Tullett Prebon snaps up ICE’s voice broking business Creditex

Tullett Prebon will take over ICE’s voice brokerage operations of CDS and bond inter-dealer business Creditex.

Intercontinental Exchange (ICE) has announced Tullett Prebon 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.

ICE will continue to own the electronically traded markets and systems, post-trade connectivity platforms and intellectual property of Creditex.

President of ICE Swap Trade, Krishan Singh, explained that ICE is organising its global credit derivatives operations “around the areas best aligned with our strengths across clearing, data and technology.”

Singh added that Tullett Prebon is a “strategic buyer and leading operator of brokered OTC markets”, that will allow the Creditex team to transition whilst continuing working with its voice brokerage clients.

Tullett Prebon is currently in the process of acquiring ICAP’s global voice broking business, with the deal on track to be completed later this year.

The terms of the transaction between ICE and Tullett were not disclosed, and the sale is subject to approval from the Financial Industry Regulatory Authority.