Phizackerley on Icap deal: 'I believe in voice'

In swap markets, bank efficiency drive has its limits, says Tullett CEO

John Phizackerley
John Phizackerley: internalisation is not a business model

The £1.1 billion ($1.7 billion) deal that will see Tullett Prebon acquire a large chunk of rival Icap is a bet the phone is not about to be elbowed out by the screen. Tullett will take on nearly 1,500 of Icap's voice brokers, at a time when volumes in many over-the-counter markets are shrinking while electronic trading is touted for continued growth.

John Phizackerley, chief executive of Tullett Prebon, acknowledges the trend, but says many analysts are overstating the size of the revenues avail

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