ICAP files SEF Application with CFTC

  ICAP files SEF Application with CFTC

Business Wire

NEW YORK -- September 3, 2013

ICAP plc (IAP.L), a leading markets operator and provider of post trade risk
mitigation and information services, announces today that its subsidiary ICAP
SEF (US) LLC has filed its application to be a Swap Execution Facility (SEF)
with the Commodity Futures Trading Commission (CFTC) in compliance with the
Dodd-Frank Act.

The ICAP SEF will operate markets across multiple asset classes, including
interest rate swaps (IRS), credit default swaps (CDS), equity derivatives,
commodities and NDFs. ICAP will offer trading in cleared and uncleared swaps
and intends to operate central limit order books (CLOB) and request for quote
(RFQ) systems, as well as offering block trade capabilities, electronic
crossing and execution via brokers. Participants will be able to access the
ICAP SEF through ICAP trading applications and the platforms provided by
independent software vendors or through the ICAP published application
programming interface (API). Additionally, approved Intermediaries will be
able to provide their customers with access to the SEF, subject to its rules.

John Nixon, Group Executive Director, Americas at ICAP plc, has been appointed
Chairman, CEO and President of the ICAP SEF, which will be headquartered in
New Jersey.

Other members of ICAP’s SEF Board are: Ivan Ritossa, Independent non-executive
director and member of the Remuneration and Risk Committees at ICAP plc; Diane
Schueneman, Independent non-executive director and Member of the Audit, Risk,
Remuneration and Nomination Committees at ICAP plc; Ken Pigaga, Chief
Operating Officer at ICAP Americas; and Mark Beeston CEO, Portfolio Risk
Services, ICAP plc.

John Nixon said: “The filing of our SEF application is a milestone for our
organization, but it is also very much a logical evolution of our longstanding
efforts to serve the needs of the OTC derivatives marketplace.Since its
foundation, ICAP has developed marketplaces designed to provide its customers
with effective and efficient means to take and manage risk.ICAP has invested
heavily in technology that has permitted it to offer customers the ability to
execute transactions on a fully electronic basis or with the assistance of a
broker.With our expertise and experience in operating regulated markets, the
quality of our technology, and the depth of our customer relationships, we
look forward to our SEF serving as a leading facility for the trading of swaps
in the new regulated landscape.”

ICAP has created a Swap Execution Facility section on its website which
provides more information about the ICAP SEF including the SEF Rulebook, FAQs
about the SEF and contact information for the ICAP SEF team. For more
information, please visit http://www.icap.com/sef.

About the ICAP SEF

ICAP SEF (US) LLC, a subsidiary of ICAP plc, will operate markets for interest
rate swaps (IRS), credit default swaps (CDS), equity derivatives, commodities
and NDFs (non-deliverable forwards). The ICAP SEF will offer a venue for
trading in cleared and uncleared swaps and intends to operate central limit
order books (CLOB) and request for quote (RFQ) systems, as well as offering
block trade capabilities, electronic crossing and execution via brokers. The
ICAP SEF is headquartered in Jersey City, New Jersey. For more information,
please go to http://www.icap.com/sef.

About ICAP

The ICAP Group is a leading markets operator and provider of post trade risk
mitigation and information services. Group companies provide services that
match buyers and sellers in the wholesale markets in interest rates, credit,
commodities, FX, emerging markets and equity derivatives through voice and
electronic networks. Through our post trade risk and information services we
help our customers manage and mitigate risks in their portfolios. For more
information, please go to www.icap.com.

Contact:

ICAP Corporate Affairs
Brigitte Trafford, +44 (0) 20 7050 7103
or
ICAP Investor Relations
Alex Dee, +44 (0) 20 7050 7123
or
ICAP Communications UK
Serra Balls, +44 (0) 20 7050 7124
or
ICAP Communications US
Guy Taylor, +1-212-341-9759
 
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