Tullett Prebon Receives FCA Approval for ICAP Deal

Earlier this month, Finance Magnates revealed that Tullett Prebon, a UK interdealer broker, was expecting its deal to buy the global broking business of rival ICAP to be completed in the forthcoming weeks, after a lengthy process involving regulatory approval.

Tullett Prebon originally announced its plans to acquire ICAP’s voice broking and information business for over £1 billion ($1.67 billion) in November 2015, in which it would receive all of the associated technologies owned by ICAP including iSwap and Fusion, together with some of the company’s joint ventures and associates.

At the time, Chief Executive John Phizackerley commented that he “continued to hope the deal would be done by the end of 2016.”

FCA Approval

Tullett Prebon said today that Britain's financial regulator, the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), has now approved its purchase of its rival ICAP’s global hybrid voice broking business.

Once the deal is completed, it will make Tullett Prebon the world’s largest interdealer broker, an industry in which middlemen help move large or illiquid fixed income, derivatives and commodities trades between brokers.

The deal is still said to be on track to close this year, although it still needs regulatory approvals in other markets.