Tullett Prebon

What Tullett Prebon does

Tullett Prebon is a wholesale interdealer broker founded in 1866 and headquartered in London, United Kingdom. The firm operates as a core brand and operating division within TP ICAP Group (LSE: TPIC), a publicly listed financial services conglomerate. Tullett Prebon intermediates trading activity for institutional clients across financial, energy, and commodities markets, distributing its services through three integrated channels: traditional voice brokerage, hybrid voice-and-electronic trading, and pure electronic trading platforms. The company's core product is brokerage and intermediation services, and its technology infrastructure spans these multi-channel execution venues globally.

The firm generates revenue primarily through transaction fees on brokered trades, serving a horizontal segment of institutional traders and financial institutions that require market access, liquidity provision, and trade execution. Tullett Prebon's competitive positioning rests on its 'world-leading' brand reputation, integrated multi-channel distribution, and intermediary network effects connecting institutional counterparties. The company has expanded its franchise through acquisitions including PVM Oil Associates (2014), CME Hybrid Trading Technology (2016), and Primex Energy Brokers (2008), and more recently through a partnership with Nodal Exchange and IncubEx to launch financially settled California Carbon Allowance futures and options in March 2026. With 1,001-5,000 employees, Tullett Prebon operates at significant scale within the global wholesale intermediation market, though no firm-specific revenue or financial metrics are publicly disclosed in the available source material.

Name

Tullett Prebon

Legal name

Tullett Prebon

Website

https://tullettprebon.com

Company type

Private

Founded year

1866

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Tullett Prebon is a wholesale interdealer broker founded in 1866, operating as a core division of TP ICAP Group. It intermediates trading in financial, energy, and commodities markets for institutional clients through integrated voice, hybrid, and electronic channels, generating revenue via transaction fees.

Ownership category

akta.pro rank

Product category

Interdealer Brokerage Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Multi-Asset Trading Networks / Interdealer Broker Platforms (FSAFAEAJ)

akta.pro secondary industries

Multi-Asset / Cross-Asset Brokerage (FSAEACAM), Wholesale Energy Brokerage & Intermediation (EUAGAAAM)

Keywords

• Interdealer brokerage
• Wholesale financial markets
• Voice brokerage services
• Commodities intermediation
• Energy market broking

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations

Revenue model

1. Brokerage and intermediation services: Tullett Prebon generates revenue as a world-leading intermediary in wholesale financial, energy, and commodities markets, facilitating trading activities through integrated voice, hybrid, and electronic channels for institutional clients.

Go-to-market motion1 record

Distribution channels3 records

Core offering

Tullett Prebon acts as a world-leading interdealer broker intermediating wholesale trading activity in financial, energy, and commodities markets. The firm matches institutional counterparties and facilitates trade execution through three integrated channels: voice brokerage, hybrid (voice + electronic), and pure electronic trading platforms. It provides liquidity, market access, and execution services to institutional clients globally as part of TP ICAP Group.

Product overview

Tullett Prebon operates as a wholesale financial intermediary offering brokerage services across financial, energy, and commodities markets. The company provides trading execution capabilities through three primary channels: voice trading (traditional phone-based broking), hybrid trading (combining voice and electronic), and pure electronic trading. Tullett Prebon's core service involves acting as intermediary to facilitate trades between counterparties, with recent activity including the brokering of carbon allowance futures contracts on Nodal Exchange.

Differentiator

Problem solved

Functional benefit

Products and services

• Tullett Prebon Brokerage Services

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered major.

• Nodal ExchangemajorTechnology or Integration · 30 March 2026Nodal Exchange partnered with IncubEx to launch financially settled California Carbon Allowance futures and options contracts. Tullett Prebon brokered the first trade of these new carbon market instruments, expanding hedging and investment tools in California's compliance carbon market.
• IncubExmajorStrategic or Co-development Partner · 30 March 2026IncubEx co-developed with Nodal Exchange the first financially settled California Carbon Allowance futures and options contracts. The launch represents innovation in US carbon markets, demonstrating growing market access and deepening liquidity in compliance carbon markets.

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Intercontinental Exchange (ICE): ICE operates regulated derivatives exchanges and clearing infrastructure across energy, credit, and rates; comparable to Tullett Prebon at the market infrastructure level and a key venue counterparty for interdealer broker flow.
• CME Group: CME Group is a leading derivatives exchange operator and clearing house; Tullett Prebon intermediates execution on venues like Nodal Exchange (where CME acquired BrokerTec) and competes with exchange-affiliated brokerage in standardized products.
• StoneX Group: StoneX operates a global brokerage and financial services platform with significant commodity and institutional intermediation, providing a broader-incumbent comparison to Tullett Prebon's wholesale intermediation model.
• TP ICAP (Group): Tullett Prebon's parent group, TP ICAP is a global interdealer broker and financial market infrastructure provider; Tullett Prebon operates as the wholesale intermediary brand within this broader listed group, including the acquired ICAP and PVM businesses.

Emerging players

• Flow Traders: Flow Traders is a leading electronic liquidity provider in ETFs and derivatives; relevant to Tullett Prebon as it represents the type of electronic-native counterparty shaping the future of intermediation in liquid asset classes.
• DRW Trading: DRW is a leading proprietary trading firm that both uses interdealer brokers (e.g., Tullett Prebon for CCA futures) and operates its own electronic liquidity businesses; represents the institutional client side of Tullett Prebon's market.

Direct peers

• Marex Group: Marex is a global commodities-focused broker and financial services firm with energy, metals, and agricultural intermediation capabilities, overlapping with Tullett Prebon's energy and commodities franchise.
• BGC Group: BGC Group is a leading interdealer broker formed from the merger of BGC Partners and GFI Group, competing directly with Tullett Prebon across rates, credit, FX, and commodities intermediation with hybrid voice and electronic platforms.
• Compagnie Financière Tradition: Swiss-listed interdealer broker with global operations across money markets, FX, credit, and derivatives, directly comparable to Tullett Prebon in scale, asset class breadth, and voice/electronic hybrid model.

Regional players

• OTC Global Holdings (ED&F Man): ED&F Man operates a global commodities brokerage and trading franchise with energy and softs intermediation, comparable to Tullett Prebon's energy and commodities brokerage lines (e.g., the legacy PVM oil business).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/listed_options
• LinkedInlinkedin.com/company/tullett-prebon

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tullett Prebon