UK CMA refers ICAP/Tullett broking merger

Britain's competition regulator said it was referring Tullett Prebon's planned purchase of ICAP's global hybrid voice broking and information business for a phase 2 investigation.

The Competition and Markets Authority (CMA) said it was referring as a result of potential concerns in respect of the voice/hybrid broking ‎of oil products unless suitable remedies are offered, ICAP said.

“ICAP is confident that clearance from the CMA will be obtained and, together with Tullett Prebon, is in the process of obtaining the necessary remaining regulatory and competition approvals from relevant authorities. The proposed transaction remains on track to complete later this year,” it added.

In a separate statement, Tullett Prebon said it had noted the CMA's concerns in relation to the broking of oil products.
“In light of this, Tullett Prebon intends to explore how best to satisfy the CMA's concerns,” it said.