Deutsche Bank and Goldman Sachs Tap ICAP To Expand Distribution of Economic Derivatives; Broker will market options on economic statistics - including new inflation products - to traders at financial services firms.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & LONDON--(BUSINESS WIRE)--May 15, 2003 The Goldman Sachs Group, Inc. (NYSE NYSE See: New York Stock Exchange : GS) and Deutsche Bank today announced that they will expand distribution of economic derivatives to the interdealer market through a brokerage agreement with ICAP (1) (Internet Content Adaptation Protocol) A high-level protocol for requesting services from an Internet-based server. iCAP provides a common format for requesting services using standard HTTP messaging. , the world's largest OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). voice and electronic interdealer broker. ICAP will target traders at financial services firms. Using a patented application of risk mutualization developed by Longitude, Inc., Deutsche Bank and Goldman Sachs provide a broad range of vanilla and digital options as well as forwards on the outcome of US Nonfarm Payrolls, ISM Manufacturing, and US Retail Sales (ex-Autos) reports. On May 20, the firms will roll out their first longer-term economic derivatives and European indicator - one- and three-month options on the Eurozone Eurozone Noun same as Euroland Eurozone n → eurozona, zona euro Eurozone n → zona euro Harmonized Index of Consumer Prices (ex tobacco), with US CPI to follow in June. "Over the past six months, our clients and traders at our respective firms have found that economic derivatives provide the only truly reliable way to express their view on, or hedge against, key indicators of the US economy," said Peter Gerhard, Head of Macro Trading at Goldman Sachs. "We look forward to extending the reach of this product to the global interdealer market through partnership with the world's leading interdealer broker." "The inflation product is an important step for economic derivatives," said Mark Johnson, Global Head of Foreign Exchange Risk at Deutsche Bank. "It offers traders a unique market vehicle that doesn't already exist to hedge against short-dated inflation risks. It is a product that is practical and that clients want and need." With roughly EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 900 billion in assets and approximately 84,500 employees, Deutsche Bank offers its 12 million clients unparalleled financial services in 75 countries throughout the world. The Bank aspires to be a leading global provider of integrated financial solutions for demanding clients and the pre-eminent bank in Germany generating exceptional value for its shareholders and people. Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. ICAP is the world's largest inter-dealer broker and following the recent acquisition of several BrokerTec businesses is one of the world's leading electronic brokers of fixed income securities with daily average transactions well in excess of $500 billion daily, 40% of which are 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. ICAP (IAP (Internet Access Provider) See ISP. IAP - Internet Access Provider ) is one of the UK's 130 largest quoted companies. It is listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and is a FTSE FTSE A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. Notes: The FTSE is similar to Standard & Poor's in the United States. 250 company with a market capitalisation of circa GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.1bn (US$1.8bn). For more information go to www.icap.com |
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