You only have to look at the speed with which analysts reacted to the news yesterday morning, and the muted share price reactions, to see that the Competition and Markets Authority’s intervention in the purchase by Tullett Prebon of Icap’s voice/hybrid broking business is a long way from being a deal breaker.
At first sight, concern over the merged business’s share of the broking of oil products should raise a red flag. Tullett has been expanding fast into this area, making two strategic acquisitions, including the purchase of PVM for $160 million completed in November 2014. It is an important plank in its diversification out of financial derivatives which, the CMA’s own ruling accepts, have been in decline over the past few years.
This was