ICAP Enhances EBS Prime Brokerage Service for FX Trading Banks with NetLink, Powered by Traiana

ICAP's global currency and metals e-trading platform, EBS, has
launched an automated ticket netting service for prime broking banks
to help them manage more efficiently with the increasing numbers of
foreign exchange dealing tickets.

ICAP has worked with FX post-trade specialist Traiana, provider of
the Harmony network for FX prime brokers, to create a netting system
called NetLink, which enables prime banks to net their customer's FX
trades by currency pair at pre-defined points throughout the day.

Daily traded volumes in FX are increasing, while the market has
also absorbed hundreds of new participants from both emerging and
developed markets through prime brokerage relationships.
Counterparties using the EBS platform transact average daily volumes
in excess of USD 145 billion (single count), compared with USD 100
billion three years ago.

In addition to rising volumes, more FX organisations are trading
smaller ticket sizes, but in greater numbers, through algorithmic
trading, putting pressure on the back offices of the FX banks offering
prime brokerage.

NetLink solves this issue as it receives deals from the EBS
dealing platform or any other electronic platform and determines
whether or not each deal is netting-eligible based on customer-defined
parameters.

The majority of FX trades are then processed and netted by
NetLink, and then electronically confirmed to the prime broker bank's
back office either as deal tickets or simply as payment records.

During a recent pilot, NetLink achieved a 95% reduction in ticket
volume, effectively netting dozens of prime customer traders into
single tickets.

Bill Moran, Head of Product, EBS, said: "The growth of e-trading
and program or algorithmic trading has led to a significant rise in
transaction volumes and this is causing some concern for the middle
and back-offices of the prime brokers.

"The main issue this creates is the sheer volume of tickets. By
streamlining the process through netting we can provide the banks with
a more efficient, cost effective FX trading platform.

Gil Mandelzis, CEO, Traiana said: "NetLink helps the FX-trading
prime banks to net their customer trades efficiently and effectively
and thus perpetuate the growth of liquidity. This in turn frees up
prime broker back office capability to service additional customer
business and contributes to cost reductions through effective
straight-through-processing.

"This is a major benchmark for the FX market, enabling FX prime
banks to net their customer trades efficiently and effectively and
thus perpetuate the growth of liquidity."

Notes to editors:

About ICAP and EBS

Launched in September 1993 by a group of the world's largest
foreign exchange market making banks, EBS is the pre-eminent provider
of foreign exchange trading and market data solutions to the
professional spot foreign exchange community.

Approximately USD 145 billion in spot foreign exchange, 700,000 oz
gold and 7,000,000 oz silver transactions are conducted over the EBS
Spot Dealing System in more than 40 countries each day.

The EBS solutions portfolio includes:

-- EBS(R)(TM) Spot (electronic FX spot broking)

-- EBS(R)(TM) Spot Ai (application program interface (API)
between the customer's trading system and the EBS Spot market)

-- EBS(R)(TM) Prime (access for the interbank and professional
trading communities to the best EBS Spot prices from an EBS
Prime bank)

-- EBS(R)(TM) Metals (electronic spot broking for the precious
metals market)

-- EBS(R)(TM) Market Data

-- EBS(R)(TM) Live (live streaming prices delivered with
minimum latency direct from EBS to the customer's market
data distribution platform)

-- EBS(R)(TM) Ticker (third-party system distribution of EBS
Spot prices)

-- EBS(R)(TM) Rates (desktop view of EBS Spot prices,
available exclusively through the BLOOMBERG
PROFESSIONAL(R) service)

-- EBS(R)(TM) Data Mine (unique and certified historical data
from 1997 onwards)

EBS was acquired by ICAP, the world's largest interdealer broker,
in June 2006. The acquisition combined EBS' strengths in electronic
spot foreign exchange with ICAP's Electronic Broking business creating
a single global multi-product business with further growth potential
and significant economies of scale. This platform will provide
customers with more efficient electronic trade execution, reduced
integration costs and give access to broad liquidity across a wide
product range.

ICAP is the world's largest interdealer broker with a daily
average transaction volume in excess of $1.5 trillion, more than 50%
of which is electronic. The Group is active in the wholesale markets
in interest rates, credit, energy, foreign exchange, equity
derivatives and emerging markets. ICAP plc was added to the FTSE 100
Index on 30 June 2006.

www.ebs.com and www.icap.com

About Traiana

Traiana Inc. (www.traiana.com) provides global banks,
broker/dealers, buy-side firms and e-trading platforms with solutions
to automate post trade processing of financial transactions. Traiana's
Harmony network is used by over 50 of the world's leading financial
market participants and has become the market standard for post-trade
processing of foreign exchange transactions. Traiana's prime brokerage
software solution, TRM, is used by market leading prime brokers for
the automation of their foreign exchange and derivatives prime
brokerage business. Traiana's solutions help to improve relationships
between trading partners, reduce operational risk, and to lower costs.
Traiana is headquartered in New York City with offices in London and
Tel Aviv.