Joint Ventures

Tradition-ICAP Limited

Tradition-ICAP was formed in July 2000 by the merger of the OTC FX Options divisions of the TFS Group and ICAP plc. Tradition-ICAP has offices in New York, London, Frankfurt, Copenhagen, Sydney, Tokyo and Singapore.

Tradition-ICAP conducts its business as an independent intermediary in OTC FX Options. In November of 2001, the Company integrated the Volbroker system into its currency options business. This created an interdealer broking consortium that combines the strengths of voice brokered liquidity together with the market's leading FX Options electronic broking platform.

Volbroker was the first electronic interdealer trading environment for FX Options. The Volbroker platform was designed by traders, for traders - partners in its development are Citibank, Deutsche Bank, Goldman Sachs, JP Morgan, Royal Bank of Scotland and UBS Investment Bank. For more information visit: www.tfsicap.com

SIF ICAP Mexico S.A. de CV

SIF ICAP Mexico (SIF-ICAP) is a subsidiary of the Mexican Stock Exchange (BMV) and ICAP. This alliance offers a series of advantages to our customers, such as the technological support and experience of the BMV, and the financial know-how of ICAP, the leading brokerage firm of its type in the world. SIF-ICAP is the largest company of this kind in Mexico, and offers the broadest range of services to banks and brokerage firms to perform their daily transactions in fixed-income securities and in the foreign exchange market by using the most advanced and secure information technologies. For more information visit: www.sif.com.mx

Shanghai CFETS-ICAP International Money Broking Co., Ltd (CFETS-ICAP)

Shanghai CFETS-ICAP International Money Broking Co. Ltd, formed in September 2007, is an interdealer broker company approved by the China Banking Regulatory Commission. The company is invested by the China Foreign Exchange Trade System & National Interbank Funding Center (CFETS) and ICAP plc. The joint venture provides broking services to domestic and offshore foreign exchange market transactions, money market transactions, bond market transactions, and derivative product transactions. For more information, visit www.cfets-icap.com.cn

Hartfield, Titus & Donnelly LLC

HTD has been in the municipal bond brokerage business for 35 years. It now uses new interactive technology from ICAP to augment the company’s experienced brokers. For more information, please visit: http://www.htdonline.com