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

TFS-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 inter dealer broking
consortium that combines the strengths of voice brokered liquidity together
with the market's leading FX Options electronic broking platform.

The Volbroker platform was designed by traders, for traders and is used by
banks all over the world. A list of banks involved in its creation can be
viewed on Volbroker Partner Banks page.