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TFS Selects DerivaTech for Voice Broked Currency Options Pricing

NEW YORK, APRIL 22, 2002 - TFS-ICAP, the world’s leading hybrid broker of currency options and DerivaTech, the specialist provider of derivatives pricing and risk management applications announced today the completion of a deal whereby TFS-ICAP will utilize the DerivaTech platform as its foreign exchange pricing tool for voice broked transactions.

David Aaron, Director at DerivaTech stated "DerivaTech is consistently proving its reputation for having a robust, and more importantly, reliable and accurate pricing application. By partnering with the largest OTC brokerage, the TFS-ICAP deal validates DerivaTech’s standing in the FX market."

DerivaTech's OTC pricing application has proven itself to be a critical element for successful FX businesses. The original product in DerivaTech's range of derivative applications, OTC now serves as the core of its integrated suite of enterprise pricing and risk management tools for foreign exchange options.

Michael Leibowitz, TFS-ICAP CEO had the following comments, "DerivaTech is widely established on global FX options dealing desks. The utilization of this software gives TFS-ICAP an additional means of servicing our clients and we are pleased to include it in the processing of our daily transactions "