Interdealer broker, Tullett Prebon, and its long-standing joint venture partner in Japan, Central Tanshi, have agreed to reorganize their Tokyo business operations, according to the latest press release announced today from Tullett Prebon on its corporate website.
Following a strategic review by Central Tanshi of its Tokyo businesses, according to the update, Central Tanshi has agreed to sell Tullett Prebon its stake in Yamane Tullett Prebon (Japan) Limited, which has been operating as a joint venture between the two companies since it was created in 1997.
Entity Will Be Renamed as Tullett Prebon Japan, and Become 100% Owned
As a result of the acquisition, Yamane Tullett Prebon (Japan) Limited will become a wholly-owned subsidiary of the Tullett Prebon Group and will be renamed “Tullett Prebon (Japan) Limited.”
Barry Dennahy, Chief Executive Officer of Asia-Pacific at Tullett Prebon, commenting in the official announcement said, “We have had a long and mutually beneficial relationship with Central Tanshi. Their contribution to and support of our Tokyo joint venture has been invaluable. We are looking forward to continuing to work with our customers to meet their price discovery and trading needs.”
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The company operates in a wide-range of markets, including Foreign Exchange through its tpSPOTDEAL platform which offers trading in G10 currencies, as well as its recently registered Swap Execution Facility (SEF) provisionally approved with the CFTC, and part of its tpSWAPDEAL platform offering.
Tullett Prebon Group has principal offices in London, New Jersey, Hong Kong, Singapore and Tokyo, and a number of other offices, joint-ventures and affiliates throughout the world.
Central Tanshi Frees Up Capital Following The Sale
In a parallel press release from Central Tanshi about the transaction, one of the company’s managing directors said that selling its stake has also freed up capital that has been tied to that business.
The news follows, for Central Tanshi, the recent announcement of its offering Tradency’s MirrorTrader platform earlier in January, as covered by Forex Magnates.
The value of the deal was not disclosed around time of publication, with regards to the stake that Tullett Prebon has recently acquired.