Garban restores clearing house connections

Garban restores clearing house connections

Garban-Intercapital, Icap's broking business in New York, has now completely restored connections to two key clearing houses after the inter dealer broker's offices were destroyed in last Tuesday's attack on the World Trade Centre.

Connections are now in place to the Government Securities Clearing Corporation, the Depository Trust Company and also with Garban-Intercapital's clearing bank. Connection to the Mortgage Backed Securities Clearing Corporation will be completed on Thursday 21 September, says the firm.

Ron Purpora, joint chief executive of Garban-Intercapital's New York operations comments: "With these connections to the clearing houses and our clearing bank in place, and the majority of Icap's broking desks and support staff now in temporary facilities, we are moving rapidly towards restoring broking services to our customers."

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