In the works for some time now, Tullet Prebon announced today at it has completed the acquisiton of the voice broking business of its largest competitor ICAP, to create the dominant interdealer broker.
Tullett Prebon Plc has completed the 1.28-billion-pound ($1.6 billion) purchase of the voice-broker business of its former rival ICAP Plc, creating a dominant firm in the business of matching trades between banks. The new business, which has been rebranded as TP ICAP Plc, has 3,425 brokers who will continue to run competing desks, trading under the Tullett Prebon and ICAP brands. ICAP, which sold its name to Tullett as part of the deal, becomes NEX Group Plc, a specialist operator of electronic markets and post-trade services. NEX will continue to employ some voice brokers, however, through joint ventures with Tradition and a Chinese firm. morning.