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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  ICAP plc    IAP   GB0033872168

Delayed Quote. Delayed  - 08/25 05:35:14 pm
481.8 GBp   +0.17%
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ICAP Among Those Partnering With UBS On Digital Currency

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08/24/2016 | 11:06am CEST

LONDON (Alliance News) - Swiss bank UBS AG on Wednesday announced it has partnered with three other banks and interdealer broker ICAP PLC on the development of the Utility Settlement Coin digital currency concept.

UBS will work with ICAP, Germany's Deutsche Bank AG, The Bank of New York Mellon Corp and Banco Santander SA on the project, in addition to UBS's initial partner on the digital currency, London-based clearing technology firm Clearmatics.

The news had been flagged in a report late Tuesday by the Financial Times.

The focus of the work by the group will be on financial structuring of the USC in addition to wider market structure implications. UBS envisages USC becoming the industry standard digital currency for clearing financial trades. It is based on blockchain, the technology which underpins the Bitcoin digital currency.

UBS said the group will continue to engage in active dialogue with central banks and regulators to ensure the product is compliant with regulations.

"Digital cash is a core component of a future financial market fabric based on blockchain technologies. There are several digital cash models being explored across the Street. The Utility Settlement Coin is focussed on facilitating a new model for digital central bank cash," said UBS's Hyder Jaffrey, its head of strategic investment and FinTech innovation within its investment banking arm.

Shares in ICAP were up 0.2% to 477.20 pence.

Copyright 2016 Alliance News Limited. All Rights Reserved., source Alliance News

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Financials ( GBP)
Sales 2017 1 224 M
EBIT 2017 242 M
Net income 2017 126 M
Debt 2017 110 M
Yield 2017 4,58%
P/E ratio 2017 22,64
P/E ratio 2018 20,28
EV / Sales 2017 2,65x
EV / Sales 2018 2,55x
Capitalization 3 138 M
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 4,81  GBP
Spread / Average Target 0,02%
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Michael A. Spencer Group Chief Executive Officer & Executive Director
Charles Henry Gregson Non-Executive Chairman
Ken Pigaga Group Chief Operating Officer
Stuart John Bridges Group Finance Director & Director
John Phimister Sievwright Senior Independent Non-Executive Director
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