Tullett Prebon opens broking joint venture in Shanghai

Tullett Prebon has opened an interdealer broking operation in Shanghai through a joint venture with the Chinese investment company Sitico.

The joint venture, Tullett Prebon Sitico, is the first interdealer broker to receive approval from the China Banking Regulatory Commission.

Sitico, an arm of the state-owned investment company Shanghai International Group, owns 67% of the joint venture, with Tullett Prebon, the interdealer broking arm of the UK-based financial services firm Collins Stewart Tullett, owning the other 33%.

The joint venture was originally unveiled last month. It will be staffed by 20 brokers plus support personnel. Tullett Prebon Sitico plans to expand to Beijing and subsequently to other cities in China.