Tullett Prebon/ICAP

CRA advised the parties on their merger, which was viewed by competition authorities as a 4 to 3 merger in many of the voice and hybrid broking segments in which the parties oprated. Our evidence showed that despite high shares in most segments the parties would continue to be constrained by substantial ‘out of market’ constraints from electronic broking and exchange based trading and by significant buyer power. The merger was cleared at Phase I subject to a divestment in a single segment.