Tullett Prebon Agrees to Buy ICAP’s Global Brokering Business
ByLONDON — The British brokerage firm Tullett Prebon said on Wednesday that it had agreed to acquire the global brokering business of its British counterpart ICAP in an all-stock deal.
The transaction would expand Tullett Prebon’s role as an intermediary for trading stocks, currencies and commodities. It comes at a time when so-called interdealer brokers have been hurt by lower trading volumes as they face uncertainty in the global markets and higher regulatory costs.
The deal would include ICAP’s global brokering business; associated technology and brokerage platforms, including its electronic interest-rate swap platform iSwap; ICAP’s associated information services revenue; and some of ICAP’s joint ventures…
Tullett Prebon Agrees to Buy ICAP’s Global Brokering Business
