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Tullett Prebon Completes $1.6 Billion Deal for ICAP Brokers

  • Enlarged Tullett will trade as TP ICAP with 3,425 brokers
  • ICAP becomes NEX Group, an operator of electronic markets
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Tullett Prebon Plc has completed the 1.28-billion-pound ($1.6 billion) purchase of the voice-broker business of its former rival ICAP Plc, creating a dominant firm in the business of matching trades between banks.

The new business, which has been rebranded as TP ICAP Plc, has 3,425 brokers who will continue to run competing desks, trading under the Tullett Prebon and ICAP brands. TP ICAP will use its larger size to cut costs in compliance, technology and other support functions, in theory giving it an advantage over rivals BGC Partners Inc. and Cie. Financiere Tradition SA.