look at this link from their web site,

http://library.corporate-ir.net/library/...

it shows the term business when signed reports no sales for the first two Q's then a big bump in the third subsequent Q followed by a lower level of streamed income for the next 9 q's.

This Q they are still booking sales from last june and getting the benefit of a world that was much calmer. Remeber we were just past Bear Stearns and everybody thought that the storm had passed.

This company is going to have major problems in a Q or two when they have a massive drop in that business due to the problems this past fall.

On top of that many clients whom their booking sales for this Q, for deals signed 6-8 months ago are either closing down or are on the brink of doing just that.

furthermore they can shift the timing of when the start a project so that they can shift revs around Q/Q.

The problem is that the industry is shrinking, AUM is cut in half and the number of businesses who use their software is down by anywhere from 15-25% and falling.

I don't care if they are taking share, no one can make strong gains in that environment in any business and sooner or later there isn't gonna be enough money to shift around from this Q to that and there gonna half to show a major drop off.

As far as the tax rate problem goes that just goes to show you how the mgmt team doesn't mind misleading investors. They got a 8-10cent boost in eps and then don't mention it, instead just acting like they knocked the cover off the ball, this is misleading they wound up in-line and there business is going to be shrinking dramatically over the course of this year.