RNS Number:5930N
ICAP PLC
16 July 2003


        ICAP trading update at AGM for the three months ended 30 June 2003


16 July 2003

Michael Spencer, Group Chief Executive of ICAP plc, the world's largest voice
and electronic interdealer broker, will make the following comments at today's
Annual General Meeting.

"The international financial markets have been active with continuing volatility
in medium term interest rates and spreads tightening in the credit markets. Both
derivative and fixed income markets have been busy in almost all centres. The
business has made a strong start to the financial year with revenues in the
first quarter to 30 June 2003 ahead of the same period of the previous year and
above our budget forecasts."

"We have begun to make significant progress in the integration of BrokerTec,
which we acquired on 7 May 2003. We are on track to complete the initial cross
connect project, integrating the initial portions of the BrokerTec and ETC
platforms by September this year. BrokerTec's business is performing well and
ICAP and BrokerTec's combined market share in the US Treasury market averaged
45% in June 2003."


Contacts:

Michael Spencer             Group Chief Executive            (44) 20 7463 6708
Mike Sheard                 Director of Corporate Affairs    (44) 20 7574 7771
Ken Cronin                  Gavin Anderson                   (44) 20 7554 1400


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 $500 billion, 40% 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.
     
*    2800 staff operating from 21 offices worldwide

*    ICAP (IAP.L) is one of the UK's 130 largest quoted companies. It is
     listed on the London Stock Exchange and is a FTSE 250 company with a market
     capitalisation of circa #1.4bn (US$2.3bn)

*    Of the current FTSE 350 companies ICAP has had the second highest 
     performing share price over the last three years and in 2002 ICAP 
     outperformed the FTSE 350 Index by 40%

*    For more information go to www.icap.com


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            The company news service from the London Stock Exchange
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