Tullett Prebon Ltd
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| Tullett Prebon | |
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| Founded | 1868 |
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| Headquarters | London |
| Key People | Keith Hamill, chairman, Terry Smith, CEO |
| Employees | 1,600 |
| Products | Inter-dealer broker, financial data |
| Corporate Website | www.tulletprebon.com |
Tullett Prebon is a broker in wholesale financial markets, facilitating the trading for commercial and investment banks, hedge funds and buy-side institutions. It is among the largest inter-dealer brokers in global fixed income securities, money markets, capital markets, equities, credit and associated derivatives products.
The firm, created in 2004 when Collins Stewart Tullett acquired Prebon Yamane, is also a provider of real-time price information from the wholesale inter-dealer brokered financial markets.
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History
Prebon In 1868, Matthew Marshall founded a company called Marshall & Son. Marshall was well connected as his father, also named Matthew, was chief cashier at the Bank of England, responsible for the Bank Charter Act of 1855. Marshall junior began his working career at the Bank in 1839, before moving into broking.
In 1910, Matthew Wilberforce Marshall (son of Matthew Marshall junior) became senior partner of Marshall & Son. In 1923 the company changed its name to M.W. Marshall and Co. The business flourished and the Marshall family remained in active control of the company until 1967.
In 1967 the Marshall family sold out to Charles Fulton and Co. and in 1972 the company was acquired by Mercantile House Holdings plc.
Between 1972 and 1991, first Mercantile House and then International City Holdings (ICH), provided consolidation platforms for many of the independent broking houses: Prebon (US) money broker, Charles Fulton and Co., Woellworth and Co. (established 1926), Kirkland-Whittaker (established 1951) and Babcock & Brown (established 1986).
The combined group known as Babcock Fulton Prebon was the subject of a management buyout in 1991. The following year in recognition of its relationship with the Yamane group of companies in Japan, the company was renamed Prebon Yamane.
In 1999, Prebon Yamane and M.W. Marshall merged and formed the largest OTC broking group of the time, globally broking an underlying value exceeding US$55 trillion annually. This company was called Prebon Marshall Yamane.
Tullett Meanwhile, another wholesale broker called Tullett & Riley Co Ltd founded in 1971 by Derek Tullett, was also broking foreign exchange.
In the second year of operating, the company became the first international money broker to open a New York office under its own name, and so throughout the seventies and eighties continued to develop a number of overseas offices.
In 1983, The Tokyo Forex Company, Japan’s largest money broker, bought a significant stake in Tullett & Riley and changed its name to Tullett & Tokyo Forex International Limited, thus enabling the company to establish themselves in the international markets.
Elsewhere plans were moving ahead for 36 primary dealers to jointly own their own brokerage firm. This firm was called Liberty Brokerage Inc. and was a division of Mabon Nugent.
Liberty, formerly known as PGB Securities, was then acquired by Salomon Brothers and five other securities dealers and banks including Citicorp. They then became known as the Liberty Group which comprised three specialized brokerage subsidiaries; Liberty Brokerage Inc, Liberty Brokerage Securities Inc and Liberty EurAsia Ltd.
Collectively, the group became one of the largest international full service brokers of fixed income securities.
In December 1999, Tullett & Tokyo merged with Liberty Brokerage and created one of the world’s largest inter-dealer brokers, the company then became known as Tullett & Tokyo Liberty plc. The merger also brought together two of the leading providers of technology in electronic trading.
A year later, Tullett & Tokyo Liberty was rebranded Tullett Liberty. In March 2003, Tullett Liberty was acquired by Collins Stewart plc and the group became Collins Stewart Tullett. In October of 2004 Collins Stewart Tullett acquired Prebon Yamane, bringing together two of the oldest and most well respected brokerage houses in the world.
The combined company is now known as Tullett Prebon.[1]
During late 2007 and into 2008, Tullett Prebon and GFI Group Inc. engaged in merger talks. However, on September 9, 2008, GFI announced that it terminated discussions with Tullet Prebon over disagreement on the terms of a deal.[2]
Products and Services
After the passage of the Dodd-Frank Act the firm decided to create a [[swap execution facility] to adjust to the changing regulatory environment for over-the-counter swaps. As such, Tullett Prebon announced in November 2011, an agreement to have the National Futures Association handle its regulatory oversight services. That deal established a preliminary framework for the exchange of information and development of technology standards, so Tullett Prebon can meet its regulatory obligations. Tullett Prebon will be competing with a number of other firms in its space such as GFI Group, [[ICAP] and others, which also are implementing SEF platforms.
Key People
- Keith Hamill, Chairman
- Terry Smith, CEO
- Shawn Bernardo, Senior Managing Director
- Paul Mainwaring, Finance Director
Directors
- David Clark, Senior Independent Non-executive Director
- Michael Fallon, Independent Non-executive Director
- Richard Kilsby, Independent Non-executive Director
- Rupert Robson, Independent Non-executive Director
References
- ↑ Our Story. Tullett Prebon.
- ↑ GFI and Tullet Prebon no longer talking merger. The Deal.com.
