TP ICAP Regulatory News (TCAP)

12 Nov 2010 07:00

12 November 2010Tullett Prebon plcInterim Management Statement

Tullett Prebon plc (the "Company") is today issuing its Interim Management Statement in relation to the period from 1 July 2010.

Business Update

Market activity in the period since the half year has been relatively subdued without any sustained periods of higher volatility, and underlying revenue in the four months July to October has continued to be unchanged compared with the same period a year ago.

Revenue in the four months of £292m is 3% lower than reported for the same period last year (6% lower at constant exchange rates), reflecting the net effect of the broker defections in North America following the raid by BGC in the second half of last year. The reduction in revenue also includes the impact of actions being taken to close six small offices in North America that make only a limited contribution to operating profit.

Year to date (January to October) revenue of £768m is 6% lower than in the equivalent period last year (7% lower at constant exchange rates).

The Company has been voted overall interdealer broker of the year by Risk Magazine in its 2010 annual global interdealer survey, published in September. Dealers across the global wholesale banking market voted Tullett Prebon first place in more products than any other broker, with the top ranking in 31 individual product categories. For the second year running, Tullett Prebon was voted the top broker in currencies, leading the rankings in 10 individual currency product categories, and also performed strongly in interest rates, taking 17 first places.

On 15 September the European Commission ("EC") tabled their proposals for making derivatives markets in Europe safer and more transparent. Proposals focus on the increased use of central counterparties, on trade reporting to trade repositories and on increasing the use of electronic means for the confirmation of trades. The EC is aiming for full adoption of the proposals by the end of 2012. We support the direction of these proposals and we believe that we continue to be well positioned to respond to, and to benefit from, changes in the way in which OTC markets and our customers operate.

The Company's financial position remains strong.

Enquiries:

Nigel Szembel, Head of Communications, Tullett Prebon plc

Mobile: +44(0)7983 458967