ICAP Sydney Commissions Kalahari to Build Bespoke Pricing System

Kalahari, a global provider of real-time price discovery and analytic solutions to financial and energy trading institutions in over 16 countries, today announced that ICAP, the world's largest inter-dealer broker, commissioned the company to build a new system to price Australian Dollar Interest Rate Derivatives.

The new pricing system, which includes data publishing, was built to the exact requirements of ICAP Sydney and was delivered in just two weeks, ready for the desks' go live date.

Commenting, Brad Ridge, CEO, ICAP Sydney said: "Once again, Kalahari has demonstrated its ability to develop bespoke pricing products to help us accelerate our time-to-market.  Kalahari built, tested and installed the new pricing system in just two weeks, guaranteeing our readiness to trade from day one."

The new system was commissioned by ICAP plc following the recent agreement between ICAP and Tullett Prebon, the inter-dealer broking business of Collins Stewart Tullett plc (CST), under which one of CST's two Sydney-based interest rate teams transferred to ICAP. The team moved to ICAP's Sydney office at the beginning of October 2005.   The team comprises staff from the former Prebon Group's operations, which was acquired by CST in October 2004.    

ICAP is the world's largest voice and electronic inter-dealer broker. Following the recent acquisition of the BrokerTec fixed income securities businesses ICAP's average daily transaction volume is in excess of $1 trillion. 

Graham Mansfield, director at Kalahari said: "This extended relationship with ICAP demonstrates how our customers are leveraging the power and flexibility of kACE.  Kalahari is dedicated to helping customers face today's pricing, calculation, modelling and analytical challenges in the front office, and the results are evident in the bespoke development and adoption of our solutions and services on a global basis." He continued.

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About ICAP

ICAP is the world's largest interdealer broker and following the recent acquisition of the BrokerTec fixed income securities businesses is one of the world's leading electronic brokers of fixed income securities with a daily average transaction volume in excess of $600 billion, 50 percent of which is electronic. The Group is active in the wholesale market for OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit and equity derivatives.

2900 staff operating from 21 offices worldwide.

ICAP (IAP.L) is one of the UK's 110 largest quoted companies. It is listed on the London Stock Exchange and is a FTSE 250 company with a market capitalisation of circa £1.7bn (US$3.2bn).

For more information go to www.icap.com