Tullett Prebon launches FX platform

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Tullett Prebon, the interdealer broker, has become the eighth company in three months to launch a trading platform, with the announcement of its tpSpotdeal offering.

Tullett has partnered with Integral Development, the trading services company, to provide the technology behind the venture. Tullett says tpSpotdeal is designed to offer simple, reliable execution and will offer anonymous trading with a prime broker as central counterparty for all trades. The platform will have 10 liquidity providers that will make a two-way price, which the broker says will result in liquidity on the bid and offer regardless of the market conditions. James Potter, managing director of treasury at Tullett Prebon, says tpSpotdeal is aimed at the broker’s existing wholesale clients, and access to the platform will be free for the end-user.