The entity will principally provide Electronic Foreign Exchange Execution, along with FX clearing services. The entity will replicate in many ways the business model that was very successful at Refco.

Commenting on this announcement, Louis Vitta, Chairman of Man FX Clear and President of Man Capital, said: "We are very pleased to have secured the services of Stephen Dispenza, along with his team of professionals. We have also maintained the core infrastructure necessary to re-build what was a very successful Institutional FX Electronic Trading and FX Clearing Service. The business model compliments Man's existing Institutional FX desk business."

Stephen Dispenza, President of Man FX Clear LLC, added: "Our team is very enthusiastic about the opportunity at Man, as it provides us with the ability to offer the trading flexibility, clearing services, and support that were so well received by our Customers and Bank Counterparties."

Since much of the infrastructure and key personnel are already in place, Man FX Clear LLC expects to be up and running by mid December 2005.