ICAP introduces US dollar/Turkish lira currency pair following increased market demand for high yield currencies

London, UK - 17 September 2007

ICAP plc (IAP.L), the world's premier interdealer broker and operator of the leading spot FX trading platform EBS, will introduce a new US dollar/Turkish lira currency pair on EBS on Monday, 17 September.

The introduction of the US dollar/Turkish lira (USD/TRY) follows increased market demand for the 'new' Turkish lira, introduced by the Turkish government in January 2005, and the currency's increasing importance in the global FX markets.

The new product marks a further expansion into emerging market currencies on the EBS trading platform. ICAP currently offers electronic trading in almost 30 currencies and precious metals as well as 35 currency pairs.
Making the USD/TRY pair available on the same EBS screen as the other major currency pairs makes it easier and more efficient for FX traders to manage their positions.

Darryl Hooker, Emerging Markets Manager at ICAP Electronic Broking said:
"The Turkish lira is one of the most attractive high yield currencies in the market and we have seen strong demand from our customers for this product.
Offering US dollar/Turkish lira on the EBS platform offers our customers an exciting new trading opportunity and opens access to EBS for a new set of market participants,."

Kerrar Kulak, Head of Trading at BCP Geneva said: "Adding the Turkish lira to EBS recognises the increased focus of the global investor community on the lira as a key emerging global currency. The arrival of EBS in Turkey will certainly prompt a big change and further enhance liquidity, benefiting both local importers and exporters and broadening the pool of global investors active in the Turkish lira."

The new product is also available for customer access through EBS Prime - a facility that enables customer banks to view and trade on the best prices available to the world's leading FX banks on the EBS system. Access to tighter prices and a greater depth of liquidity from the world's leading market making banks offers customer banks increased revenue opportunities and liquidity, improving their competitive position in the market.

ICAP is the 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 in the face of increased volatility in the markets - with daily volumes reaching $ 450 billion in August, up 180 percent on the average daily volume for the first half of
2007 (ADV January- June 2007: $160 bn).

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