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 .
we generate market-making revenues in these activities in three ways : 2030 in large , highly liquid markets ( such as markets for u.s .
treasury bills or certain mortgage pass-through certificates ) , we execute a high volume of transactions for our clients for modest spreads and fees .
2030 in less liquid markets ( such as mid-cap corporate bonds , growth market currencies or certain non-agency mortgage-backed securities ) , we execute transactions for our clients for spreads and fees that are generally somewhat larger .
2030 we also structure and execute transactions involving customized or tailor-made products that address our clients 2019 risk exposures , investment objectives or other complex needs ( such as a jet fuel hedge for an airline ) .
given the focus on the mortgage market , our mortgage activities are further described below .
our activities in mortgages include 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 .
we buy , hold and sell long and short mortgage positions , primarily for market making for our clients .
our inventory therefore changes based on client demands and is generally held for short-term periods .
see notes 18 and 27 to the consolidated financial statements for information about exposure to mortgage repurchase requests , mortgage rescissions and mortgage-related litigation .
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 over-the-counter 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
<i>in millions</i>
2013
2012
2011
Fixed Income, Currency and Commodities Client Execution
$ 8,651
$ 9,914
$ 9,018
Equities client execution<sup>1</sup>
2,594
3,171
3,031
Commissions and fees
3,103
3,053
3,633
Securities services
1,373
1,986
1,598
Total Equities
7,070
8,210
8,262
Total net revenues
15,721
18,124
17,280
Operating expenses
11,782
12,480
12,837
Pre-tax earnings
$ 3,939
$ 5,644
$ 4,443

1 .
in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .
net revenues related to the americas reinsurance business were $ 317 million for 2013 , $ 1.08 billion for 2012 and $ 880 million for 2011 .
see note 12 to the consolidated financial statements for further information about this sale .
2013 versus 2012 .
net revenues in institutional client services were $ 15.72 billion for 2013 , 13% ( 13 % ) lower than 2012 .
net revenues in fixed income , currency and commodities client execution were $ 8.65 billion for 2013 , 13% ( 13 % ) lower than 2012 , reflecting significantly lower net revenues in interest rate products compared with a solid 2012 , and significantly lower net revenues in mortgages compared with a strong 2012 .
the decrease in interest rate products and mortgages primarily reflected the impact of a more challenging environment and lower activity levels compared with 2012 .
in addition , net revenues in currencies were slightly lower , while net revenues in credit products and commodities were essentially unchanged compared with 2012 .
in december 2013 , we completed the sale of a majority stake in our european insurance business and recognized a gain of $ 211 million .
50 goldman sachs 2013 annual report .

Question: Analyse this data from a financial earnings document. for 2013 , operating expenses were what percent of pre-tax earnings?
Choices:
2.08753
2.99111
21147.17949
2.09749
3.24305
Correct choice index: 1