ICAP Announces Global Launch of e-traded Forward Foreign Exchange as Liquidity Builds in Europe

ICAP, the world's leading interdealer broker, is introducing
e-trading in FX forwards to the global financial markets, with the
launch of i-Forwards.

i-Forwards provides e-trading for a range of short-dated and
longer-dated currency forwards, enhancing liquidity and price depth,
together with certainty of trade execution and global access to
counterparties through a user-friendly trading screen.

It is set to become a global electronic trading venue and source
of liquidity for short dated FX forwards, building on the company's
global reputation for e-trading spot FX.

The system also uses market data from the award-winning ICAP-owned
EBS platform, the source of the spot FX market, and is therefore ideal
data for forwards calculations.

Already live in Europe, i-Forwards has attracted a large number of
counterparties. Trading volume has increased and the feedback from
banks using the system has been very positive.

The platform is now being extended to the other major financial
markets, including Asia and the Americas, to build a global e-book in
forward FX.

Don McClumpha, Product Manager, ICAP Electronic Broking, Europe,
said: "Forwards traders universally regard price and liquidity as
being of paramount importance and the opportunity to electronically
execute with straight through processing is compelling.

"Trading forwards through ICAP provides access to an orderly
market and a global book of counterparties and liquidity.

"We worked closely with the EBS management team to build on their
expertise in running a global FX currency book, which is reflected in
the design of our offering for e-forwards trading. We are fully
confident this will become the electronic venue of choice for
professional forward FX traders."

Norbert Strozynski, LBBW Stuttgart, Germany, said: "From our
experience, i-Forwards is giving the best combination of voice and
electronic broking with an up-to-date technology. It is bringing
greater efficiency, especially to our liquidity management. That is
what we are looking for and ICAP can deliver it."

i-Forwards offers a range of trading features designed to give
professional traders total control. These include real and indicative
pricing to five years, tradeable prices all the way down the curve,
minimum entry amount and the ability to drip-feed orders.

The system also includes Request for Quote functionality and is
CLS compliant, enabling organisations to link i-Forwards to their
settlement systems easily and efficiently.

About ICAP

ICAP is the world's premier voice and electronic interdealer
broker, delivering specialist intermediary broking services to trading
professionals in the wholesale financial markets.

ICAP is active in both established and emerging markets. Our reach
and organisation are global, while providing a local response to
customer needs. Our electronic networks deliver global connectivity to
customers seeking unparalleled liquidity and flow in an orderly
marketplace. From pre- to post-trade, ICAP sets new standards for both
voice and electronic broking.

With daily average transaction volumes in excess of USD 1 trillion
- 50% of which is electronic - ICAP provides services for professional
market participants in interest rates, credit, foreign exchange and
equities. The group is also active in post-trade services and emerging
markets.

www.icap.com