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Tullett and MillenniumIT to Develop E-Broking Systems

Interdealer broker Tullett Prebon has signed a multi-year deal with technology company MillenniumIT, part of the London Stock Exchange Group, to develop its electronic broking capabilities across a variety of asset classes for both internal and external trading systems.

The partnership is a sign of how some of the biggest players in the derivatives markets are enhancing and expanding their electronic trading businesses to take advantage of an anticipated shift of such products onto exchanges and electronic trading platforms due to regulatory pressure.

Paul Humphrey, CEO of Tullett Prebon Electronic Broking and Information, says: “This partnership marks a significant milestone in Tullett Prebon’s ambitions to supply client-orientated hybrid solutions to complement our current global electronic offering. Tullett Prebon’s strategy leverages and enhances the group’s significant IDB voice franchise with client-focused and innovative technology delivery.”

The Tullett deal comes as an exclusivity deal between MillenniumIT and rival interdealer broker Icap, is due to expire.

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