Equity derivatives drive Tullett’s half-year revenues

Tullett Prebon reports half-year revenues up 4%, as firm launches ‘tech hub’ in Belfast.

Tullett Prebon’s half-year revenues were up 4% this year, with equities sales soaring 24% compared to the first half of 2015.

Its equities business – which is primarily focused on equity derivatives – benefited from market volatility and alternative investments, Tullett said.

Fixed income revenues were down 8% to just under £89 million, as interest rate derivatives also fell 10% in the first half of this year compared to the first 6 months of 2015.

However, Tullett’s information sales business accumulated £32 million in revenues - up 15% - as the firm witnessed “growing client demand for independent data for use in risk management, compliance and valuation.”

Running with this momentum, Tullett announced it is to launch a ‘tech hub’ in Belfast which will be fully operational by 2019.

The hub will house approximately 300 employees - with recruitment beginning later this year – and it will serve as a “global hub for the group’s IT operations”.

Earlier this week, Intercontinental Exchange (ICE) announced Tullett has agreed to purchase some of its US voice brokerage operations at Creditex.

Creditex is an inter-dealer broker for credit default swaps (CDS) and bonds, which operates a hybrid of voice and electronic trading.

Tullett said in its half-year report that the acquisition “demonstrates our ability to leverage our scale and capability in a challenging regulatory climate to pursue our strategic initiatives.”

«