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Fiona Swaffield of RBC Capital asks about the decline in security services margins and volumes. $GS said this was reflective of activity levels. As the markets were volatile in 1Q16 and 2Q16, these translated with respect to demand, market prices and spread. There is nothing of significance and this was only reflective of the environment.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.