ICAP Makes Trading Statement

ICAP, an interdealer broker, has released trading updates ahead of the close period following its financial half-year, ended September 30, 2008. ICAP expects to announce its interim results for the half-year ending September 30, 2008 on November 18, 2008. Group revenue in the half year ended 30 September 2008 is expected to be some 20% ahead of the same period in the previous year. ICAP has a broadly diversified revenue base and in a number of markets during this half year the Group benefited from higher than average levels of volatility. This has more than offset those businesses that have been adversely affected by events in the credit markets.

Commenting on the first half of the financial year and outlook, Michael Spencer, chief executive of ICAP said in a press release, “ICAP continues to benefit from the generally high levels of volatility in the wholesale financial markets. Having had a busy first quarter, markets quieted during the summer period, following the normal seasonal pattern - in contrast with the same period in the previous year which was unusually busy. During the past few weeks, the extraordinary events in financial markets have again generated very high trading volumes in many markets as participants reassess their credit exposure and the flight to quality and liquidity resumes.”

Spencer added in the release that “the outlook for the business remains positive. ICAP has invested significantly in the development of its voice, electronic and post-trade businesses. We believe that the current market turmoil will create more opportunities for the profitable development of our business despite parts of our customer base consolidating and continued deleveraging.”