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EXHIBIT 10.3

(ASHURST MORRIS CRISP LOGO)

Call Option Deed

Gains International Infocom Holdings BV

IPC Acquisition Corp.

and

IPC Information Systems, Inc.

relating to all of the issued shares of Gains International

(US) Inc. and Gains International (Europe) Limited

January 2003





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THIS DEED is made on        January 2003

BETWEEN:



|(1) |  | GAINS INTERNATIONAL INFOCOM HOLDINGS BVwhose registered office is at
Drenstestraat, 24BG, 1083 HK, Amsterdam (the Seller); and                      
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | IPC ACQUISITION CORP., a Delaware corporation, and IPC INFORMATION
SYSTEMS, INC., a Delaware corporation (each, a Buyer and together, the
Buyers).

RECITALS



|(A) |  | Gains International (US) Inc. (Gains US) is a corporation
incorporated under the laws of the state of New York which has an
authorised share capital of US$10 divided into 1000 shares of common
stock of 1 cent (US$0.01) each, all of which 200 are in issue and fully
paid.      
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(B) |  | Gains International (Europe) Limited (Gains UK) is a private limited
company incorporated in England and Wales with registered number 2539234
which has an authorised share capital of £2,000,100 divided into
2,000,100 shares of £1 each of which two are in issue and fully paid.
|   
|(C) |  | The Seller is the registered and beneficial owner of the Option
Securities (defined below).                                                                                                                                                                                           
|   
|(D) |  | The Seller has agreed to grant to the Buyers a call option in respect
of the Option Securities on the terms and subject to the conditions of
this deed.                                                                                                                               

NOW THIS DEED WITNESSES AS FOLLOWS:



|1.  |  | INTERPRETATION                                                                                                                                               
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|1.1 |  | In this deed, the following words and expressions have the following
meanings, unless the context otherwise requires:                                        
|   
|    |  | Adjustmentmeans an adjustment to the number and/or the description
of the Option Securities and/or to the Option Consideration in
accordance with clause 5;
|   
|    |  | Business Daymeans a day (excluding Saturday) on which banks are
generally open in London for the transaction of normal banking
business;                   
|   
|    |  | Call Exercise Noticemeans a notice substantially in the form set out
in the schedule to this deed;                                                         
|   
|    |  | Call Optionmeans the call option granted by the Seller to the Buyers
under clause 2;                                                                       
|   
|    |  | Companiesmeans Gains US and Gains UK and Companymeans either of
them;                                                                                    

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|    |  | Completionmeans completion of the sale and purchase of the Option
Securities following the exercise of the Call Option as described in
clause 7;                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | Option Considerationmeans the consideration payable upon Completion as
set out in clause 6;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|    |  | Option Securitiesmeans all of the issued shares of common stock of
US$0.01 each in Gains US and all of the issued shares of £1 each in Gains
UK (or, if beneficial ownership of all such shares shall be held by an
entity whose sole asset is such shares, then Option Securities may at
the election of the Buyer(s) mean all the issued and outstanding shares,
partnership or membership interests or other equity interests of such
entity) and includes such other securities as may be for the time being
subject to the Call Option as a result of an Adjustment;
|   
|    |  | Purchase Agreementmeans the share purchase agreement between (1) the
Seller and (2) Gains Acquisition Corp. (GAC) and Gains Asia Acquisition
Corp. (GAAC) expected to be entered into on 22 January 2003 for the
sale and purchase of (i) all of the issued shares of the Companies by GAC
and (ii) all of the issued shares of Gains International Asia Holdings
Limited by GAAC; and                                                                                                                                                                                 
|   
|    |  | Tullett Supplier Agreementmeans the supplier agreement between (1)
Tullett plc, (2) GAC and GAAC contemplated to be entered into by the
Purchase Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|1.2 |  | In this deed unless otherwise specified, reference to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       



| | (a) |  | a party means a party to this deed and includes its permitted
assignees and/or the successors in title to substantially the whole
of its undertaking;                                                                                                                                                             
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (b) |  | a statute or statutory instrument or accounting standard or
any of their provisions is to be construed as a reference to that
statute or statutory instrument or accounting standard or such
provision as the same may have been amended or re-enacted;                                                           
|
| | (c) |  | recitals, clauses, paragraphs or schedules are to recitals,
clauses and paragraphs of and schedules to this deed. The schedules
form part of the operative provisions of this deed and references to
this deed shall, unless the context otherwise requires, include
references to the recitals and the schedules;
|
| | (d) |  | writing shall include typewriting, printing, lithography,
photography and other modes of representing words in a legible form
(other than writing on an electronic or visual display screen) or
other writing in non-transitory form; and                                                                         
|
| | (e) |  | words denoting the singular shall include the plural and vice
versa and words denoting any gender shall include all genders.                                                                                                                                                                                      



|1.3 |  | The index to and the headings in this deed are for information only and
are to be ignored in construing the same.
|--- |  | -----------------------------------------------------------------------------------------------------------------

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|2. |  | GRANT OF THE CALL OPTION                                                                                                                                                                                                                 
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | The Seller grants to the Buyers an option, to be exercisable (as the
Buyers shall agree) by either Buyer or by both Buyers acting together, to
purchase all the Option Securities for the Option Consideration on the
terms of this deed.



|3.  |  | EXERCISE OF THE CALL OPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|3.1 |  | The Buyers may exercise the Call Option only by serving a Call Exercise
Notice on the Seller at any time during the period beginning on 15
December 2003 and ending on 31 January 2005 (both dates inclusive),
subject to (i) the prior receipt by the exercising Buyer(s) of any
necessary consents or waivers under the Credit and Guaranty Agreement
dated as of 20 December 2001 among IPC Acquisition Corp. and the other
parties named therein; (ii) receipt of any necessary governmental
approvals, consents and authorisations (including without limitation any
necessary approval of the US Federal Communications Commission); and (iii)
the execution and delivery by IPC Acquisition Corp. of a guarantee or
other undertaking, or the making of other arrangements, reasonably
acceptable to the Seller, with respect to the payment obligations of GAC
and GAAC under clause 9.4 of the Tullett Supplier Agreement.
|   
|3.2 |  | The Call Option may be exercised only in respect of all of the Option
Securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   
|3.3 |  | Exercise of the Call Option shall oblige the Seller to sell and the
exercising Buyer(s) to purchase the Option Securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|3.4 |  | The Option Securities shall be sold with full title guarantee free from
all liens, charges, equities and encumbrances and together with all rights
attaching to the Option Securities at the date of service of the Call
Exercise Notice (including any dividend or other distributions declared
but not paid or made).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   
|3.5 |  | If the Call Option is not duly exercised prior to its termination as
provided below, it shall cease to be exercisable and shall lapse.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             



|4.  |  | TERMINATION                                                                                                                                                                                                                                                      
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|4.1 |  | If the Purchase Agreement shall be terminated in accordance with its
terms, the Call Option shall immediately lapse and terminate and shall be
of no further force and effect.                                                                                   
|   
|4.2 |  | If the Call Option shall not have been duly exercised before 5.30 p.m.,
New York time, on 31 January 2005, or such other time or date as the
parties may agree in writing, the Call Option shall lapse and terminate
and shall be of no further force and effect.



|5.  |  | ADJUSTMENTS                                                                                                                                                                                                                                                                                                                                                                     
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|5.1 |  | If any of the events specified in clause 5.2 occurs, such adjustments (if
any) shall be made as shall be required to the number and/or the
description of the Option Securities and/or to the Option Consideration so
as to preserve insofar as is possible the equivalent economic value of the
rights of the parties immediately prior to the relevant event having
regard to:

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| | (a) |  | any diluting or concentrating effect on those rights of the
relevant event; and          
| | --- |  | -----------------------------------------------------------------------------------------
|
| | (b) |  | the redesignation of, or replacement with any other
securities of, the Option Securities.



|5.2 |  | The events referred to in clause 5.1 are the occurrence of any of the
following in relation to the Option Securities:
|--- |  | ---------------------------------------------------------------------------------------------------------------------



| | (a) |  | a sub-division, consolidation or reclassification (of
whatever nature) of the Option Securities;                                                        
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (b) |  | a distribution (whether by way of bonus, capitalisation or
otherwise) by either of the Companies to existing shareholders in
either of the Companies of:

| |       |  |                                                                                                                                                                                                                                                                                                                                                                                
| | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   |  | additional Option Securities; or                                                                                                                                                                                                                                                                                                                                               
|
| | (ii)  |  | other share capital or securities; or                                                                                                                                                                                                                                                                                                                                          
|
| | (iii) |  | securities, rights or warrants granting the
right to a distribution of Option Securities or to purchase,
subscribe or receive Option Securities or any other shares or
securities or assets (other than the payment of cash dividends
in respect of normal trading profits and which are not
exceptional in comparison with either of the Companies
previous dividend policy);



| | (c) |  | the consolidation, amalgamation or merger of either of the
Companies with or into another entity (provided that such results in
a re-classification or other change in the Option Securities); or
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (d) |  | any event in relation to the Option Securities analogous to
any of the foregoing events or otherwise having a diluting or
concentrating effect on the value of the Option Securities.            



|5.3 |  | Any Adjustment made in accordance with this clause 5 shall take effect
from the date of the relevant event or, if earlier, the record date for
that event.                                                                                                                                                                                                                                                  
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|5.4 |  | If Option Securities refers to all the issued and outstanding shares,
partnership or membership interests or other equity interests of an entity
whose sole asset is the shares of the Companies, then references to the
Companies in clause 5.1 shall be deemed to be references to such entity,
mutatis mutandis.                                                                                       
|   
|5.5 |  | The Seller shall not cause or suffer to occur any of the events listed in
clause 5.1 without the prior written consent of the Buyers. The nature
and extent of any Adjustment required to be made in accordance with this
clause 5 shall be agreed between the parties prior to the event giving
rise to the Adjustment (or, failing such prior agreement, shall be as
reasonably determined by the Buyers).

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|6.  |  | OPTION CONSIDERATION                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|6.1 |  | The consideration for the acquisition of the Option Securities shall be
paid by the exercising Buyer(s) at Completion in cash.                                                                                                                                                                                                                                                                                                                                                   
|   
|6.2 |  | The consideration for the acquisition of the Option Securities upon the
exercise of the Call Option shall equal, subject to any Adjustment, (i)
105% of the consideration paid by GAC pursuant to clause 2.3 of the
Purchase Agreement at the time of the exercise of the Call Option, and
(ii) the assumption of GACs obligation to pay the Earn-Out Consideration,
if any, as contemplated by the Purchase Agreement and subject to the terms
and conditions provided therein.



|7.  |  | COMPLETION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|7.1 |  | Completion of the sale and purchase of the Option Securities following
the exercise of the Call Option shall take place at the offices of IPC
Acquisition Corp. on the date which is the fifth Business Day after the
date of service of the Call Exercise Notice provided that such date is no
earlier than 20 December 2003, in which case, Completion shall take place
on 20 December 2003 or, if the outcome of any Adjustment is not known at
that time, the fifth Business Day after the outcome has been ascertained.
|   
|7.2 |  | At Completion:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              



| | (a) |  | the Seller shall deliver to the exercising Buyer(s) a
transfer or transfers in respect of the Option Securities duly
completed in favour of such Buyer(s) (or as it or they may direct),
or a stock power or powers duly executed in blank, or other
appropriate transfer documents, in each case together with the
certificate(s) for the Option Securities (or an indemnity acceptable
to the exercising Buyer(s) in the case of any found to be missing);
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (b) |  | following delivery of the documents referred to in clause
7.2(a), the exercising Buyer(s) shall pay or procure the payment of
the Option Consideration to the Seller (or to such other person as
it may direct); and                                                                                                                                                                                                                                        
|
| | (c) |  | the Seller shall (so far as it is able) procure that upon
presentation to each Company of the stamped transfer or stock power,
if applicable, of the Option Securities (together with the relevant
share certificate or indemnity), it shall be approved and the
transferee shall be registered as the holder of the Option
Securities.                                                                                                                     



|8.  |  | WARRANTIES AND COVENANTS               
|--- |  | ---------------------------------------
|   
|8.1 |  | The Seller warrants to the Buyers that:



| | (a) |  | it is and will remain until the earlier of the completion of
the Purchase Agreement (as provided for therein) and the exercise or
lapse of the Call Option the beneficial owner of the Option
Securities, subject only to the Purchase Agreement and to the Call
Option, and has and will have full power and authority to grant an
option in respect of the Option Securities upon the terms and
conditions of this deed; and
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (b) |  | the Option Securities represent all of the share capital of
the Companies issued or agreed to be issued and there is no option
or right outstanding in favour of any third party to subscribe for
any share or loan capital of either of the Companies.
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.2 |  | The Seller undertakes to the Buyers to assign the burden and any
obligation or benefit arising under or out of this deed to any purchaser
of the Option Securities provided such purchaser is approved by the Buyers
in writing.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9. |  | COSTS                                                                                                                                                                                                                                         
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | Each of the parties shall bear its own legal, accountancy and other
costs, charges and expenses connected with the negotiation, preparation
and implementation of this deed and any other agreement incidental to or
referred to in this deed.



|10. |  | ASSIGNMENT                                                                                                                                                                                                                                                                                                                                                                                                       
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | The parties hereby agree that either party may, with the prior written
consent of the other, assign, transfer or declare a trust of any benefit,
burden or obligation arising under or out of this deed. Without limiting
the generality of the foregoing, each of the Buyers hereby consents to
the assignment by the Seller of this deed to GAC or GAAC effective upon
Completion under the Purchase Agreement.



|11. |  | ANNOUNCEMENTS                                                                                                                                                                                                                                 
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | Unless both parties agree, neither shall, during the term of this deed
and at any time thereafter, disclose its existence nor its terms except
to its professional advisers or as may be required by law or any legal or
regulatory authority.



|12. |  | ENTIRE AGREEMENT                                                                  
|--- |  | ----------------------------------------------------------------------------------
|   
|    |  | Save in the case of fraud or fraudulent concealment, each party
acknowledges that:



| | (a) |  | this deed constitutes the entire and only agreement between
the parties relating to the subject matter hereof;                                                                                                
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (b) |  | it has not been induced to enter this deed in reliance on,
nor has it been given, any representation or other statement of any
nature whatsoever other than those set out herein; and                         
|
| | (c) |  | the only remedies available to it in respect of this deed are
damages for breach of contract and it shall have no right to rescind
or terminate this deed other than as expressly provided in clause 4
hereof.



|13.  |  | WAIVER/AMENDMENT                                                                                                             
|---- |  | -----------------------------------------------------------------------------------------------------------------------------
|    
|13.1 |  | No breach of any provision of this deed shall be waived or discharged
except with the express written consent of the parties.

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|13.2 |  | No failure or delay by a party to exercise any of its rights under this
deed shall operate as a waiver thereof and no single or partial exercise
of any such right shall prevent any other or further exercise of that or
any other right.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|13.3 |  | No variation to this deed shall be effective unless made in writing and
signed by all the parties.                                                                                                                                        



|14. |  | FURTHER ASSURANCE                                                                                                                                                                                                        
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | At all times after the date of this deed, the parties shall at their own
expense execute all such documents and do such acts and things as may
reasonably be required for the purpose of giving full effect to this
deed.



|15.  |  | NOTICES                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|15.1 |  | Except as specifically otherwise provided in this deed, any notice,
demand or other communication to be served under this deed may be served
upon any party only by posting by first class post or delivering the same
or sending the same by facsimile transmission to the party to be served at
its address above, or facsimile number given below, or at such other
address or number as it may from time to time notify in writing to the
other party.

| |                               |   |  |                                   
| | ----------------------------- | - |  | ----------------------------------
| | The Seller                    |  |  | Facsimile Number: 020 7528 8172   
| | c/o Tullett plc               |   |  | FAO: Company Secretary            
| |                               |   |  |                                   
| | IPC Acquisition Corp.         |  |  | Facsimile Number: 001 212 858 6980
| |                               |   |  | FAO: Greg Kenepp (the President)  
| |                               |   |  |                                   
| | IPC Information Systems, Inc. |   |  | Facsimile Number: 001 212 858 6980
| |                               |   |  | FAO: Greg Kenepp (the President)  



|15.2 |  | A notice or demand served by first class post shall be deemed duly served
48 hours after posting and a notice or demand sent by facsimile
transmission shall be deemed to have been served at the time of
transmission and in proving service of the same it will be sufficient to
prove, in the case of a letter, that such letter was properly stamped or
franked first class, addressed and placed in the post and, in the case of
a facsimile transmission, that such facsimile was duly transmitted to a
current facsimile number of the addressee at the address referred to
above.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16. |  | COUNTERPARTS                                                                                                                                                                                                                                  
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | This deed may be executed in any number of counterparts which together
shall constitute one deed. Any party may enter into this deed by
executing a counterpart and this deed shall not take effect until it has
been executed by all parties.



|17.  |  | GOVERNING LAW                                                               
|---- |  | ----------------------------------------------------------------------------
|    
|17.1 |  | This deed shall be governed by and construed in accordance with English
law.

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|17.2 |  | The parties irrevocably submit to the exclusive jurisdiction of the High
Court of Justice in London for the purpose of hearing and determining any
dispute arising out of this deed and for the purpose of enforcement of any
judgment against their respective assets.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IN WITNESSwhereof this deed has been executed on the date first above
written.

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SCHEDULE
Form of Call Exercise Notice

[On the headed notepaper of each exercising Buyer]

|                 |  |        |  |  |  | 
|---------------- |  | ------ |  |  |  | 
|To: [the Seller] |  | [Date]

Dear Sirs

Re: Call Option Deed, dated 22 January 2003, and made between [Seller] and
ourselves (the Deed)

We refer to the Deed and to the Call Option granted by you to us under clause
2 of the Deed.

We hereby give notice pursuant to clause 3.1 of the Deed that we exercise the
Call Option granted by you in respect of all of the Option Securities (as
defined in the Deed).

Yours faithfully

/s/ Geoff Chapman

For and on behalf of [the exercising Buyer]

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Executed as a deed by GAINS INTERNATIONAL
    )INFOCOM HOLDINGS BVacting by
    )a director and its secretary/two directors/s/
Geoff ChapmanDirector/s/
Peggy GunnExecuted as a deed by IPC ACQUISITION CORP.
    ))/s/
Timothy Whelan/s/
John McSherryExecuted as a deed by IPC INFORMATION
    )SYSTEMS, INC.
    
    )/s/
Timothy Whelan/s/
John McSherry


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