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Friday, 3 June 2016

China picks ICAP for $65 million technology deal

ICAP Plc (IAP.L) said it had won a contract to provide technology for China's main fixed income and foreign exchange trading system, giving the British brokerage a major break in the world's second-largest economy.ICAP, which agreed to merge its global hybrid voice broking business with Tullett Prebon Plc (TLPR.L), said its electronic foreign exchange and fixed
income business - EBS BrokerTec - would provide technology to China Foreign Exchange Trade System (CFETS).The deal, valued at $65 million over a three-year period, would see ICAP expanding into China with EBS BrokerTec setting up an office in Shanghai, the company said.ICAP Chief Executive Michael Spencer said in a statement on Friday that China was an "extremely important" financial market.

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