Tullett Prebon Confident of Completing ICAP Deal In Weeks

Tullett Prebon, a UK interdealer broker, announced today that its deal to buy the global broking business of rival ICAP is expected to be completed in the forthcoming weeks, as originally planned, bringing the lengthy process for regulatory approval to a close.

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Final Stages

Tullett Prebon announced its plans to acquire ICAP’s voice broking and information business for over £1 billion ($1.67 billion) last November, 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.

As reported by Finance Magnates in March this year, Tullett Prebon reaffirmed that the deal was entering its final stages, and that once all the approvals for the deal were received, it expected to complete the deal within the current calendar year.

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

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.

Structural Change

The company is presently undergoing structural change due to tougher Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and technological advances. The deal has antitrust approval in the UK, US and Australia among others, but has yet to be given the nod by the UK’s 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), and several other jurisdictions, including Spain, Brazil and Hong Kong.

Phizackerley admitted the process could go into next year but added: “We’re not at that point yet.”

Terms of the original deal have been altered during the course. To secure antitrust approval, ICAP relented on plans to take a near 20 percent stake in the new company, to be called TP ICAP, and agreed to sell its oil broking desk to US group, INTL FCStone.