More NewsGFI Group and ICAP to Acquire Ownership Stakes in The Clearing Corporation

GFI Group and ICAP to Acquire Ownership Stakes in The Clearing Corporation

GFI Group and ICAP plan to jointly develop new clearing services for OTC derivative products with The Clearing Corporation, and have each agreed to acquire a minority ownership interest in The Clearing Corporation. In addition, The Clearing Corporation has agreed to appoint one GFI/ICAP representative to its Board of Directors. The Clearing Corporation serves major dealers and participants in the worldwide marketplace for derivative products, many of who are stockholders. GFI and ICAP intend to work with The Clearing Corporation to jointly develop clearing services for OTC derivative products, including credit and interest rate derivatives. The Clearing Corporation will continue to function as an independent entity. The establishment of a centralized clearing mechanism should allow market participants to more effectively net offsetting transactions, while boosting capacity through the elimination of backlogs and lengthy settlement times in the OTC markets.

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