Wholesale Market Brokers Form New Association

WASHINGTON, July 13 /PRNewswire/ -- North America's leading inter-dealer
brokers announce today the launch of a new association to promote the quality
and standards of the industry and a better understanding of the critical role
played by wholesale brokers in the efficient functioning of financial markets.

The five founding members of the Wholesale Markets Brokers' Association
Americas Inc. (WMBA Americas) are: BGC Partners; GFI Group; ICAP; Tradition;
and Tullett Prebon.

The association seeks to work with Congress and key public policymakers on
future regulation and oversight of over-the-counter (OTC) markets and their
participants.

By working with regulators to make OTC markets more efficient, robust and
transparent, the association sees a major opportunity to assist in the
monitoring and consequent reduction of systemic risk in the country's capital
markets.

"We look forward to representing the interests of the wholesale broker
community in order to preserve and enhance the strengths of our markets," said
Chris Ferreri, chairman of WMBA Americas. "Wherever appropriate, we will
assist and work with regulatory bodies and other financial institutions to
achieve this objective."

Mr. Ferreri noted the success of the WMBA in the U.K., and, in particular, its
ability to interact and participate in discussions with regulators throughout
Europe. He said the organization would serve as an excellent model on which to
build the North American organization.

Mr. Ferreri pledged to work closely with the U.K. organization as well as
other related associations to seek consistent global regulation and oversight
of financial markets wherever possible.

The association is in the process of incorporating and is represented by
Patton Boggs LLP in Washington, D.C.

Wholesale Markets Brokers' Association Americas
The Wholesale Markets Brokers' Association (WMBA Americas) is an independent
industry body representing the largest inter-dealer brokers (IDBs) operating
in the North American wholesale markets across a broad range of financial
products.

Patton Boggs LLP
Based in Washington, D.C., Patton Boggs is a leader in public policy,
litigation and business law and is well known for its deep partisan roots in
the U.S. political arena. The firm's core practice areas are Public Policy and
Regulatory, Litigation, Business and Intellectual Property. For more
information, visit us at www.pattonboggs.com.

SOURCE Patton Boggs LLP

Chris Ferreri, +1-212-815-9070; or Rebecca Carr of Patton Boggs,
+1-202-457-6186