London, 23 June 2008 - ICAP (IAP.L), the world's premier interdealer broker, today
announced an exclusive market data partnership for retail FX between ICAP
Electronic Broking, operator of the award-winning EBS platform for spot foreign
exchange, and City Index, a leading provider of leveraged retail equity and FX
products. City Index is the owner of FX Solutions, a leading retail FX provider.
This new partnership will allow FX Solutions to integrate data from EBS, the leading
interbank FX platform, to support its pricing engines.
"This will give retail clients confidence in the integrity of FX Solutions prices, which is
a major factor when dealing in off-exchange products" said Tom Plaut of FX
Solutions. "The EBS platform is where prices originate in the major currency pairs,
and we are proud that ICAP has selected FX Solutions as its exclusive retail FX
market data partner."
Neither FX Solutions nor its clients will have access to transact on the EBS platform.
In addition to the market data partnership, FX Solutions will also leverage ICAP
Electronic Broking's global sales infrastructure to assist in promoting FX Solutions’
turnkey retail white-labelling platform to wholesale market participants. FX Solutions’
white labelled platform provides the wholesale market with a business solution for
accessing the retail FX community.
Clive Cooke, CEO of City Index, said "Partnering with City Index in leveraged equity
products has been a good decision for many of Europe's leading retail brokers. We
hope that this latest development will attract banks that are now recognising the
opportunity offered by retail FX."
David Rutter, Deputy CEO, ICAP Electronic Broking, said "EBS is the leading source
of price data in the spot FX markets and as such we believe that our market data
partnership with City Index will greatly support the development of the retail FX
market."
Contacts ICAP
Mike Sheard Director of Corporate Affairs +44 (0) 20 7050 7103
Candice Adam Corporate Communications +44 (0) 20 7050 7104
Contacts City Index
Alison Cashmore Corporate Communications +44 (0) 20 7107 7275
About ICAP
ICAP is the world’s premier voice and electronic interdealer broker and the source of
global market information and commentary for professionals in the international
financial markets. The Group is active in the wholesale markets in interest rates,
credit, foreign exchange, commodities and equity derivatives. ICAP has an average
daily transaction volume in excess of $1.5 trillion, more than 60% of which is
electronic. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more
information go to www.icap.com.
About City Index
City Index is a global financial firm dedicated to finding innovative ways for traders to
access fast-moving markets. The Group trades primarily under the City Index and FX
Solutions brands, and also provides a fully outsourced white label solution to
numerous partners. As a Group City Index transacts in excess of 1.5 million trades
for individuals in over 50 countries worldwide, across a wide range of instruments
including foreign exchange, Contracts for Difference (CFDs) and in the UK, spread
betting. City Index was established in 1983 and its ultimate parent company is IPGL,
a private holding company. IPGL’s other interests include an indirect shareholding of
approximately 20 percent in ICAP plc.