management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution . includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities . 2030 interest rate products . government bonds , money market instruments such as commercial paper , treasury bills , repurchase agreements and other highly liquid securities and instruments , as well as interest rate swaps , options and other derivatives . 2030 credit products . investment-grade corporate securities , high-yield securities , credit derivatives , bank and bridge loans , municipal securities , emerging market and distressed debt , and trade claims . 2030 mortgages . commercial mortgage-related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s . government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives . 2030 currencies . most currencies , including growth-market currencies . 2030 commodities . crude oil and petroleum products , natural gas , base , precious and other metals , electricity , coal , agricultural and other commodity products . equities . includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as otc transactions . equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees . the table below presents the operating results of our institutional client services segment. .

year ended december 2014: fixed income currency and commodities client execution: 8461
equities client execution1: 2079
commissions and fees: 3153
securities services: 1504
total equities: 6736
total net revenues: 15197
operating expenses: 10880
pre-tax earnings: 4317
year ended december 2013: fixed income currency and commodities client execution: 8651
equities client execution1: 2594
commissions and fees: 3103
securities services: 1373
total equities: 7070
total net revenues: 15721
operating expenses: 11792
pre-tax earnings: 3929
year ended december 2012: fixed income currency and commodities client execution: 9914
equities client execution1: 3171
commissions and fees: 3053
securities services: 1986
total equities: 8210
total net revenues: 18124
operating expenses: 12490
pre-tax earnings: 5634

1 . net revenues related to the americas reinsurance business were $ 317 million for 2013 and $ 1.08 billion for 2012 . in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business . 42 goldman sachs 2014 annual report .

Questions:
what is the pre-tax earnings in 2013?
what about in 2012?
what is the net change?
what percentage change does this represent from 2012?
what about the net change from 2013 to 2014?
what percentage change does this represent from 2013?

Answers:
3929
5634
-1705
-30%
388
10%