Tullett prebon icap software#

вЂњWe are seeing a structural decline across the industry and the demand to use voice to facilitate OTC trading has diminished and will continue to do so,вЂќ said CitiвЂ™s Jones. Tullett Prebon saw a 3% decline in revenues in the first nine months of 2015 across its traditional business. Structural declineДЄlongside details of the new structure, ICAP reported that its revenues for the six months ending September 2015 had fallen 4% from the previous half year to ВЈ595m. вЂњFinancial regulatory reform means that the global financial markets have profoundly changed and this transaction means both companies will be better suited to meet the marketвЂ™s changing needs and better serve our clients,вЂќ he said in a statement. Michael Spencer, group CEO of ICAP, has long stressed that falling broker revenues are a largely cyclical issue that would eventually reverse, but the merger represents an acknowledgement that the industry faces a more permanent structural shift. That has come at the expense of traditional voice broking services that faced headwinds from a QE-driven low rate and low volatility environment as well as regulatory pressure on banksвЂ™ trading operations stemming from Basel, CRD IV and the Volcker Rule. Post-trade and electronic operations have been buoyed by new regulations under Dodd Frank, EMIR and MiFID II that are pushing swathes of over-the-counter derivatives and securities onto exchange-like platforms and raising pre- and post-trade transparency requirements. ItвЂ™s the part where weвЂ™re seeing double-digit revenue growth that has largely offset lower voice broking revenues,вЂќ said Owen Jones, analyst at Citigroup. вЂњThe deal sees ICAP left with a very successful and high-quality electronic business and all of the post-trade services. ICAPвЂ™s streamlined operations will include its exchange-like electronic platforms EBS and BrokerTec, as well as post-trade processing businesses TriOptima and Reset and transaction processing business Traiana. Under the agreement Tullett will take control of ICAPвЂ™s traditional broking operations, including iSwap and Fusion, in return for new stock representing 56% of the brokerвЂ™s enlarged share capital. While Tullett Prebon shares initially jumped 8% on the rumours, they quickly reversed those gains to end the day 10% down after the terms emerged. ICAPвЂ™s shares jumped 6% on Wednesday, extending gains made since the news began to circulate just days earlier. I wish him all the very best for the future.ICAP and Tullett Prebon are planning to merge their voice and hybrid broking operations in an attempt to cut costs amid falling revenues across the industry.ДЄ tie-up between the UKвЂ™s largest inter-dealer brokers aims to build scale after BGC acquired GFI earlier this year, but the latest deal has driven a stark divergence in the firmsвЂ™ stock prices, suggesting that a big win for ICAP may have come at the expense of Tullett shareholders.

I would also like to take this opportunity to thank Frank for his tremendous dedication to the company over the years.

John Phizackerley, chief executive at TP ICAP, comments: вЂњEric will play an instrumental role as we look to expand our products, services and analytics capabilities, accelerating our plans to develop our Information Services division. Before joining Tullett Prebon, Desmond was global head of content at Reuters.

Tullett prebon icap software#

Before working at TMX, Sinclair held senior executive roles at Spectra Securities Software and Reuters.Дesmond leaves TP ICAP after a short stint as CEO of the companyвЂ™s data and analytics business, and a seven-year stretch as CEO and managing director of Tullett Prebon. Sinclair will join TP ICAP on November 13, 2017, moving on from the Toronto Stock Exchange (TMX) where he spent 14 years, most recently as president of the Markets Insight division.

Sinclair will replace Frank Desmond who is leaving the company after 12 years of service. Interdealer broker TP ICAP has named Eric Sinclair as CEO of Information Services, the companyвЂ™s data and analytics division.