{"id":22559,"date":"2017-11-30T11:22:17","date_gmt":"2017-11-30T11:22:17","guid":{"rendered":"http:\/\/www.bnreport.com\/worlds-largest-interdealer-broker-tp-icap-grabs-rival-coex-partners\/"},"modified":"2017-11-30T11:22:18","modified_gmt":"2017-11-30T11:22:18","slug":"worlds-largest-interdealer-broker-tp-icap-grabs-rival-coex-partners","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/worlds-largest-interdealer-broker-tp-icap-grabs-rival-coex-partners\/","title":{"rendered":"World’s largest interdealer broker TP Icap grabs rival Coex Partners"},"content":{"rendered":"

Brokerage giant TP Icap<\/a>, which was formed just last year in a \u00a31.28bn deal, has hoovered up smaller Marylebone-based rival Coex Partners.<\/p>\n

TP Icap has paid an initial \u00a37.1m for the firm, although this could rise over the next two years if performance conditions are met.<\/p>\n

In the first set of results<\/a> since Tullett Prebon bought out the voice-broking branch of Icap last December, TP Icap had said it was still on the lookout for acquisitions \u2013 although it also slashed 175 jobs as the two firms integrated.<\/p>\n

Read more: <\/strong>Tullett Prebon just completed the buyout of Nex's voice broking business<\/a><\/p>\n

It has already completed its first deal under the TP Icap banner, scooping up Burton-Taylor International<\/a> in January. More mergers and acquisitions in the sector is expected, as up-coming regulation such as the second Markets in Financial Instruments Directive (Mifid II) squeezes brokers.<\/p>\n

Read more: <\/strong>Exchanges and brokers put under pressure as Mifid II incentivises investment banks to get in the game<\/a><\/p>\n

The 55 broker-strong Coex, which provides trade advisory and execution services in listed derivatives and over-the-counter foreign exchange, generated \u00a311m of revenues in the first half of this year.<\/p>\n

It has offices in Paris and New York and is just three years old, although it has partnered with its new owner since last year.<\/p>\n

\u201cThe acquisition of Coex is consistent with our strategic aim of building a global institutional services franchise that serves a varied and growing client base,\u201d said Sam Ruiz, the head of TP Icap's institutional services division.<\/p>\n

\u201cThis deal underlines the momentum within our business as we continue to expand our specialist execution expertise, our product range and client coverage.\u201d<\/p>\n

Read more:<\/strong>Mifid II set to slash analyst jobs and shake up the economics of broker research, according to a new report<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

[contfnewc]
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Brokerage giant TP Icap, which was formed just last year in ..<\/p>\n","protected":false},"author":1,"featured_media":22560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-22559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nWorld's largest interdealer broker TP Icap grabs rival Coex Partners - Business News Report<\/title>\n<meta name=\"description\" content=\"Brokerage giant TP Icap, which was formed just last year in ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/worlds-largest-interdealer-broker-tp-icap-grabs-rival-coex-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World's largest interdealer broker TP Icap grabs rival Coex Partners - 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