management 2019s discussion and analysis the table below presents the operating results of our institutional client services segment. .

Table:
in millions | year ended december 2012 | year ended december 2011 | year ended december 2010
fixed income currency and commodities client execution | $ 9914 | $ 9018 | $ 13707
equities client execution1 | 3171 | 3031 | 3231
commissions and fees | 3053 | 3633 | 3426
securities services | 1986 | 1598 | 1432
total equities | 8210 | 8262 | 8089
total net revenues | 18124 | 17280 | 21796
operating expenses | 12480 | 12837 | 14994
pre-tax earnings | $ 5644 | $ 4443 | $ 6802
1 .
includes net revenues related to reinsurance of $ 1.08 billion , $ 880 million and $ 827 million for the years ended december 2012 , december 2011 and december 2010 , respectively .
2012 versus 2011 .
net revenues in institutional client services were $ 18.12 billion for 2012 , 5% ( 5 % ) higher than 2011 .
net revenues in fixed income , currency and commodities client execution were $ 9.91 billion for 2012 , 10% ( 10 % ) higher than 2011 .
these results reflected strong net revenues in mortgages , which were significantly higher compared with 2011 .
in addition , net revenues in credit products and interest rate products were solid and higher compared with 2011 .
these increases were partially offset by significantly lower net revenues in commodities and slightly lower net revenues in currencies .
although broad market concerns persisted during 2012 , fixed income , currency and commodities client execution operated in a generally improved environment characterized by tighter credit spreads and less challenging market-making conditions compared with 2011 .
net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .
net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of approximately $ 500 million on the sale of our hedge fund administration business .
in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .
these increases were offset by lower commissions and fees , reflecting lower market volumes .
during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .
the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .
during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .
these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .
in addition , the u.s .
economy posted stable to improving economic data , including favorable developments in unemployment and housing .
these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .
however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .
also , uncertainty over financial regulatory reform persisted .
if these concerns and uncertainties continue over the long term , net revenues in fixed income , currency and commodities client execution and equities would likely be negatively impacted .
operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .
pre-tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .
2011 versus 2010 .
net revenues in institutional client services were $ 17.28 billion for 2011 , 21% ( 21 % ) lower than 2010 .
net revenues in fixed income , currency and commodities client execution were $ 9.02 billion for 2011 , 34% ( 34 % ) lower than 2010 .
although activity levels during 2011 were generally consistent with 2010 levels , and results were solid during the first quarter of 2011 , the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty , resulting in volatile markets and significantly wider credit spreads , which contributed to difficult market-making conditions and led to reductions in risk by us and our clients .
as a result of these conditions , net revenues across the franchise were lower , including significant declines in mortgages and credit products , compared with 2010 .
54 goldman sachs 2012 annual report .

Question: what is the growth rate in net revenues in 2011?
Answer: -20.7%
Calculation: subtract(17280, 21796), divide(#0, 21796)