Commenting on the announcement, Steph Duckworth, Chief Operating Officer for Tullett Prebon, said, "The acquisition of Convenção plays especially well to Tullett Prebon's strengths and our plans for growing our business in Latin America. With this acquisition, we can now expand Tullett Prebon's customer base by offering Brazilian clients access to global products and services, and at the same time, provide global clients elsewhere with access to local Brazilian markets." Duckworth confirmed that Convenção's existing management Eduardo Azevedo and Marcelo Arbex will remain with Tullett Prebon after the transaction closes.

Headquartered in São Paulo, Brazil, Convenção's products and services include futures of interest rates, options, commodities and foreign exchange desks, as well as fixed income and swaps.

"Competition for the Brazilian market is increasingly fierce. With stock and derivatives markets going public, the trend is for brokerage firms to expand internationally. This joining of forces between Convenção and Tullett Prebon will provide our customers, through new technology, with a wider range of products," said Eduardo Azevedo. "Now the company will be able to grow faster on the Brazilian market and in Latin America," added Marcelo Arbex.

According to Richard Higgs, Managing Director of Emerging Markets at Tullett Prebon in the Americas, "In addition to reinforcing, investing in and integrating existing Convenção products into what Tullett Prebon offers on and off-shore, Tullett Prebon Information Services and electronic broking will now be able to offer products directly into Brazil. This means Convenção clients will have access to global product and data information, and electronic platforms, that complement Tullett Prebon's industry-leading voice brokerage operations."

Since Tullett Prebon's initial announcement in October 2009 that it was to acquire the firm, Convenção has expanded from 22 brokers to 35 brokers. Higgs said this increase not only reflects Convenção's commitment to investing in professionals, products and services designed to meet the needs of their global client base, but reflects Tullett Prebon's intention to develop a successful business in one of the leading economies in South America.

In looking to the future, Higgs said that "Brazil is expected to play a pivotal role in Tullett Prebon's expansion into Latin America. Our acquisition of Convenção, leader in derivatives, securities and futures exchange products of BM&FBovespa, was a very thoughtful, strategic and considered decision. We are very excited about the opportunity to build on the business and reputation that Convenção has established."

Tullett Prebon expects to complete the acquisition in August.