The Azerbaijan State News Agency

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ICAP Testing Trades In Greek Drachma Against Dollar

28.11.2011 [14:22]
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Baku, November 28 (AZERTAC). ICAP Plc is preparing its electronic trading platforms for Greece`s potential exit from the euro and a return to the drachma, senior executives at the inter-dealer broker said Sunday.

ICAP is the latest firm to disclose such preparations, joining the growing ranks of banks, governments and other key players in the global financial system whose officials are worried enough about the stability of the common currency to be making contingency plans for a possible break-up.

The firm has been testing systems that would allow dealer banks to trade the drachma against both the dollar and the euro, the ICAP executives said, cautioning that the measures taken in recent weeks were precautionary. They said the currency pairs would not be accessible for trading unless required by market events, and may never be used.