Earlier this month, Finance Magnates revealed that Tullett Prebon, a UK interdealer broker, was expecting its deal to buy the global broking business of rival ICAP to be completed in the forthcoming weeks, after a lengthy process involving regulatory approval.
Tullett Prebon originally announced its plans to acquire ICAP’s voice broking and information business for over £1 billion ($1.67 billion) in November 2015, in which it would receive all of the associated technologies owned by ICAP including iSwap and Fusion, together with some of the company’s joint ventures and associates.
At the time, Chief Executive John Phizackerley commented that he “continued to hope the deal would be done by the end of 2016.”
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Tullett Prebon said today that Britain’s financial regulator, the Financial Conduct Authority (FCA), has now approved its purchase of its rival ICAP’s global hybrid voice broking business.
Once the deal is completed, it will make Tullett Prebon the world’s largest interdealer broker, an industry in which middlemen help move large or illiquid fixed income, derivatives and commodities trades between brokers.
The deal is still said to be on track to close this year, although it still needs regulatory approvals in other markets.