‘There’s room for two’: reactions to Tullett/Icap deal
For 30 years, Tullett Prebon and Icap have been fierce rivals. Now, their match-up is set to create two radically different companies, with different ideas about how to succeed in post-crisis financial markets
"I continue to absolutely believe in the voice broking space and the central role it has at the heart of financial markets" – so said John Phizackerley, chief executive of Tullett Prebon on November 11, hours after the broker confirmed a widely rumoured buyout of rival Icap's voice business.
Phizackerley is putting his money where his mouth is. The £1.1 billion deal will see Tullett taking on nearly 1,500 of Icap's voice brokers at a time when volumes in many over-the-counter markets are
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