Tullett closes credit and rates option desks


UK broker Tullett Prebon has closed its 12-strong interest rate options and credit desks in Singapore, in a move that market watchers say may be the start of wave of cost-cutting by the interdealer broker sector in Asia.

The firm ventured into the credit business in July 2007 broking trades related to credit default swaps (CDSs), CDS indexes and other credit instruments. Six staff left this unit.

"After one-and-a-half years in the credit area, the conditions (of the market) were no longer

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