As per the official press release, the new location will be headed by Charles Morgan, a recent hire who will hold the position of Managing Director and oversee the brokering of South African Government Bonds, working from the new office location with the company’s London team who has brokered these products for a number of years already.
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Commenting on the new office in the corporate press release, Rob Osborne, Managing Director Rates EMEA at Tullett Prebon, said: “I am delighted that Tullett Prebon has established an office in South Africa, enabling us to assist our clients’ needs across the South African market place. It is important that we have a local physical presence, reinforcing our commitment to the region and enhancing our offering with local knowledge and expertise.”
In 2010, South Africa was the latest of countries to be added to the list of advanced developing economies under the BRICS association (which include Brazil, Russia, India, China and South Africa), which held its latest annual BRICS summit in Durban, South Africa in March 2013.
While the announcement today from Tullett Prebon specified the brokering of African Government Bonds, it is not clear whether other asset classes and instruments will be handled via the new location. Tullett Prebon specializes in seven major product groups, including Rates, Volatility, Treasury, Non Banking, Energy & Commodities, Credit and Equities. The news today also follows the recent approval that the company received from the CFTC regarding its application as a Swap Execution Facility (SEF).