Inter-dealer broker, Tullett Prebon, has ceased talks to acquire its Swiss-based rival, Compagnie Financière Tradition, over price issues, Financial Times reports. Tullett Prebon decided to pay £500 million for the Swiss group, which appointed Morgan Stanley to advise on strategic options, adds The Telegraph. The merger would have strengthened Tullett’s business in Latin America, where interdealer brokers are buying local counterparts amid strong growth in interbank bond and rates dealing. Both the companies allow banks to trade over-the-counter derivatives, such as credit-default and interest-rate swaps, among themselves electronically or by phone.
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