GlobalCoal has lost the first round of its legal dispute with Icap, but will launch an appeal in London's High Court.

The electronic coal trading marketplace sued Icap after the brokerage giant started to use an Australian coal derivatives index for trading swaps on its screens. GlobalCoal claims this is a breach of the product licensing agreement that Icap signed, which prevents globalCoal's Newcastle index from being used on other screens. Icap claims that the index is "generic" and its use