In this week’s podcast Colin Lambert comes out swinging from the start as Galen Stops reports on a sharp divide between panellists at Profit & Loss’ Copenhagen conference over the future of FX volatility. Typically Lambert gives short shrift to one side of the argument as he channels his inner Star Trek (of which he […]
Tag: Tullett Prebon
The UK’s Financial Conduct Authority (FCA) has fined Tullett Prebon, now part of TP Icap, GBP 15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. In spite of the latter statement, because […]
The US Commodity Futures Trading Commission (CFTC) has issued two orders filing and settling charges against inter-dealer broker Tullett Prebon Americasrequiring the firm to pay a total of $13 million for failing to supervise employees and making false or misleading statements to CFTC staff. The first order requires Tullett to pay an $11 million civil monetary […]
The average daily volume (ADV) of spot FX traded on Swap Execution Facilities (SEFs) in January was $61.2 billion, up month-on-month from $49.8 billion and up 5.5% from $58 billion in January 2018.This represents the third highest month of ADV ever, behind June and March 2018, when the platforms registered a total of $62.9 billion and $61.3 billion, respectively. Tullett Prebon’s SEF saw the most FX volume, with an ADV of $15.8 billion going through its platform last month. The next biggest by volume was the BGC SEF, which recorded an ADV of $12.4 billion in FX, followed by Tradition and GFI, which both recorded $9.4 billion.
The sale of ICAP’s globally hybrid voice broking and information business to Tullett Prebon, now named TP ICAP (TP Icap), which includes the associated technology and broking platforms and certain joint ventures and associates, has completed today. The remaining business, which includes EBS BrokerTec, as well as Traiana, will remain under the newly named NEX Group (Nex). The board of NEX also announces that the Share Consolidation will become effective with effect from Admission today, at which point the total issued ordinary share capital of NEX will be 379,735,432 ordinary shares of 17.5 pence each.
In November last year Profit & Loss reported on an investigation by New York Attorney General Eric Schneiderman into practices and conduct on the FX options desks of three major inter-dealer brokers. Now, according to a report, that investigation is not only ongoing, but it has broadened beyond the original “spoofing” or “flying” of fake bids and offers, into a look at the what may be the inappropriate sharing of market information and the rigging or influencing of market auctions.
Tullett Prebon has named its global executive committee in anticipation of a successful completion of its deal to acquire Icap’s hybrid broking and information business later this year.
“These appointments are being made after a rigorous and extensive review process and determination of the best initial structure for TP Icap,” the firm says, adding that each member of the committee will report to John Phizackerley, the group chief executive.
The committee will oversee the strategy and management of TP Icap, and will monitor and govern the commercial and financial performance across the regions, global business lines and global corporate functions.
The UK’s Competition and Markets Authority (CMA) has indicated that it is satisfied with the altered terms of the proposed merger between Tullett Prebon and Icap, and will not refer the deal for an in-depth investigation.
Profit & Loss reported in June that the two brokerages offered to change the terms of the proposed acquisition of Icap’s global wholesale broking and information business (IGBB) by Tullett in order to avoid an in-depth investigation by the CMA.
Under the terms of the new proposal, Icap and Tullett agreed to sell Icap’s London-based oil desks – with key staff – that are responsible for providing broking services to customers based in EMEA to an up-front buyer approved by the CMA.
Tullett Prebon has partnered with technology provider GMEX Group to develop a hybrid voice and electronic trading platform for FX options. The new trading solution will enhance Tullett Prebon’s offering to its clients, integrating GMEX’s request for quote (RFQ) technology with Tullett Prebon’s existing central limit order book (CLOB) capability, the companies say in a […]
Michael Spencer, the group CEO of Icap, claimed to be “cautiously optimistic” about his firms’ future prospects despite heightened uncertainty surrounding the macroeconomic outlook for the UK and the global economy. In a trading statement for the period April 1 2016 to June 30 2016 that will be delivered to shareholders attending Icap’s annual general […]