ICAP Announces Completion of First Non Deliverable Swap Trade on EBS Platform

21 June 2011

London, 21 June 2011 – ICAP, the world’s premier interdealer broker, announced today the completion of the first ever non deliverable FX swap trade on the EBS platform. The trade was completed on 13 June 2011 between two large NDF market participant banks based in Asia.

The Non-Deliverable FX Swaps (NDS) product on EBS is a new electronically traded instrument which was launched this week and is available in Asian and LatAm Deliverable FX Swaps (ex-Brazil). The product was designed to add ease and accuracy to a trader’s FX positions management. With the introduction of NDS on EBS, FX traders are for the first time able to electronically trade two fixing swaps against one month:

•  TOD: dealt swap points are applied to that day’s fixing/valuation rate for an all in outright rate.
•  TOM: dealt swap points are applied to the reference rate. The swap near leg rate is the reference rate, the far leg is the reference rate and dealt points.

David Rutter, CEO, ICAP Electronic Broking said:
“The launch of NDS on EBS highlights ICAP’s continued commitment to delivering innovative and market leading solutions to customers by increasing the efficiency of flow and position management.  The addition of Non-Deliverable FX Swaps to the EBS platform along with the existing spot, precious metals and NDF outright products further strengthens the EBS offering for traders in both established and emerging growth markets. By introducing the transparency and efficiency of electronic trading to the non-deliverable swaps market, NDS on EBS seeks also to support the changing regulatory landscape in OTC derivatives markets.”

Contacts
Mike Sheard                    Director of Corporate Affairs                +44 (0) 20 7050 7103
Alexandra Umpleby       Head of Media Relations                     +44 (0) 20 7050 7104
Alex Dee                          Head of Investor Relations                  +44 (0) 20 7050 7123

About ICAP
ICAP is the world’s premier interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives through voice and electronic networks. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more information go to www.icap.com



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