We hold an interest rate swap agreement to hedge the benchmark interest rate of our $375 million 5.0% senior unsecured notes due July 1, 2014.
The effect of the swap is to convert our 5.0% fixed interest rate to a variable interest rate based on the three-month LIBOR plus 2.05% (2.42% as of October 29, 2011).
In addition, we have a term loan facility of $145 million that bears interest at a fluctuating rate for each period equal to the LIBOR rate corresponding with the tenor of the interest period plus a spread of 1.25% (1.61% as of October 29, 2011).
If LIBOR increases by 100 basis points, our annual interest expense would increase by approximately $5 million.
However, this hypothetical change in interest rates would not impact the interest expense on our $375 million of 3% fixed-rate debt, which is not hedged.
As of October 30, 2010, a similar 100 basis point increase in LIBOR would have resulted in an increase of approximately $4 million to our annual interest expense.
Foreign Currency Exposure As more fully described in Note 2i in the Notes to Consolidated Financial Statements contained in Item 8 of this Annual Report on Form 10-K, we regularly hedge our non-U.
S.  dollar-based exposures by entering into forward foreign currency exchange contracts.
The terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months.
Currently, our largest foreign currency exposure is the Euro, primarily because our European operations have the highest proportion of our local currency denominated expenses.
Relative to foreign currency exposures existing at October 29, 2011 and October 30, 2010, a 10% unfavorable movement in foreign currency exchange rates over the course of the year would expose us to approximately $6 million in losses in earnings or cash flows.
The market risk associated with our derivative instruments results from currency exchange rates that are expected to offset the market risk of the underlying transactions, assets and liabilities being hedged.
The counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings.
Based on the credit ratings of our counterparties as of October 29, 2011, we do not believe that there is significant risk of nonperformance by them.
While the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions, they do not represent the amount of our exposure to credit risk.
The amounts potentially subject to credit risk (arising from the possible inability of counterparties to meet the terms of their contracts) are generally limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed our obligations to the counterparties.
The following table illustrates the effect that a 10% unfavorable or favorable movement in foreign currency exchange rates, relative to the U. S.  dollar, would have on the fair value of our forward exchange contracts as of October 29, 2011 and October 30, 2010:
## Table 0 ##
The calculation assumes that each exchange rate would change in the same direction relative to the U. S.  dollar.
In addition to the direct effects of changes in exchange rates, such changes typically affect the volume of sales or the foreign currency sales price as competitors’ products become more or less attractive.
Our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices.
Table of Contents Index to Financial Statements The following table sets forth certain consolidated quarterly income statement data for the eight quarters ended December 31, 2011.
In our opinion, this unaudited information has been prepared on a basis consistent with our annual financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the unaudited quarterly data.
This information should be read in conjunction with our Consolidated Financial Statements and related Notes included in this Annual Report on Form 10-K.
The results of operations for any quarter are not necessarily indicative of results that we may achieve for any subsequent periods.
## Table 1 ##
(1) Of these amounts, $2,092, $2,011, $1,633, $1,808, $1,522, $1,455, $1,456 and $1,435 respectively, were from related parties.
Table of Contents MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) As of December 31, 2012, the Company had restricted U. S.  federal net operating loss carryforwards of approximately $17.1 million, which begin to expire in 2021, and $0.7 million of foreign loss carryforwards, which begin to expire in 2025.
In 2001 and 2000, MarketAxess Holdings Inc.  and MarketAxess Corporation had an ownership change within the meaning of Section 382 of the Internal Revenue Code.
Net operating loss carryforwards relating to this ownership change were $25.6 million as of December 31, 2012 of which $10.6 million is deemed utilizable and recognized as a net operating loss carryforward.
Greenline experienced an ownership change within the meaning of Section 382 of the Internal Revenue Code in 2008.
The Company does not believe that this ownership change significantly impacts the ability to utilize acquired net operating loss carryforwards, which amounted to $6.5 million as of December 31, 2012.
In addition, the Company’s net operating loss carryforwards may be subject to additional annual limitations if there is a 50% or greater change in the Company’s ownership, as determined over a rolling three-year period.
The Company issued warrants to certain broker-dealer stockholders at the time that they made an equity investment in the Company.
All of the warrants were exercised prior to 2008.
Through December 31, 2009, the tax benefit on a portion of the tax deduction generated on the exercise of the warrants had not yet been recorded.
During 2010, the Company recognized a portion of the tax benefits amounting to $11.4 million as an increase to additional paid-in-capital due to the utilization of the related tax loss carryforwards of $31.0 million.
During the first quarter of 2011, the Company recognized the remaining portion of the tax benefit, amounting to $4.2 million, as an increase to additional paidin-capital due to the expected utilization of the related tax loss carryforwards of $10.4 million.
The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible.
If it is not more likely than not that some portion or all of the gross deferred income tax assets will be realized in future years, a valuation allowance is recorded.
As of December 31, 2012, the valuation allowance relates to certain foreign and state tax loss carryforwards that are not expected to be realized.
A summary of the changes in the valuation allowance follows:
## Table 2 ##
The Company or one of its subsidiaries files U. S.  federal, state and foreign income tax returns.
No income tax returns have been audited, with the exception of New York city (through 2003) and state (through 2006) and Connecticut state (through 2003) tax returns.
An examination of the Company’s New York state franchise tax returns for 2007 through 2009 is currently underway.
The Company cannot estimate when the examination will conclude.
In the fourth quarter of 2012, the Company recorded a reduction to the income tax provision of $6.7 million.
The Company updated the recognition of certain acquired net operating loss carryforwards in response to a private letter ruling received from the Internal Revenue Service.
As a result, the reserve for unrecognized tax benefits amounting to $3.6 million was reversed and deferred tax assets were increased by $3.1 million to recognize additional tax loss carryforwards.
A reconciliation of the unrecognized tax benefits is as follows (in thousands):
## Table 3 ##
MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) 91 As of December 31, 2018, there was $23.3 million of total unrecognized compensation expense related to non-vested restricted stock and performance shares.
That cost is expected to be recognized over a weighted-average period of 1.7 years.
Employee Stock Purchase Plan The Company offers a non-qualified employee stock purchase plan for non-executive employees.
Under the plan, participants are granted the right to purchase shares of common stock based on the fair market value on the last day of the six-month offering period.
On the purchase date, the Company grants to the participants a number of shares of common stock equal to 20% of the aggregate shares purchased by the participant.
These matching shares vest over a one-year period.
The Company issued 989, 1,034 and 1,190 matching shares in connection with the plan for the years ended December 31, 2018, 2017, and 2016, respectively.10.
Earnings Per Share The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share:

<table><tr><td></td><td>October 29, 2011</td><td>October 30, 2010</td></tr><tr><td>Fair value of forward exchange contracts asset</td><td>$2,472</td><td>$7,256</td></tr><tr><td>Fair value of forward exchange contracts after a 10% unfavorable movement in foreign currency exchange rates asset</td><td>$17,859</td><td>$22,062</td></tr><tr><td>Fair value of forward exchange contracts after a 10% favorable movement in foreign currency exchange rates liability</td><td>$-13,332</td><td>$-7,396</td></tr></table>
<table><tr><td></td><td colspan="8"> Three Months Ended</td></tr><tr><td></td><td> Dec 31, 2011</td><td> Sep 30, 2011</td><td> Jun 30, 2011</td><td> Mar 31, 2011</td><td> Dec 31, 2010</td><td> Sep 30, 2010</td><td> Jun 30, 2010</td><td> Mar 31, 2010</td></tr><tr><td></td><td></td><td></td><td colspan="4"> (In thousands, except per share data)</td><td></td><td></td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commissions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. high-grade</td><td>$27,706</td><td>$28,017</td><td>$26,830</td><td>$26,378</td><td>$22,234</td><td>$21,537</td><td>$20,249</td><td>$19,776</td></tr><tr><td>Eurobond</td><td>4,133</td><td>4,443</td><td>4,606</td><td>4,617</td><td>4,420</td><td>4,075</td><td>4,669</td><td>5,492</td></tr><tr><td>Other</td><td>6,922</td><td>7,362</td><td>7,640</td><td>6,790</td><td>5,607</td><td>5,540</td><td>4,542</td><td>4,039</td></tr><tr><td>Total commissions</td><td>38,761</td><td>39,822</td><td>39,076</td><td>37,785</td><td>32,261</td><td>31,152</td><td>29,460</td><td>29,307</td></tr><tr><td>Technology products and services</td><td>3,439</td><td>3,779</td><td>3,984</td><td>3,108</td><td>3,778</td><td>3,455</td><td>3,251</td><td>3,164</td></tr><tr><td>Information and user access fees</td><td>1,960</td><td>1,831</td><td>1,719</td><td>1,689</td><td>1,722</td><td>1,603</td><td>1,722</td><td>1,634</td></tr><tr><td>Interest income</td><td>317</td><td>303</td><td>310</td><td>299</td><td>285</td><td>301</td><td>315</td><td>291</td></tr><tr><td>Other</td><td>658</td><td>829</td><td>702</td><td>728</td><td>559</td><td>902</td><td>578</td><td>488</td></tr><tr><td>Total revenues-1</td><td>45,135</td><td>46,564</td><td>45,791</td><td>43,609</td><td>38,605</td><td>37,413</td><td>35,326</td><td>34,884</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>13,707</td><td>13,707</td><td>15,104</td><td>16,268</td><td>13,998</td><td>14,326</td><td>14,189</td><td>13,933</td></tr><tr><td>Depreciation and amortization</td><td>1,793</td><td>1,799</td><td>1,627</td><td>1,562</td><td>1,552</td><td>1,560</td><td>1,622</td><td>1,616</td></tr><tr><td>Technology and communications</td><td>2,916</td><td>2,772</td><td>2,724</td><td>2,500</td><td>2,669</td><td>2,543</td><td>2,353</td><td>2,417</td></tr><tr><td>Professional and consulting fees</td><td>2,354</td><td>2,247</td><td>2,665</td><td>2,872</td><td>2,134</td><td>2,241</td><td>1,990</td><td>2,138</td></tr><tr><td>Occupancy</td><td>726</td><td>721</td><td>708</td><td>766</td><td>646</td><td>706</td><td>707</td><td>938</td></tr><tr><td>Marketing and advertising</td><td>1,380</td><td>1,280</td><td>1,248</td><td>974</td><td>1,009</td><td>679</td><td>759</td><td>628</td></tr><tr><td>General and administrative</td><td>3,393</td><td>1,742</td><td>1,810</td><td>1,001</td><td>2,152</td><td>1,834</td><td>1,850</td><td>2,129</td></tr><tr><td>Total expenses</td><td>26,269</td><td>24,268</td><td>25,886</td><td>25,943</td><td>24,160</td><td>23,889</td><td>23,470</td><td>23,799</td></tr><tr><td>Income before income taxes</td><td>18,866</td><td>22,296</td><td>19,905</td><td>17,666</td><td>14,445</td><td>13,524</td><td>11,856</td><td>11,085</td></tr><tr><td>Provision for income taxes</td><td>7,323</td><td>8,852</td><td>7,968</td><td>6,886</td><td>5,498</td><td>4,913</td><td>4,687</td><td>4,384</td></tr><tr><td>Net income</td><td>$11,543</td><td>$13,444</td><td>$11,937</td><td>$10,780</td><td>$8,947</td><td>$8,611</td><td>$7,169</td><td>$6,701</td></tr><tr><td>Net income per common share:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.31</td><td>$0.36</td><td>$0.32</td><td>$0.30</td><td>$0.25</td><td>$0.24</td><td>$0.19</td><td>$0.18</td></tr><tr><td>Diluted</td><td>$0.29</td><td>$0.34</td><td>$0.30</td><td>$0.27</td><td>$0.23</td><td>$0.22</td><td>$0.18</td><td>$0.17</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td> 2012</td><td> 2011</td><td>2010</td></tr><tr><td></td><td colspan="3">(In thousands)</td></tr><tr><td>Valuation allowance at beginning of year</td><td>$287</td><td>$249</td><td>$666</td></tr><tr><td>Increase (decrease) to valuation allowance attributable to:</td><td></td><td></td><td></td></tr><tr><td>Net operating losses</td><td>440</td><td>38</td><td>-132</td></tr><tr><td>Tax credits</td><td>—</td><td>—</td><td>-285</td></tr><tr><td>Valuation allowance at end of year</td><td>$727</td><td>$287</td><td>$249</td></tr></table>
<table><tr><td></td><td colspan="3"> Year Ended December 31,</td></tr><tr><td></td><td>2012</td><td>2011</td><td> 2010</td></tr><tr><td></td><td colspan="3"> (In thousands)</td></tr><tr><td>Balance at beginning of year</td><td>$3,647</td><td>$3,329</td><td>$2,924</td></tr><tr><td>Additions for tax positions of prior years</td><td>—</td><td>366</td><td>277</td></tr><tr><td>Additions for tax positions of current year</td><td>—</td><td>—</td><td>128</td></tr><tr><td>Reductions for tax positions of prior years</td><td>-3,598</td><td>-48</td><td>—</td></tr><tr><td>Balance at end of year</td><td>$49</td><td>$3,647</td><td>$3,329</td></tr></table>

Question: In the year with the greatest proportion of Eurobond, what is the proportion of Eurobond of Commissions to the tatal?
Answer: 0.15269