CONSOLIDATED RESULTS OF OPERATIONS This following section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three-year period ended December 31, 2010.
Factors that related primarily to a single business segment are discussed in more detail within that business segment.
For a discussion of the Critical Accounting Estimates used by the Firm that affect the Consolidated Results of Operations, see pages 149– 154 of this Annual Report.
## Table 0 ##
2010 compared with 2009 Total net revenue for 2010 was $102.7 billion, up by $2.3 billion, or 2%, from 2009.
Results for 2010 were driven by a higher level of securities gains and private equity gains in Corporate/Private Equity, higher asset management fees in AM and administration fees in TSS, and higher other income in several businesses, partially offset by lower credit card income.
Investment banking fees decreased from 2009 due to lower equity underwriting and advisory fees, partially offset by higher debt underwriting fees.
Competitive markets combined with flat industry-wide equity underwriting and completed M&A volumes, resulted in lower equity underwriting and advisory fees; while strong industry-wide loan syndication and high-yield bond volumes drove record debt underwriting fees in IB.
For additional information on investment banking fees, which are primarily recorded in IB, see IB segment results on pages 69–71 of this Annual Report.
Principal transactions revenue, which consists of revenue from the Firm’s trading and private equity investing activities, increased compared with 2009.
This was driven by the Private Equity business, which had significant private equity gains in 2010, compared with a small loss in 2009, reflecting improvements in market conditions.
Trading revenue decreased, reflecting lower results in Corporate, offset by higher revenue in IB primarily reflecting gains from the widening of the Firm’s credit spread on certain structured and derivative liabilities.
For additional information on principal transactions revenue, see IB and Corporate/Private Equity segment results on pages 69–71 and 89– 90, respectively, and Note 7 on pages 199–200 of this Annual Report.
Lending- and deposit-related fees decreased in 2010 from 2009 levels, reflecting lower deposit-related fees in RFS associated, in part, with newly-enacted legislation related to non-sufficient funds and overdraft fees; this was partially offset by higher lendingrelated service fees in IB, primarily from growth in business volume, and in CB, primarily from higher commitment and letter-of-credit fees.
For additional information on lending- and deposit-related fees, which are mostly recorded in IB, RFS, CB and TSS, see segment results for IB on pages 69–71, RFS on pages 72–78, CB on pages 82–83 and TSS on pages 84–85 of this Annual Report.
Asset management, administration and commissions revenue increased from 2009.
The increase largely reflected higher asset management fees in AM, driven by the effect of higher market levels, net inflows to products with higher margins and higher performance fees; and higher administration fees in TSS, reflecting the effects of higher market levels and net inflows of assets under custody.
This increase was partially offset by lower brokerage commissions in IB, as a result of lower market volumes.
For additional information on these fees and commissions, see the segment discussions for AM on pages 86–88 and TSS on pages 84–85 of this Annual Report.
Securities gains were significantly higher in 2010 compared with 2009, resulting primarily from the repositioning of the portfolio in response to changes in the interest rate environment and to rebalance exposure.
For additional information on securities gains, which are mostly recorded in the Firm’s Corporate segment, see the Corporate/Private Equity segment discussion on pages 89–90 of this Annual Report.
Mortgage fees and related income increased in 2010 compared with 2009, driven by higher mortgage production revenue, reflecting increased mortgage origination volumes in RFS and AM, and wider margins, particularly in RFS.
This increase was largely offset by higher repurchase losses in RFS (recorded as contrarevenue), which were attributable to higher estimated losses related to repurchase demands, predominantly from GSEs.
For additional information on mortgage fees and related income, which is recorded primarily in RFS, see RFS’s Mortgage Banking, Auto & Other Consumer Lending discussion on pages 74–77 of this Annual Report.
For additional information on repurchase losses, see the repurchase liability discussion on pages 98–101 and Note 30 on pages 275–280 of this Annual Report.
Credit card income decreased during 2010, predominantly due to the impact of the accounting guidance related to VIEs, effective January 1, 2010, that required the Firm to consolidate the assets and liabilities of its Firm-sponsored credit card securitization trusts.
Adoption of the new guidance resulted in the elimination of all servicing fees received from Firm-sponsored credit card securitization trusts (which was offset by related increases in net
grade commissions.
U. S.  high-grade commissions increased by $5.2 million or 12.8% to $45.5 million for the year ended December 31, 2004 from $40.3 million for the comparable period in 2003.
European high-grade commissions increased by $8.0 million or 112.5% to $15.1 million from $7.1 million for the comparable period in 2003.
Other commissions increased by $2.2 million or 41.0% to $7.6 million from $5.4 million for the comparable period in 2003.
These increases were primarily due to an increase in transaction volume from $192.2 billion for the year ended December 31, 2003 to $298.1 billion for the year ended December 31, 2004 generated by new and existing clients, offset by a 16.7% reduction in the average commission per million from $275 per million for the year ended December 31, 2003 to $229 per million for the year ended December 31, 2004.
This decrease in average commission per million was attributable to the full-year effect of our U. S.  high-grade fee plans, increasing volumes of transactions with lower fees per million and an increase in the percentage of trades executed on the platform in bonds with shorter maturities, which generally generate lower commissions per million, Information and User Access Fees.
Information and user access fees increased by $1.6 million or 137.2% to $2.7 million for the year ended December 31, 2004 from $1.1 million for the year ended December 31, 2003.
This increase was primarily due to an increase in the number of subscribers to our Corporate BondTicker service.
License Fees.
License fees decreased by $1.0 million or 24.2% to $3.1 million for the year ended December 31, 2004 from $4.1 million for the year ended December 31, 2003.
This decrease was due to the addition of four new broker-dealer clients in the year ended December 31, 2004 compared to five new broker-dealer clients added in the year ended December 31, 2003.
Interest Income.
Interest income increased by $0.5 million or 137.7% to $0.9 million for the year ended December 31, 2004 from $0.4 million for the comparable period in 2003.
This increase was due to a rise in interest rates and higher cash, cash equivalents and short-term investment balances during the year ended December 31, 2004 as compared to the comparable period in 2003.
Other.
Other revenues increased to $0.9 million for the year ended December 31, 2004 from $0.0 million for the comparable period in 2003.
This increase was primarily due to the effects of a change in accounting policy with respect to recognizing as revenue gross telecommunication line fees paid by broker-dealer clients.
These line fees were immaterial and were offset against the related technology and communications cost in prior years.
Our expenses and percentage of revenues for the years ended December 31, 2004 and 2003, and the resulting dollar and percentage change, are as follows:
## Table 1 ##
Table of Contents MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The Series B Preferred Stock does not contain an unconditional obligation requiring the Company to redeem the shares at a specified date or upon the occurrence of an event certain.
While liability classification does not apply, there are certain liquidation scenarios not solely within the Company’s control.
Therefore, the portion of the net proceeds attributable to the Series B Preferred Stock is not classified as permanent equity.
The Series B Preferred Stock is not being accreted to its redemption value since the occurrence of a redemption event is not considered probable.
Dividends Prior to 2009, the Company retained all earnings for investment in its business.
In October 2009, the Company’s Board of Directors approved a regular quarterly dividend.
The first quarterly cash dividend of $0.07 per share was paid to holders of common stock outstanding or issuable upon conversion of outstanding shares of non-voting common stock and Series B Preferred Stock in November 2009.
In January 2011, the Company’s Board of Directors approved an increase in the quarterly cash dividend to $0.09 per share payable on March 2, 2011 to such stockholders of record as of the close of business on February 16, 2011.
Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board of Directors.
The Board of Directors may take into account such matters as general business conditions, the Company’s financial results, capital requirements, contractual, legal, and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to the parent and any such other factors as the Board of Directors may deem relevant.
Stockholder Rights Agreement On June 2, 2008, the Board of Directors adopted and the Company’s stockholders subsequently ratified a stockholders rights agreement and declared a distribution of one right (a “Right”) for each outstanding share of common stock and non-voting common stock, to stockholders of record at the close of business on June 20, 2008 and for each share of common stock and non-voting common stock issued by the Company thereafter and prior to the Distribution Date (as defined in the stockholders rights agreement).
Each Right entitles the registered holder, subject to the terms of the stockholders rights agreement, to purchase from the Company one onethousandth of a share of Series A Preferred Stock, par value $0.001 per share (a “Unit), at a price of $40.00 per Unit, subject to adjustment.12.
Stock-Based Compensation Plans The Company has three stock incentive plans which provide for the grant of stock options, stock appreciation rights, restricted stock, performance shares, performance units, or other stock-based awards as incentives and rewards to encourage employees, consultants and non-employee directors to participate in the long-term success of the Company.
As of December 31, 2010, there were 4,303,905 shares available for grant under the stock incentive plans.
Total stock-based compensation expense was as follows:
## Table 2 ##
The Company records stock-based compensation expense for employees in employee compensation and benefits and for nonemployee directors in general and administrative expenses in the Consolidated Statements of Operations.
Table of Contents MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) Other The Company, through two regulated subsidiaries, executes certain bond transactions between and among institutional investor and brokerdealer clients on a riskless principal basis by serving as counterparty to both the buyer and the seller in trades which settle through a third-party clearing organization.
Settlement typically occurs within one to three trading days after the trade date.
Cash settlement of the transaction occurs upon receipt or delivery of the underlying instrument that was traded.
For the year ended December 31, 2013, revenues from riskless principal trading were approximately $6.0 million.
Under securities clearing agreements with the independent third party, the Company maintains a collateral deposit with the clearing broker in the form of cash.
As of December 31, 2013, the amount of the collateral deposit included in prepaid expenses and other assets in the Consolidated Statements of Financial Condition was $0.9 million.
The Company is exposed to credit risk in the event a counterparty does not fulfill its obligation to complete a transaction.
Pursuant to the terms of the securities clearing agreements between the Company and the independent clearing broker, the clearing broker has the right to charge the Company for losses resulting from a counterparty’s failure to fulfill its contractual obligations.
The losses are not capped at a maximum amount and apply to all trades executed through the clearing broker.
At December 31, 2013, the Company had not recorded any liabilities with regard to this right.
In the normal course of business, the Company enters into contracts that contain a variety of representations, warranties and general indemnifications.
The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.
However, based on experience, the Company expects the risk of loss to be remote.14.
Sale of Discontinued Operations On September 30, 2013, the Company executed a stock purchase agreement to sell 100% of the outstanding shares of Greenline, a wholly owned subsidiary of the Company, to CameronTec Intressenter AB.
The transaction closed on October 8, 2013.
The aggregate purchase price was $11.0 million in cash, including a post-closing working capital adjustment.
The Company recognized a gain on the disposition of $7.6 million, net of a tax benefit.
Greenline’s operating results have been classified as discontinued operations in the Consolidated Statement of Operations.
The following is a summary of Greenline’s operating results:

<table><tr><td>Year ended December 31, (in millions)</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Investment banking fees</td><td>$6,190</td><td>$7,087</td><td>$5,526</td></tr><tr><td>Principal transactions</td><td>10,894</td><td>9,796</td><td>-10,699</td></tr><tr><td>Lending- and deposit-related fees</td><td>6,340</td><td>7,045</td><td>5,088</td></tr><tr><td>Asset management, administrationand commissions</td><td>13,499</td><td>12,540</td><td>13,943</td></tr><tr><td>Securities gains</td><td>2,965</td><td>1,110</td><td>1,560</td></tr><tr><td>Mortgage fees and related income</td><td>3,870</td><td>3,678</td><td>3,467</td></tr><tr><td>Credit card income</td><td>5,891</td><td>7,110</td><td>7,419</td></tr><tr><td>Other income</td><td>2,044</td><td>916</td><td>2,169</td></tr><tr><td>Noninterest revenue</td><td>51,693</td><td>49,282</td><td>28,473</td></tr><tr><td>Net interest income</td><td>51,001</td><td>51,152</td><td>38,779</td></tr><tr><td>Total net revenue</td><td>$102,694</td><td>$100,434</td><td>$67,252</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2004</td><td colspan="2">2003</td><td colspan="2"></td></tr><tr><td></td><td> $</td><td>% of Revenues</td><td> $</td><td>% of Revenues</td><td>$ Change</td><td>% Change</td></tr><tr><td></td><td colspan="6">($ in thousands)</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>$33,146</td><td>43.7%</td><td>$26,860</td><td>45.9%</td><td>$6,286</td><td>23.4%</td></tr><tr><td>Depreciation and amortization</td><td>3,468</td><td>4.6</td><td>4,688</td><td>8.0</td><td>-1,220</td><td>-26.0</td></tr><tr><td>Technology and communications</td><td>6,402</td><td>8.5</td><td>4,755</td><td>8.1</td><td>1,647</td><td>34.6</td></tr><tr><td>Professional and consulting fees</td><td>4,908</td><td>6.5</td><td>4,180</td><td>7.2</td><td>728</td><td>17.4</td></tr><tr><td>Warrant-related expense</td><td>2,524</td><td>3.3</td><td>5,400</td><td>9.2</td><td>-2,876</td><td>-53.3</td></tr><tr><td>Marketing and advertising</td><td>2,530</td><td>3.3</td><td>2,292</td><td>3.9</td><td>238</td><td>10.4</td></tr><tr><td>Moneyline revenue share</td><td>1,240</td><td>1.6</td><td>1,806</td><td>3.1</td><td>-566</td><td>-31.3</td></tr><tr><td>General and administrative</td><td>4,263</td><td>5.6</td><td>4,077</td><td>7.0</td><td>186</td><td>4.6</td></tr><tr><td> Total expenses</td><td>$58,481</td><td>77.1%</td><td>$54,058</td><td>92.4%</td><td>$4,423</td><td>8.2%</td></tr></table>
<table><tr><td></td><td colspan="3"> Year Ended December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td><td> 2008</td></tr><tr><td></td><td colspan="3"> (In thousands)</td></tr><tr><td>Employee:</td><td></td><td></td><td></td></tr><tr><td>Stock options</td><td>$1,728</td><td>$2,858</td><td>$3,757</td></tr><tr><td>Restricted stock and performanceshares</td><td>6,588</td><td>5,040</td><td>2,832</td></tr><tr><td></td><td>8,316</td><td>7,898</td><td>6,589</td></tr><tr><td>Non-employee directors:</td><td></td><td></td><td></td></tr><tr><td>Stock options</td><td>83</td><td>143</td><td>139</td></tr><tr><td>Restricted stock</td><td>570</td><td>373</td><td>333</td></tr><tr><td></td><td>653</td><td>516</td><td>472</td></tr><tr><td>Total stock-based compensation</td><td>$8,969</td><td>$8,414</td><td>$7,061</td></tr></table>

Question: Which element has the second largest number in 2004?