Tullett Prebon
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.
- Company typePrivate
- Founded1866
- HeadquartersLondon, United Kingdom
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
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.
Tullett Prebon firmographics
Firmographics- 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
Tullett Prebon industry classification
Industry- 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
Where Tullett Prebon is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Markets served
Tullett Prebon business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations
Revenue model
- 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
Tullett Prebon product offering
Product offeringCore 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
Companies that use Tullett Prebon
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles1 record
Tullett Prebon technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Tullett Prebon partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered major.
- Nodal ExchangemajorNodal 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.
- IncubExmajorIncubEx 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
Tullett Prebon competitors and assessment
Company assessmentBroad 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
Tullett Prebon social profiles
Digital presenceTullett Prebon financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tullett Prebon leadership team
Management profileNumber of profiles
Profiles2 records
Tullett Prebon funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tullett Prebon M&A and investment
M&A and investmentM&A3 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tullett Prebon
What does Tullett Prebon do?
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.
Is Tullett Prebon a public or private company?
Tullett Prebon is a private company. It is classified as corporate owned and is currently operating.
When was Tullett Prebon founded?
Tullett Prebon was founded in 1866. It employs 1,001 to 5,000 people.
Where is Tullett Prebon based?
Tullett Prebon is headquartered in London, United Kingdom, in the Europe region.
How does Tullett Prebon make money?
One revenue line is on record: brokerage and intermediation services.
Who are Tullett Prebon's main competitors?
Broad incumbents on record are Intercontinental Exchange (ICE), CME Group, StoneX Group and TP ICAP (Group). Emerging players are Flow Traders and DRW Trading. Direct peers are Marex Group, BGC Group and Compagnie Financière Tradition. OTC Global Holdings (ED&F Man) is listed as a regional player.
Does Tullett Prebon have an API?
No public API is recorded for Tullett Prebon.
What industry is Tullett Prebon in?
Tullett Prebon's product category is Interdealer Brokerage Services. Its primary akta.pro industry code is FSAFAEAJ, Multi-Asset Trading Networks / Interdealer Broker Platforms, with a secondary code of FSAEACAM, Multi-Asset / Cross-Asset Brokerage. Its NAICS code is 5231 and its SIC code is 6200.