Tullett Prebon creates new volatility division

The volatility division will include teams handling global forex options, interest rate options, single-stock and equity index options, and financial futures and options. Most of the 90 members will be based in London, with forex desks in New York, Singapore and Tokyo.

The division will be headed by Marcus Bolton.

The reorganisation follows Tullett's acquisition of Prebon in 2004, and has so far led to over 300 redundancies from the merged company. Parent company Collins Stewart estimates the total cost of the reorganisation at £80 million.

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