Collins Stewart Tullett moves for Prebon

The UK stockbroker, which entered the over-the-counter broking market by purchasing inter-dealer broker Tullett last year, confirmed it had signed an agreement with the principal shareholders of FPG Holdings – Prebon’s holding company – about a potential acquisition.

The move would prove an important step in the consolidation of the inter-dealer broking market. Rival brokers believe there is only room for three global inter-dealer brokers. The combination of Tullett and Prebon would represent a significant challenge to the current dominance of Icap and Cantor Fitzgerald.

London-based stockbroker Collins Stewart, which floated in October 2000, also provides corporate finance and fund management services.

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