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ICAP SIGNS TWO YEAR CONTRACT WITH KALAHARI. Kalahari further strengthens its market-leading position

Global . 29th March, 2004. Kalahari, a global provider of real-time analytic and decision support solutions, as well as strategic consulting services to financial and energy trading institutions in over 15 countries, today announced that ICAP, theICAP world’s largest inter-dealer broker, has extended its global agreement to utilise Kalahari’s kACE™ pricing, analytics and decision support solution for a further two years.

ICAP is the world’s largest voice and electronic inter-dealer broker. Following the recent acquisition of the BrokerTec fixed income securities businesses ICAP’s average daily transaction volume is in excess of $600 billion, 50% of which is electronic.

Commenting on the renewed agreement, Lance Fisher, Deputy Global CIO, ICAP said: "Through the use of kACE, we have a highly sophisticated and deeply functional tool that has the capacity to grow and adapt with the markets. kACE has a firm reputation amongst our broker’s as being reliable, flexible and easy to use. Our existing relationship with Kalahari has shown the reliability of its service and support, and we look forward to our continued partnership."

ICAP is using kACE in several of its trading operations around the world, including London, Hong Kong, Singapore, Sydney, New York, Frankfurt, Copenhagen and Bahrain.

"We are delighted that ICAP has renewed their agreement with Kalahari." said Graham Mansfield, executive director, Kalahari. "ICAP has been a customer of ours for more than 10 years. ICAP’s long-term partnership commitment is a confirmation of our belief that Kalahari provides the industry’s foremost solution for real-time price discovery, analytics and decision support, designed for global trading operations."

kACE offers customers the flexibility of selecting from a series of pre-built pricing screens, or provide the option of configuring their own using the in-built designer. Prices and calculations will be shared across ICAP’s network, allowing data to be analysed in various dimensions, enabling their brokers to slice and dice the data, to meet their specific needs, at any time.

"Extending our agreement with ICAP demonstrates the global strength of Kalahari as well as the strategic nature of our flagship application kACE within the financial services sector." said Peter Trenier, managing director at Kalahari. "The functionality of kACE is constantly developing and expanding as Kalahari responds to customer needs and relevant market trends. This agreement with ICAP reinforces our ability to deliver world-class pricing and analytical solutions."

kACE is the industry’s leading real-time price discovery, analytics and decision support solution designed for enterprise-wide use at broking firms, banks, energy/utility firms and other financial institutions and corporations. kACE has been designed with flexibility in mind, and allows bespoke design for each customer and individual end-user requirements. With over 1600 calculations embedded in the system from the best maths library experts in the industry, along with Kalahari's own libraries, kACE is capable of pricing the most complex financial instruments currently traded within the financial markets. kACE captures real-time data from a number of diverse sources and massages that data into a common, useable format.

kACE creates an environment of control for every level within the trading room, ensuring that a firm’s traders/brokers are using the same basis for their calculations.