Rates Trading

Our Rates division provides clients with access to liquidity in a broad range of products. The continued growth of our hybrid workflows is underpinned by our Fusion platform, which enables electronic and voice broking to integrate seamlessly.

Our product coverage:

• Interest Rate Swaps
• Interest Rate Options
• Government Bonds
• Repurchase Agreements
• Basis Swaps
• Inflation Products. 

G10 and Emerging Markets 

The FX and Local Markets division offers global strength across all FX derivatives. A 24-hour operation is supported by effective pricing tools and leading technology. Markets are supported by our voice and hybrid workflows that together provide clients access to leading liquidity sources. 

Our product coverage:

• FX Options (FXO)
• Forward FX
• Non-Deliverable Forwards (NDFs)
• EM IRS.

Money Markets 

The Money Market division at Tullett Prebon is an industry leader in the building society, corporate, institutional, and UK local government markets. Our expertise includes debt restructuring, and long-term public sector funding. 

We are also a leader in money market fund introductions, and have notable client balances with the relevant major institutions. 

Our product coverage: 

• Cash Deposits
• Certificate of Deposits
• Notice Money
• T-Bills
• Agencies
• Discount Notes
• Commercial Paper

Agency Securities Trading Platform: tpAGENCY 

US Federal Agency Securities 

To meet the diverse and evolving needs of our customers, Tullett Prebon was the first and only provider of an anonymous hybrid platform in the US Agency market. The platform offers Benchmark Agencies and Discount Notes. Enabling our clients to trade the way they want, we offer electronic and voice protocols within the same liquidity pool.

Credit Trading 

Our Credit division offers clients a global service across all major credit, bond, and derivative markets. Hybrid workflows are supported by our Fusion platform. Clients benefit from straight through processing, and our experienced brokers support, to deliver price discovery in both liquid and illiquid markets. 

Our product coverage: 

• Bonds & CDS in Financials
• High Yield
• IG
• Emerging Markets & Corporate Bonds
• CDX Index (iTraxx)

Credit Electronic Trading Platform: tpCREDITDEAL 

tpCREDITDEAL is Tullett Prebon's hybrid electronic credit product trading platform. The platform integrates cutting-edge technology with a market-leading voice broking team. Products covered include single name CDS, Financials iTRAXX, LevX, High Yield CDS, Financials/Sovereign CDS, and Cash Bonds (Corporate Bonds and Financial Bonds). 

tpCREDITDEAL allows live real-time order entry and trade execution with connectivity to ICE Link. It provides clients with fully-automated Straight Through Processing (STP), and has API connection to the major clearing houses. 

Customisable windows allow for richer functionality, such as market depth, filter and search keys, favourites pages, dockable or floating panels for space management, warning messages, pop ups, and alert options. 

Protection keys ensure traders cancel and refresh prices at their convenience on several pre-defined market movements or circumstances. Standard sizes are set per the market, but the "trade work up" feature allows the two initial parties of a trade to increase their trade size in a bilateral environment before other counterparties can access this trade session. 

Equity and Equity Derivatives 

The Equity and Equity Derivatives division gives clients access to global markets across multiple exchanges. 

Our product coverage: 

• Cash Equities
• ADRs
• Single Stock and Index Options
• MSCI Futures
• Delta 1
• Equity Finance
• Stock Loans.

Catastrophe Bonds and Insurance Linked Notes (ILNs) 

The Insurance Division at Tullett Prebon enables clients to protect, invest, and hedge in global natural catastrophe risk. We provide market expertise across the sector, supporting anonymous workflows for approved Protection Buyers and Protection Sellers. 

ILNs are a range of notes issued by a Bermuda-based Special Purpose Vehicle; ILN SAC Ltd. Similar to other Catastrophe Bonds, they are based on Insured Industry Loss triggers. All ILNs are listed on the Bermuda Stock Exchange.