Interdealer brokers are no strangers to a gamble. When Risk.net compiled its annual rankings of the industry four years ago, many bet the big five interdealer brokers at that time would be a big three within two years. They were too pessimistic: the industry managed to sustain five brokers for another 18 months before bowing to the twin pressures of increased costs and competitive dynamics.
Tullett Prebon’s £1.3 billion ($1.7 billion) purchase of Icap’s voice-based global broking business in
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