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London - Reuters, the global news, information and technology group, and
ICor Brokerage, the electronic derivatives broker, have today created a new
50/50 joint venture, ICor Brokerage Ltd, to develop electronic brokerage
services for the global inter-bank foreign exchange options and interest
rate derivatives markets.

Reuters is initially contributing US$10 million in cash to the joint
venture. It will also host the ICor broking system on its Dealing 3000
foreign exchange interbank trading system and license the use of the Reuters
brand. The joint venture will also benefit from Reuters global technical
and marketing support. ICor Brokerage is contributing all its existing
business into the new venture.

The new venture will initially focus on electronic broking services for
foreign exchange options, with a planned global roll-out starting in Asia
from January next year, extending to Europe and North America later in 2002.
The new company also plans to expand to offer interest rate swap and
interest rate options broking from the second half of 2002.

Reuters will develop post-trade connectivity which will link the trading
desks of ICor's customers to their middle offices for risk management and
settlement purposes, so reducing transaction-processing costs.

Jeff Larsen and Neil Chriss, currently Chief Executive and President of ICor
Brokerage respectively, will have the same roles in the new venture. Julie
Holland, Chief Executive of Reuters Treasury Customer Segment will become
Chairperson of the new venture. Reuters will also appoint another director.

Julie Holland, Managing Director, Reuters Treasury Services, commented:
"There are opportunities for electronic brokers to gain a share of this
US$800 million market for broking foreign exchange and interest rate
derivatives. Currently most transactions are carried out by voice brokers.
This joint venture enables us to service this market quickly and to enhance
our total service to customers. We are not just buying into sound
technology built by traders for traders but a management team with proven
Jeff Larsen, Chief Executive Officer, ICor Brokerage Ltd, said: "Since
January 2000, ICor has attracted over 50 banks to its foreign exchange
e-brokerage service. We are very excited to be working with Reuters and to
have the backing of the Reuters brand. This will enable us to build
liquidity fast. The founding members of ICor all come from banking,
broking, trading and systems backgrounds with years of experience in the
cash and derivatives markets. We believe that the combination of Reuters
presence and our broad view and understanding of this market puts the new
venture in a very strong position."