ICAP launches global iron ore desk and appoints new brokers in London and Singapore

London and Singapore, 6 November 2012 – ICAP plc, the world's leading interdealer broker and provider of post trade risk and information services, today announces the launch of a global iron ore desk based out of London and Singapore.

The new global desk has brokers in London and Singapore and works closely with the coal, dry Forward Freight Derivative (FFA) and base and precious metals desks within ICAP.

Major iron ore producers and steel makers have traditionally relied on annual fixed price contract negotiations for the sale of iron ore. The significant price volatility observed in the asset class over the past few years, however, has highlighted the inflexibility it offers prudent risk managers from both the buy and the sell side. As a result, this system has broken down in favour of a spot market. The market has seen increasing volumes traded in iron ore swaps and options over the past 18 months, making it an attractive hedging tool for both end users such as large steel mills and producers as well as banks traders and hedge funds.

Henry Liddell, CEO of ICAP Shipping, commented: "Iron ore is a truly global business and ICAP's launch of a dedicated desk is timely and will meet the needs of customers around the world. We look forward to building this business as the market for swaps and options continues grow".

Anthony Warner, CEO, Singapore, ICAP, said: "Asia is crucial to the development of the iron ore market and offering a global desk with close relationships to the steel mills and producers locally will give ICAP a strategic advantage."

ICAP Contacts:
Serra Balls                 Head of Public Relations          +44 (0) 20 7050 7124
Bruce Shu                  Grayling                                         + 852 2164 8300

About ICAP Shipping
ICAP Shipping offers a broad spectrum of shipping services, including dry cargo and tanker chartering, sale and purchase, freight derivatives and research. The company operates out of London, Singapore, Stamford (Connecticut), Shanghai, New Delhi, Mumbai, Hamburg and Gibraltar. Additional information can be found at www.icapshipping.com.

About ICAP
ICAP is the world's leading interdealer broker and provider of post trade risk and information services. The Group matches 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 go to www.icap.com.