Jeffrey S. Sloan
…I think you might be asking about Comercia which is the Spanish joint venture — the name of our Spanish joint venture that David and Cameron just described in terms of its performance. So obviously double-digit organic transaction and volume growth is going to substantially enhance the revenue, but also increase the minority interest line because that’s the primary source of our minority interest, the 49% share that CaixaBank has in that joint venture. Cameron, you want to go through the… any more specifics on the modeling?
Cameron M. Bready
Yes, I’ll be happy to. Just a few comments. We’re obviously reflecting in our guidance the performance we’ve seen for the year-to-date period coupled with our changed expectation for the balance of the year. I mean, we’re continuing to expect trends in the US direct business to be strong as they have been in the front half of the year. We had US direct growth of 12% in the second quarter which we expect that to continue to be strong in the balance of the year. We remain bullish on the prospects for Spain for all the reasons that David highlighted a moment ago that’s somewhat offset by again tempered expectations for our Russian business, as well as increased headwind associated with FX for most of the major currencies to which we have exposure. When you roll all that together, again, we’re upping our revenue up margin and cash EPS guidance for the full year.
Tien-tsin Huang
Alright, that’s good. So just as my follow-up just on Canada with the interchange there coming down. I know there’s been some debate on the MDRs and how that might get reflected. Any thoughts on that as an opportunity and your ability to reprice in Canada? Thanks. That’s all I had.
Jeffrey S. Sloan
Yes, Tien-tsin, its Jeff. What I would say is that’s expected to occur in the spring in April of 2015. Our assumption is that all of that is going to be passed through based on our current understanding of the regulations related to the changed reduction in Canada. But as we’ve said before to you over time that at the end of the day any reduction in the cost to our merchants of acceptance is good news for our business. And the reason it’s good news for our business is it should increase the number of merchants who want to take cards because it lowers the cost. That should help. In addition, to the extent we take any other pricing actions over time not related to the interchange reduction, that takes Tien-tsin some of the pressure off from other actions that we may take. So even in environments where everything is passed through, we’ve seen good growth implications to our business as a tell tale sign of those changes. So really at the end of the day it’s nothing but good news for our merchants and we think the same for us.
I want to add even though it’s not in Canada, that there have been changes to the EU legislation since we last talked on our last call and it does look like the EU this month is going to be approving, Tien-tsin, changes to affect what we used to know as SEPA by way of interchange, both cross-border as well as domestic. And as those rates come down in EU, we do expect to see benefits from that which we expect to start really in the summer. So really start early in our Fiscal ‘16. I think in addition to the Canadian changes that you just asked about, I would say that we would anticipate positive effects from the EU changes starting this summer.
Tien-tsin Huang
Yeah thanks for that, Jeff. Lot of positives there, thanks.
Jeffrey S. Sloan
Thank you.
Operator
Thank you. Our next question is from Dan Perlin of RBC Capital Markets. You may begin.
Dan Perlin, Managing Director at RBC Capital Markets
Thanks. I want to just go back to I guess Europe broadly for a moment, if I could. So I don’t know, I think this was the first time that you gave the Spain actual transactions. I know in the past you talked about double-digits, so I don’t know if that’s actually an acceleration materially or if it’s just continued good execution there.
