Tradition Says ICAP Stifling Rivals by Blocking Brokers Moves
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ICAP Plc’s effort to block 38 of its brokers from moving to the Singapore unit of Compagnie Financiere Tradition SA is a way to “stifle healthy competition,” the Swiss company said in court papers.
There are no trade secrets in inter-dealer broking where prices change constantly and clients are shared, Stephen Miles, the managing director of Tradition’s Singapore operations, said in a filing yesterday asking the Singapore High Court to lift its temporary order preventing the hiring.