ICAP's BrokerTec Launches Canadian Government Bond Electronic Marketplace

Business Wire, Nov 1, 2005

LONDON & NEW YORK -- ICAP plc (LSE:IAP), the world's largest voice and electronic interdealer broker, announced today that it has launched a Canadian Government bond marketplace through its BrokerTec electronic platform. The addition of Canadian Government bonds will extend BrokerTec's multi-product trading capability and introduce a correlated market alongside its already leading U.S. Treasury interdealer marketplace.

In offering this new Canadian Government bond marketplace, BrokerTec's clients, who are approved IDA counterparties, can trade Canadian Benchmark securities (2, 5, 10 and 30 year maturities) and have the ability to trade Canadian Governments as a swap against US Treasuries or as a swap versus other Canadian Government bonds. With the launch of this new marketplace, clients can continue to enjoy the anonymity, reliability and efficiency benefits provided on the BrokerTec platform.

David Rutter, Chief Executive of ICAP Electronic Broking in the Americas and Asia said, "We are pleased to expand our multi-product electronic broking offering to include Canadian Government bonds on BrokerTec. The Canadian banks, who are already significant participants on the BrokerTec platform for U.S.Treasuries, have indicated that the Canadian bond market is ready for an electronic interdealer trading solution with its inherent efficiencies of ticket-less trading and straight-through processing. In addition, the similarities that exist between the Canadian Government bond market and the U.S.Treasuries market, as it relates to trading rules and protocol, makes the transition to electronic trading straightforward for our clients."

ICAP's global electronic broking in the liquid fixed income markets handles transactions averaging US$460bn a day.

About ICAP

ICAP is the world's largest voice and electronic interdealer broker with a daily average transaction volume in excess of $1 trillion, 50% of which is electronic. The Group is active in the wholesale market for OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit and equity derivatives.

BrokerTec is a global electronic interdealer bond trading platform designed to provide fast, reliable, cost-effective execution and straight through processing to the world's fixed income trading community.

ICAP's electronic broking platforms gives our clients access to multiple liquidity pools which include US Treasury products; EU, Japanese, Australian, South African Government bonds; UK Gilts; US and EU Repurchase Agreements; US Agency, Basis trading in multiple countries; US Mortgages; liquid Eurobonds; credit derivatives; Euro overnight indexed swaps and forward foreign exchange.