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Goldman Sachs today reaffirms its neutral investment rating on ICAP PLC (LON:IAP) and cut its price target to 520p (from 560p).

StockMarketWire.com
China Foreign Exchange Trade System - China's official inter-bank market trading platform and infrastructure provider - has chosen ICAP to deliver the underlying technology for fixed income and foreign exchange (FX) electronic execution services in mainland China.

The technology will be delivered by EBS BrokerTec, ICAP's market-leading electronic FX and fixed income business, which will form part of NEX Group plc, following the completion of the transaction with Tullett Prebon to dispose of ICAP's global hybrid broking and associated information businesses.

The deal, valued at $65 million over a three-year period, will see ICAP expand into China, a key growth market for the business, with EBS BrokerTec establishing a local office and development centre in Shanghai.