The UK’s Competition and Markets Authority (CMA) has indicated that it is satisfied with the altered terms of the proposed merger between Tullett Prebon and Icap, and will not refer the deal for an in-depth investigation.
Profit & Loss reported in June that the two brokerages offered to change the terms of the proposed acquisition of Icap’s global wholesale broking and information business (IGBB) by Tullett in order to avoid an in-depth investigation by the CMA.
Under the terms of the new proposal, Icap and Tullett agreed to sell Icap’s London-based oil desks – with key staff – that are responsible for providing broking services to customers based in EMEA to an up-front buyer approved by the CMA.
The Foreign Exchange Professionals Association (FXPA) has announced INTL FCStone as the newest Supporting Member of the FX trade group, bringing the total number of institutional members to 25.
Edgar Ramon, global head of foreign exchange at INTL FCStone Markets, says: “We are proud to now be an FXPA member firm and to join with other members in education, research, and advocacy initiatives for the foreign exchange industry. As the first non-bank swap dealer, we are intimately familiar with the constantly changing FX landscape, and will leverage our significant knowledge to further the FXPA’s goal of advancing a sound global currency market.