Record broking volumes at ICAP as volatility increases

London - 5 September 2007

Average daily volume in August up 51 percent

ICAP, the world’s premier interdealer broker, experienced record volumes in August in its electronic broking products against a backdrop of volatile global markets.

ICAP's electronic broking platforms EBS and BrokerTec traded a record of approximately $1.3 trillion ($1,275 billion) on Thursday 16 August, an increase of almost $200 billion above the previous record ($1,077 billion). This was followed by $1.2 trillion ($1,218 billion) on Friday 17 August. Average daily volumes on EBS and BrokerTec in the month of August reached $945 billion, an increase of 51 percent on August 2006.

Spot FX on ICAP's electronic broking platform EBS reached a record level of USD $456 billion on 16 August, surpassing the previous record achieved on 27 July of $311 billion by almost 50 percent. This record volume was almost three times as high as the average daily volume in the first half of 2007. This was followed on 17 August by a new second highest trading day of US$ 411 billion. Average daily volumes on EBS were strong throughout August at approximately $240 billion per day.

Electronically traded fixed income products – U.S. Treasuries, European Repo and US Repo - also reached a new record of $819 billion on 16 August, breaking the previous record of $809 billion. Average daily volume in these products in August was $703 billion, an increase of 42 percent on August 2006.

Michael Spencer, Group Chief Executive of ICAP plc said: “The record volumes in FX and fixed income electronic broking highlight ICAP’s position as a trusted liquidity source in these volatile markets. Both the EBS and BrokerTec platforms have proven their value to customers with strong liquidity, tight spreads and robust performances in the face of highly volatile trading.”

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