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Foreign Exchange

Tullett to launch a new FX platform

Tullett Prebon, the interdealer broker, is to launch an electronic foreign exchange platform, according to media reports.

They suggest Tullett hinted in its annual report last week that it intends to build on the success of its interest-rate swap trading platform, tpSwapdeal, by launching similar e-trading platforms in other markets.

One media source reported that Terry Smith, Tullett’s chief executive, said he was hoping to use already-purchased technology to build a full-scale FX platform, initially focused on currency derivatives.

The tpSwapdeal platform is based on technology bought from MillenniumIT, the London Stock Exchange’s technology developer.

A Tullett spokesperson was unable to confirm whether similar technology would be used for an FX platform and declined to comment on the expected launch date.

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