have exhibited similar growth rates to those of related otc derivative markets . in 2009 , the cme reported a year over year decline in average daily volumes of 20 % with interest rate product volumes down 30 % , equity index products down 20 % , metal products down 4 % and energy products ( including cme clearport ) up 4 % . reflecting the increased activity in energy-related products , ice 's otc energy average daily commissions were up 8 % in 2009 compared to the prior year . we believe that the cme clearport and ice products benefited from a shift in trader focus towards the short-end of the maturity curve . ice 's otc credit ( excluding credit derivative clearing ) revenues were down 22.6 % year over year . in addition , newer products and our expansion into growing markets and new geographical areas have historically contributed to the growth in our brokerage revenues . for example , in 2008 and 2009 we invested in our fixed income product brokerage capabilities as the markets shifted in favor of cash products following the credit crisis . additionally , both our chile and dubai offices , which were opened in 2008 , showed significant growth year-over-year . competitive and regulatory environment another major external market factor affecting our business and results of operations is competition , which may take the form of competitive pressure on the commissions we charge for our brokerage services or competition for brokerage personnel with extensive experience in the specialized markets we serve . competition for the services of productive brokers was intense in 2009. in april of 2008 , almost two dozen of our credit division personnel in new york defected to a competitor , notwithstanding that many of them did so in breach of contractual obligations . this event resulted in increased competition , legal expenses and costs related to restaffing our north american credit operations that continued into 2009. the consolidation and personnel layoffs by dealers , hedge funds and other market participants that began in 2008 and continued into the first half of 2009 also led to increased competition to provide brokerage services to a smaller number of market participants in the near term . during 2009 , there was a continuing effort to establish new regulations for the global otc derivatives markets . we believe that the legislative and regulatory proposals for increased transparency , position limits and collateral or capital requirements have caused uncertainty in these markets as 58 market participants await any final regulations . this increased uncertainty in the markets has led investors and banks to commit less capital to many otc markets . nevertheless , we are optimistic that the regulatory solutions that are likely to emerge , including centralized clearing , increased transparency , automation and electronic execution , will be generally beneficial to the long-term health of the broader financial markets . the proposed legislation in the u.s. would require certain otc derivatives to be executed through a registered exchange or `` swap execution facility . `` we believe that we will be able to qualify as a swap execution facility and we believe that our expertise , technology and scale makes us well-positioned to capture any newly created opportunities in these markets . financial overview our results for the last three years reflect the challenging conditions in the financial markets over that time , including unprecedented conditions in the world economy and the financial markets in which we provide our services . our global and product diversification enabled us to take advantage of areas of market strength over this period , even as certain otc derivative markets were negatively affected by the financial crisis . as more fully discussed below , our results of operations are significantly impacted by the amount of our revenues and the amount of compensation and benefits we provide to our employees . story_separator_special_tag we also use the services of stock exchanges and floor brokers to assist in the execution of transactions . fees paid to floor brokers and execution fees paid to exchanges in these circumstances are included in clearing fees . in addition , clearing fees also include fees incurred in certain equity transactions executed on an agency basis . the decrease in interest expense of $ 3.8 million was primarily due to a decrease in the average borrowings outstanding under our credit agreement , as well as lower prevailing interest rates . in addition , we benefited from lower interest expense on balances maintained with clearing organizations . these decreases were partially offset by the full year impact of the increase in the applicable interest rate on our senior notes in july 2008. other expenses decreased $ 5.3 million in 2009 from 2008 due primarily to the $ 3.1 million write-off of an investment in an unconsolidated affiliate during 2008. in addition , there was a decrease in spending on third party licensing fees , a reduction in certain investment losses , and a decrease in net litigation settlements and awards compared to the same period in the prior year , offset by an increase in restructuring costs related to a joint venture and certain software and systems charges . our effective tax rate was 30.0 % for the year ended december 31 , 2009 as compared to 36.0 % for 2008. the reduction in our effective tax rate was primarily due to the shifting of the geographic mix of our earnings for the year ended december 31 , 2009 in favor of jurisdictions with lower tax rates , resulting in a lower aggregate effective tax rate . additionally , the united kingdom lowered its statutory corporate income tax rate from 30 % to 28 % on april 1 , 2008. year ended december 31 , 2008 compared to the year ended december 31 , 2007 net income net income for the year ended december 31 , 2008 was $ 53.1 million as compared to net income of $ 94.9 million for the year ended december 31 , 2007 , a decrease of approximately $ 41.8 million or 44.0 % . total revenues increased by $ 45.0 million , or 4.6 % , to $ 1,015.5 million for the year ended december 31 , 2008 from $ 970.5 million for 2007. our increased revenues were primarily due to increased equity brokerage revenues and the acquisition of trayport , which was partially offset by 66 declines in credit and financial brokerage revenues . revenues declined in the second half of 2008 due to the defection of two dozen north american credit brokers to a competitor in april 2008 , deleveraging in the dealer and hedge fund community , the transfer of our global u.s. dollar interest rate swap business to a third party in the first quarter of 2008 , the brokerage desk restructuring initiative announced in the third quarter 2008 , losses from unsettled trades directly related to the lehman brothers bankruptcy , and uncertainty around the regulatory and operating environment of certain otc markets in the second half of 2008. our total brokerage personnel headcount was 1,037 employees at december 31 , 2008 , equal to that at december 31 , 2007. our brokerage headcount declined in the fourth quarter due to the front office restructuring launched in the third quarter . total expenses increased by $ 112.7 million , or 13.8 % , to $ 932.5 million for 2008 from $ 819.8 million in 2007. expenses increased in large part due to higher sign-on and retention bonus expenses and a higher salary base due to a greater average employee headcount as compared to the same period in 2007. in addition , we recorded a number of non-recurring items in 2008. these items included a $ 12.9 million charge for severance and other expenses related to a front office restructuring initiative that involved closing certain under-performing brokerage desks and reducing headcount by approximately 55 employees , a $ 6.4 million accrual for broker bonus compensation which were paid in cash rather than , as originally contemplated , in restricted stock units , $ 7.8 million in costs related to the abandonment of our offices at 100 wall street and our move to 55 water street in new york , and expense of $ 1.8 million related to discontinued merger discussions . we also wrote-off a $ 3.1 million investment in an unconsolidated affiliate which was deemed to be permanently impaired . clearing fees increased $ 10.7 million to $ 43.4 million for 2008 from $ 32.7 million in 2007 , due in large part to the growth of matched principal brokerage revenues from our cash equities and cash bond businesses . professional fees increased $ 8.3 million , or 46.4 % , primarily due to legal fees regarding the credit broker departures and the discontinued merger discussions . revenues the following table sets forth the changes in revenues for the year ended december 31 , 2008 as compared to the same period in 2007 ( dollars in thousands , except percentage data ) : replace_table_token_11_th * denotes % of total revenues * * denotes % change in 2008 as compared to 2007 brokerage revenues we offer our brokerage services in four broad product categories : credit , equity , financial , and commodity . below is a discussion on our brokerage revenues by product category for the year ended december 31 , 2008 . 67 broker productivity ( defined as total brokerage revenues during the period divided by average monthly brokerage personnel headcount for the period ) across all product categories decreased by approximately 2.6 % for 2008 , as compared to 2007. the decrease in credit product brokerage revenues of $ 13.3 million in 2008 as compared with 2007 was due to a number of factors , including the defection of nearly two dozen of our north american credit

liquidity and capital resources throughout the year ended december 31 , 2009 , we have financed our operations primarily through cash flows from operations . our debt consists of amounts outstanding under our credit agreement with bank of america and certain other lenders , which expires on february 24 , 2011 , and pursuant to our senior notes , which mature on january 30 , 2013. in april 2009 , we amended our credit agreement to reduce the maximum permitted borrowings to $ 175.0 million . in addition , we repaid $ 50 million of the outstanding credit agreement balance during 2009. in january 2008 , we completed a private placement of the senior notes . see note 9 to the consolidated financial statements in part ii-item 8 for further details on the amendment to our credit agreement and our senior notes . cash and cash equivalents consist of cash and highly liquid investments with maturities , when purchased , of three months or less . at december 31 , 2009 , we had $ 342.4 million of cash and cash equivalents compared to $ 342.4 million and $ 240.4 million at december 31 , 2008 and 2007 , respectively . the changes to our cash and cash equivalents balances for these periods are due to our operating , investing and financing activities as discussed below . the following table sets forth our cash flows from operating activities , investing activities and financing activities for the indicated periods .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources throughout the year ended december 31 , 2009 , we have financed our operations primarily through cash flows from operations . our debt consists of amounts outstanding under our credit agreement with bank of america and certain other lenders , which expires on february 24 , 2011 , and pursuant to our senior notes , which mature on january 30 , 2013. in april 2009 , we amended our credit agreement to reduce the maximum permitted borrowings to $ 175.0 million . in addition , we repaid $ 50 million of the outstanding credit agreement balance during 2009. in january 2008 , we completed a private placement of the senior notes . see note 9 to the consolidated financial statements in part ii-item 8 for further details on the amendment to our credit agreement and our senior notes . cash and cash equivalents consist of cash and highly liquid investments with maturities , when purchased , of three months or less . at december 31 , 2009 , we had $ 342.4 million of cash and cash equivalents compared to $ 342.4 million and $ 240.4 million at december 31 , 2008 and 2007 , respectively . the changes to our cash and cash equivalents balances for these periods are due to our operating , investing and financing activities as discussed below . the following table sets forth our cash flows from operating activities , investing activities and financing activities for the indicated periods .
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 Suspicious Activity Report : 57 according to the bank of international settlements ( `` bis `` ) market review for the first half of 2009 , both the otc and exchange-traded derivative markets experienced contraction in 2009 versus the same period in 2008. according to the bis , as of june 30 , 2009 , the latest period reported , notional amounts outstanding for all otc derivatives was $ 604.6 trillion , down 11.6 % compared to $ 683.8 trillion in june 2008 , while the notional amounts outstanding for all exchange traded derivatives was $ 63.4 trillion on june 30 , 2009 , down 22.6 % from $ 82.0 trillion on june 30 , 2008. these declines compare to compound annual growth rates of 32.2 % and 16.5 % for notional amounts outstanding in otc and exchange-traded derivative markets , respectively , from june 30 , 2003 through june 30 , 2008. all otc product categories were down in notional amounts outstanding year-over-year according to the bis study , with credit default swaps down 37.2 % , commodities down 71.8 % , equity-linked derivatives down 35.0 % , foreign exchange derivatives down 22.6 % and interest rate derivatives down 4.6 % . interest rate derivatives represent the largest product category with $ 437.2 trillion outstanding as of june 30 , 2009. similarly , all exchange-traded derivative categories also realized significant declines in notional amounts outstanding year-over-year . we believe that the declines in notional amounts outstanding can be attributed , in large part , to macroeconomic and industry factors such as the general global economic climate , the deleveraging undertaken by certain market participants and regulatory uncertainty . additionally , industry efforts to net derivative exposure , especially in credit derivatives , has been a significant factor in bringing down notional amounts outstanding . except for energy related products , the same general trend was also evidenced by the reduced transactional volumes or slowing growth rate of certain products traded on futures exchanges . for several years , exchange traded derivatives have exhibited similar growth rates to those of related otc derivative markets . in 2009 , the cme reported a year over year decline in average daily volumes of 20 % with interest rate product volumes down 30 % , equity index products down 20 % , metal products down 4 % and energy products ( including cme clearport ) up 4 % . reflecting the increased activity in energy-related products , ice 's otc energy average daily commissions were up 8 % in 2009 compared to the prior year . we believe that the cme clearport and ice products benefited from a shift in trader focus towards the short-end of the maturity curve . ice 's otc credit ( excluding credit derivative clearing ) revenues were down 22.6 % year over year . in addition , newer products and our expansion into growing markets and new geographical areas have historically contributed to the growth in our brokerage revenues . for example , in 2008 and 2009 we invested in our fixed income product brokerage capabilities as the markets shifted in favor of cash products following the credit crisis . additionally , both our chile and dubai offices , which were opened in 2008 , showed significant growth year-over-year . competitive and regulatory environment another major external market factor affecting our business and results of operations is competition , which may take the form of competitive pressure on the commissions we charge for our brokerage services or competition for brokerage personnel with extensive experience in the specialized markets we serve . competition for the services of productive brokers was intense in 2009. in april of 2008 , almost two dozen of our credit division personnel in new york defected to a competitor , notwithstanding that many of them did so in breach of contractual obligations . this event resulted in increased competition , legal expenses and costs related to restaffing our north american credit operations that continued into 2009. the consolidation and personnel layoffs by dealers , hedge funds and other market participants that began in 2008 and continued into the first half of 2009 also led to increased competition to provide brokerage services to a smaller number of market participants in the near term . during 2009 , there was a continuing effort to establish new regulations for the global otc derivatives markets . we believe that the legislative and regulatory proposals for increased transparency , position limits and collateral or capital requirements have caused uncertainty in these markets as 58 market participants await any final regulations . this increased uncertainty in the markets has led investors and banks to commit less capital to many otc markets . nevertheless , we are optimistic that the regulatory solutions that are likely to emerge , including centralized clearing , increased transparency , automation and electronic execution , will be generally beneficial to the long-term health of the broader financial markets . the proposed legislation in the u.s. would require certain otc derivatives to be executed through a registered exchange or `` swap execution facility . `` we believe that we will be able to qualify as a swap execution facility and we believe that our expertise , technology and scale makes us well-positioned to capture any newly created opportunities in these markets . financial overview our results for the last three years reflect the challenging conditions in the financial markets over that time , including unprecedented conditions in the world economy and the financial markets in which we provide our services . our global and product diversification enabled us to take advantage of areas of market strength over this period , even as certain otc derivative markets were negatively affected by the financial crisis . as more fully discussed below , our results of operations are significantly impacted by the amount of our revenues and the amount of compensation and benefits we provide to our employees . story_separator_special_tag we also use the services of stock exchanges and floor brokers to assist in the execution of transactions . fees paid to floor brokers and execution fees paid to exchanges in these circumstances are included in clearing fees . in addition , clearing fees also include fees incurred in certain equity transactions executed on an agency basis . the decrease in interest expense of $ 3.8 million was primarily due to a decrease in the average borrowings outstanding under our credit agreement , as well as lower prevailing interest rates . in addition , we benefited from lower interest expense on balances maintained with clearing organizations . these decreases were partially offset by the full year impact of the increase in the applicable interest rate on our senior notes in july 2008. other expenses decreased $ 5.3 million in 2009 from 2008 due primarily to the $ 3.1 million write-off of an investment in an unconsolidated affiliate during 2008. in addition , there was a decrease in spending on third party licensing fees , a reduction in certain investment losses , and a decrease in net litigation settlements and awards compared to the same period in the prior year , offset by an increase in restructuring costs related to a joint venture and certain software and systems charges . our effective tax rate was 30.0 % for the year ended december 31 , 2009 as compared to 36.0 % for 2008. the reduction in our effective tax rate was primarily due to the shifting of the geographic mix of our earnings for the year ended december 31 , 2009 in favor of jurisdictions with lower tax rates , resulting in a lower aggregate effective tax rate . additionally , the united kingdom lowered its statutory corporate income tax rate from 30 % to 28 % on april 1 , 2008. year ended december 31 , 2008 compared to the year ended december 31 , 2007 net income net income for the year ended december 31 , 2008 was $ 53.1 million as compared to net income of $ 94.9 million for the year ended december 31 , 2007 , a decrease of approximately $ 41.8 million or 44.0 % . total revenues increased by $ 45.0 million , or 4.6 % , to $ 1,015.5 million for the year ended december 31 , 2008 from $ 970.5 million for 2007. our increased revenues were primarily due to increased equity brokerage revenues and the acquisition of trayport , which was partially offset by 66 declines in credit and financial brokerage revenues . revenues declined in the second half of 2008 due to the defection of two dozen north american credit brokers to a competitor in april 2008 , deleveraging in the dealer and hedge fund community , the transfer of our global u.s. dollar interest rate swap business to a third party in the first quarter of 2008 , the brokerage desk restructuring initiative announced in the third quarter 2008 , losses from unsettled trades directly related to the lehman brothers bankruptcy , and uncertainty around the regulatory and operating environment of certain otc markets in the second half of 2008. our total brokerage personnel headcount was 1,037 employees at december 31 , 2008 , equal to that at december 31 , 2007. our brokerage headcount declined in the fourth quarter due to the front office restructuring launched in the third quarter . total expenses increased by $ 112.7 million , or 13.8 % , to $ 932.5 million for 2008 from $ 819.8 million in 2007. expenses increased in large part due to higher sign-on and retention bonus expenses and a higher salary base due to a greater average employee headcount as compared to the same period in 2007. in addition , we recorded a number of non-recurring items in 2008. these items included a $ 12.9 million charge for severance and other expenses related to a front office restructuring initiative that involved closing certain under-performing brokerage desks and reducing headcount by approximately 55 employees , a $ 6.4 million accrual for broker bonus compensation which were paid in cash rather than , as originally contemplated , in restricted stock units , $ 7.8 million in costs related to the abandonment of our offices at 100 wall street and our move to 55 water street in new york , and expense of $ 1.8 million related to discontinued merger discussions . we also wrote-off a $ 3.1 million investment in an unconsolidated affiliate which was deemed to be permanently impaired . clearing fees increased $ 10.7 million to $ 43.4 million for 2008 from $ 32.7 million in 2007 , due in large part to the growth of matched principal brokerage revenues from our cash equities and cash bond businesses . professional fees increased $ 8.3 million , or 46.4 % , primarily due to legal fees regarding the credit broker departures and the discontinued merger discussions . revenues the following table sets forth the changes in revenues for the year ended december 31 , 2008 as compared to the same period in 2007 ( dollars in thousands , except percentage data ) : replace_table_token_11_th * denotes % of total revenues * * denotes % change in 2008 as compared to 2007 brokerage revenues we offer our brokerage services in four broad product categories : credit , equity , financial , and commodity . below is a discussion on our brokerage revenues by product category for the year ended december 31 , 2008 . 67 broker productivity ( defined as total brokerage revenues during the period divided by average monthly brokerage personnel headcount for the period ) across all product categories decreased by approximately 2.6 % for 2008 , as compared to 2007. the decrease in credit product brokerage revenues of $ 13.3 million in 2008 as compared with 2007 was due to a number of factors , including the defection of nearly two dozen of our north american credit

