Tullett Prebon and the mystery Clob

How tpSef quietly kept voice broking alive in a regime designed for e-trading

From the outside, the swap trading platform set up by Tullett Prebon seems like any other. It sought a preliminary green light from the US Commodity Futures Trading Commission (CFTC) in 2013, received full authorisation three years later, has a short, functional name – tpSef – and has seen its volumes growing in recent years.

But unlike its rivals, it has been subject to persistent rumours since its launch – that the central limit order book (Clob) every Sef is required to contain, does not

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