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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

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