GFI Group, Inc. has acquired Tullett Prebon (Singapore) Limited’s regional FX options team, with effect from 1 October 2005.
“In general most brokerage companies observe ethical or friendly competition, and with our present agreement with Tullett Prebon Singapore I have an augmented respect for their professional approach towards the business process”, observed Jurgen H. Breuer, senior managing director for GFI Asia, “Certainly we are very pleased to reach this agreement and acquire their leading regional FX Options team to facilitate development of our business presence in the Asia Pacific region.”
Steve Miles, Managing Director (Tullett Prebon Singapore), on the rationale behind their decision commented, “This agreement allows us to integrate the existing Tullett Liberty FX Options team into our rebranded Tullett Prebon group. We are confident this will prove to be a mutually beneficial move for both our former options team and the inter-dealer broker market creating healthy competition and business prospects.”