ICAP launches gold/yen pair on EBS platform

London - 1 November 2007

ICAP plc (IAP.L), the world’s premier interdealer broker, is to launch a new metals product on its award-winning electronic trading platform EBS. The introduction of gold/yen (XAU/JPY) on Monday 5 November brings to five the total number of metals pairs available on EBS and is the first non-US dollar metals pair available on the system. The introduction of gold/yen follows increased customer demand for this product.

Gold on EBS is traded as unallocated 995 fine gold on Loco London. The minimum tradable amount is 1,000 oz, incremented in units of 1,000 oz.

The ICAP-owned EBS platform is a global electronic trading venue and source of liquidity for trading precious metals. EBS was the first to offer electronic trading in gold in 2000. Market interest has driven electronic trading in precious metals on the EBS platform up 102 percent since the beginning of 2007 to reach record levels in October. Platinum and palladium, launched on EBS in March 2007, have enjoyed significant success. There are currently nearly 80 participants trading actively in these markets on the EBS platform.

Darryl Hooker, Global Metals Manager, ICAP Electronic Broking, said: “We have had strong interest from our customers – in particular large investment banks and EBS Prime users - for this metals pair. Gold/yen can offer traders who hold gold positions a new way to manage their risk exposure, as well as offer current and new users attractive new arbitrage opportunities.”

ICAP is a leading trading venue for spot FX, forward FX, FX options and non-deliverable forwards for both electronic trading and voice broking. The EBS platform is an award-winning, screen-based anonymous dealing system for professional spot traders. Trading volumes on EBS have grown strongly in 2007 – with daily volumes reaching a record of approximately $450 billion on 16 August. Average daily volume in October 2007 was $200 billion. EBS Prime is a facility that enables customers to view and trade on the best prices available to the world's leading FX banks on the EBS system.

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