Ethical Currency:First Ethical Foreign Exchange Broker Launched

* Ethical Currency donates 0.005% of transactions to charity
* Company campaigning for currency transaction levy

LONDON--(Business Wire)--
The world`s first foreign exchange broker to donate part of its turnover to
charity launched today. City-based Ethical Currency has committed 0.005% of all
transactions to the Global Fund, set up to fight Aids, Tuberculosis and malaria.

The company, a social enterprise, was founded by foreign exchange trader
Alastair Constance to offer charities, NGOs, social enterprises, businesses and
individuals a direct and cost-saving alternative to using the banks when it
comes to receiving, exchanging and paying currency.

Alastair Constance commented:
"The third sector transacts millions of dollars in currency every year. Because
we offer our clients better-than-bank exchange rates and smart currency
management tools, we protect donor funds and get more money to where it is
needed most. At the same time we are creating an entirely new and sustainable
funding stream for global causes that include poverty alleviation, health,
education and environmental issues."

Behind the business is American economist James Tobin`s proposal that there
should be a tax on foreign currency transactions to protect national governments
from speculators. The "Tobin Tax" met much resistance in the financial markets
and among central bankers. However it has been brought back onto the public
agenda today with the backing of Lord Turner, Chairman of the Financial Services
Authority. Subsequently a `Currency Transaction Tax` (CTT) has been lobbied for
by a large number of NGOs who propose that a tax on all currency transactions is
adopted globally to create a new and sustainable source of funding for global
poverty alleviation.

Ethical Currency has effectively adopted the tax voluntarily, but the
organisation`s founders believe that it should be introduced as a Currency
Transaction Levy (CTL). Campaigners have estimated that a tax levied at 0.005%
would raise up to £35bn a year - enough to enable the G7 countries to meet their
commitment at Gleneagles summit in 2005 to double global aid.

Alastair Constance continued:
"Ethical Currency is both a financial services provider and a model for how
other financial services companies may choose to undertake their business in the
future. We would ultimately like to see it introduced by governments across the
world, as the social and development benefits would be immense. We expect
governments to initially face major resistance from the financial sector, but
over time, it would barely be noticed."

TopLine Communications for Ethical Currency
Heather Baker / Luke Budka / Aakriti Jain
E-mail:
heatherb@toplinecomms.com
luke@toplinecomms.com
Aakriti@toplinecomms.com
Tel: 0207 886 0856

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