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ICAP Reports Successful Implementation of Rolfe & Nolan F&O Processing Solution for its New Futures Arm

London, 4th November 2004. ICAP Futures, who signed up for Rolfe & Nolan's
F&O processing solution for their new exchange-traded futures and options
subsidiary in July, report a successful implementation of the solution.

Andrew Berry, Managing Director for Global Clearing Services at ICAP Futures
said: "We are now live and providing execution and clearing services to a
number of clients on CME, CBOT, Euronext.liffe and Eurex. We have been
impressed by Rolfe & Nolan's confident and thorough execution of our implementation. Our timeframe for developing ICAP Futures is ambitious - the
successful implementation of a comprehensive and powerful processing solution is a vital ingredient of our future plans."

Rolfe & Nolan's solution includes its core STP trade processing system, complemented by web-based real-time reporting tools that facilitate account
enquiry, trade checking and on-line reconciliation. Bob Freeman, Rolfe &
Nolan's Chief Executive said: "ICAP's 10-week implementation was a challenge
but we like to live up to our reputation for thoroughness and professionalism. We have established a very good working relationship with ICAP and look forward to working closely with them as their expansion plans take shape."