TFS-ICAP, located in New York, is a global voice broker/electronic platform for the trading of inter-dealer FX Options. TFS-ICAP was formed in July, 2000, by the merger of the OTC FX Options divisions of Tradition Financial Services and ICAP. In November, 2001, TFS-ICAP integrated into its currency options business the Volbroker system, an inter-dealer broking consortium developed by Citibank, Deutsche Bank, Goldman Sachs, JP Morgan, Royal Bank of Scotland and UBS. The Volbroker system combines voice brokered liquidity with an FX Options electronic broking platform.
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