Tullett Prebon, one of the world’s leading interdealer brokers, announces that it has entered into an agreement to acquire Creditex’s US hybrid voice broking business from Intercontinental Exchange.
The market-leading team of 14 brokers, located in New York, provides clients with hybrid voice broking and trading services for credit derivatives. The brokers will be able to utilise Tullett Prebon’s functionally rich platform, tpCREDITDEAL, which complements their expertise and enhances their ability to secure optimal outcomes for customers.
The acquisition adds to Tullett Prebon’s deep pool of broking expertise, ahead of its anticipated acquisition of the ICAP global hybrid voice broking and information business later this year.
Closing of the acquisition is subject to FINRA approval.
John Phizackerley, Chief Executive of Tullett Prebon, said: “This is another great deal for Tullett Prebon and demonstrates that we continue to take advantage of the profound changes in the industry to pursue attractive opportunities.
For complex products where pricing does not lend itself to automation, clients find value in having expert brokers, supported by technology, available to discuss trading ideas and provide insights on the market environment and sentiment. The acquisition of this high quality CDS team is an important addition to our business and is consistent with our strategic aim to grow in specialist areas.”