Garban-Intercapital and Tullett & Tokyo Liberty Ltd Launch New Service in Canada to Broker US Treasury Securities.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 12, 2001

Garban LLC, (a wholly owned subsidiary of Garban-Intercapital plc, London) and Tullett & Tokyo Liberty, Ltd, Toronto (`TTLL') (a subsidiary of Tullett & Tokyo Liberty plc, London) have announced the launch of a new service to broker US Treasury securities to banks and dealers located in Canada.

Canadian customers will be serviced by a TTLL managed, Toronto-based Canadian workforce, making use of the Garban ETC (Electronic Trading Community) hybrid trading system. TTLL will become a customer of ETC, inputting and executing all client orders via the ETC electronic platform. All trades will be executed in the name of TTLL and cleared through the Garban LLC membership in GSCC.

Ron Purpora, President of Garban LLC, said, "Dealers in the Canadian market place can both draw from, and contribute to, the extensive liquidity that we already have on the ETC system. They will have access to a system that includes the execution of trades in US Treasury bills, notes and bonds together with bond and treasury yield curve swaps."

Bruce Collins, CEO of Tullett & Tokyo Liberty plc, commented "Our brokers, together with Garban's ETC system, will provide the Canadian market with a highly effective combination of the liquidity from voice broking and the efficiency of electronic trading."

Notes to Editors:

Garban-Intercapital announced in December that electronic trading in US Treasuries in November exceeded $100 billion on its Electronic Trading Community (ETC) platform that was launched in late February 2000. This platform allows traders at major banks and investment houses to transact deals, initially in US Treasuries, interactively via a private extranet or the Internet.

Tullett & Tokyo Liberty plc is one of the largest inter-dealer brokers in the world, fully diversified and employing over 2,000 people in most financial centers in Europe, North America, Asia, South America and Australia. The group is a leading broker in fixed income securities and global money and capital markets.