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Icap to take on Prebon team

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Icap plans to hire the Sydney-based interest rate-derivatives team at Prebon Group, a rival inter-dealer broker that was bought by Collins Stewart Tullett in October 2004.

The London-based financial services group had decided not to merge the two legacy trading teams. Details of the deal had not been released by mid-September.

The move is the latest development in Icap's efforts to rebuild its Australian operation after BGC Partners – the voice-brokerage unit of New York-based Cantor Fitzgeral

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