ICAP's securities operations in Japan began with the opening of Garban LLCÆs representative office in 1986. In 1994, Garban was granted a Licence from the Ministry of Finance to begin broking Japanese Government Bonds making Garban one of only two new brokers to enter the domestic market in over 20 years. At the same time, Garban upgraded its presence in Japan by becoming a branch of Garban International. Garban successfully developed its local business and became a leading broker of Japanese Government bonds and other Japanese yen fixed income products. In October 2000, Garban merged with Tokyo Forex Securities, a subsidiary of Tokyo Tanshi û the leading Japanese short-term money market broker. The new entity, Garban Totan Securities (60% owned by ICAP plc), is now the leading inter-dealer broker of Japanese securities products. In 2004 the business was renamed Icap Totan Securities.

The principal activities of ICAP Totan Securities are: Japanese Government bonds (including options and repo) Japanese Treasury and Finance Bills, Japanese Corporate, Local Government and Municipal Bonds, Eurobonds and Equity Derivatives (both OTC Index and Single Stock Options). A significant portion of the JGB business is now transacted electronically over ICAP's proprietary electronic trading system, ETC.

ICAP plc also partnered with the Tokyo Tanshi group in the joint venture Totan Capital Markets, a leading interest rate swap and option broker in Tokyo.

ICAP Totan Securities Co. Ltd

5F Totan Muromachi Building
4-4-10 Nihonbashi-Muromachi
Chuo-ku, Tokyo 103-0022 Japan

Tel: +81 3 5200 8300

EBS Dealing Resources Japan Ltd

Toho Twin Building, 3rd Floor
1-5-2 Yaraku-cho, Tokyo 100-0006
Japan

Tel: +81 3 5566 6696

Totan Capital Markets Co. Ltd

6/F Sakura Muromachi Bldg
5-1 Nihonbashi Muromachi 4-Chome
Chuo-ku, Tokyo 103-0022
Japan