Tullett Prebon

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Tullett Prebon plc is one of the largest global inter-dealer money brokers in the world. Inter-dealer brokers act as a middleman between commercial and investment banks and other parties.


In May 2012 the company released a briefing paper, 'How Britain is using spin to con the bond markets', in which its author Tim Morgan argued that "the tale of ‘big’ cuts in public spending is a bare-faced deception". [1] The paper received wide media coverage, including an interview with Morgan on the BBC's Today programme. He told The Telegraph,

It’s high time that this mendacity was exposed for what it is. Government has done very little about its spending, has appropriated three-quarters of all gains in economic output for its own use, has carried on piling up debt – and has tried to pass all this off as 'responsible austerity’.
The motivation for government spin is obvious enough. On the one hand, rises in market interest rates could be a disaster, given the extent to which British households are leveraged. On the other, implementing the real cuts required to back up a genuine austerity pack.

Dr Morgan warned that it seemed “improbable” that the bond markets would “continue to fall for this spin-job” and would “sooner rather than later” call the Government to account. [2]

Earlier in May the UK bond trader announced it had made cuts to over 90 brokers in the first quarter of 2012 as part of efforts to slash annual costs as the impact of thin trading volumes continued to bite across the financial sector.[3]

Interdealer brokers provide voice and electronic broking services to banks and traders in a variety of financial instruments, including equity markets, commodities, foreign exchange, interest rates and credit. According to Financial News, they 'are well-positioned to benefit from regulatory change in the US and Europe that will see the bulk of the $600 trillion over-the-counter derivatives market migrate towards electronic trading'.[3]



  • Michael Fallon MP (Conservative) was an independent non-executive director, for which he received a regularly quarterly payment ranging between £6,436.08 and £7947.78. He resigned this directorship on 28 May 2010 [4], was reappointed 28 September 2010 [5]
  • Angela Knight - former head of British Bankers' Association, sits on Tullett Prebon's Audit, Remuneration and Nominations Committees.

External lobbyists



  • Is ‘Occupy’ Right? Terry Smith, Chief Executive of Tullett Prebon plc, The Worshipful Company of World Traders, The XXVth Annual Tacitus lecture at the Guildhall, 16th February 2012


Address: Tower 42, Level 37, 25 Old Broad Street , London EC2N 1HQ.



  1. Blowing the Whistle on UK 'Austerity'- How Britain Is Using Spin to Con the Bond Markets, MarketWatch WSJ Journal, posting of press release: Tullett Prebon Research by Dr Tim Morgan, May 15, 2012
  2. Robert Winnett, Austerity is a myth to con the financial markets, City firm tells Cameron, The Telegraph, 14 May 2012, accessed 15 May 2012
  3. 3.0 3.1 Tim Cave, Tullett Prebon cuts 140 staff, Financial News, 10 May 2012
  4. House of Commons, Register of MP's Financial Interests, as of 6 September 2010
  5. House of Commons, Register of MP's Financial Interests, as of (date
  6. APPC Register to February 2012