The weblog will provide customers and journalists daily access to Lou Crandall, Chief Economist for Wrightson ICAP's publication the "Money Market Observer", and other ICAP market commentators and resources. ICAP's intention is to incorporate the active participation of its brokers, customers and commentary experts in a lively neutral format with topics driven by market events. Particular areas of emphasis will include fixed income, money market products, foreign exchange, energy and derivatives. The weblog will be moderated to allow for anonymity allowing contributors to comply with their individual firms' communication policies.

ICAP has initiated the discussion with commentary regarding the upcoming changes to the Fed's Payment System Risk Policy. The Fed Payment System Risk Policy changes, due to take effect July 20th, could affect intraday liquidity for the Fed Funds related markets.

Lou Crandall stated, "Despite the fact that the new rules were published two years ago, there is no consensus about what the decline in liquidity is likely to mean for the payments system. As of this point, the impacts are still unknown and with the changes due to occur next week, ICAP's weblog will provide a forum for these issues to be aired."

Crandall's commentary, broker and customer comments as well as links to Fed policy papers will be updated on the weblog. In addition, ICAP is developing a library of draft Master Federal Funds Agreement documents - legal recourse documents in the event of payment gaps - that are quickly taking shape as firms grapple with the implications of the July 20 change.