Financial Conduct Authority approves Tullett Prebon takeover of Icap’s voice broking business
The Financial Conduct Authority (FCA) has given its nod of approval to Tullett Prebon’s acquisition of Icap’s voice broking and information business.
The deal has already received backing from the Competition and Markets Authority (CMA) and Tullett expects to complete the transaction this year.
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The interdealer broker announced the acquisition in November last year.
Voice broking is the traditional method of brokers ringing up to connect buyers and sellers. It is being increasingly challenged by the rise of electronic trading platforms, which Icap is focusing on.
In addition to the Icap deal, Tullett has also agreed a takeover of Creditex’s US hybrid voice broking business from Intercontinental Exchange (ICE).
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Tullett said in a statement that its board had received approval from the FCA today.
“As notified previously, Tullett Prebon believes that, while it remains subject to regulatory approvals in a number of other jurisdictions, the transaction is on course to complete in 2016,” the company said.