TP ICAP rolls out energy broking platform in Brazil under Tullett Prebon brand

Tullett Prebon said it successfully launched its energy broking business in Brazil. This platform has already started trading in October 2021 and now forms a significant part of TP ICAP’s established power offering alongside the group’s expanding customer base in the Latin America region.

The company completed multiple transactions in its first few weeks of trading, making it the first international brokerage company to transact an energy deal in the Brazilian market using OTC voice broking. Operating under the Tullett Prebon brand, they employ a team of brokers based out of Sao Paulo, locally managed by Gonzalo Terracini.

Over the coming months, the broker plans to further expand its presence in the region. This will involve working closely with customers both internally and cross-border.

“Entering the Brazilian energy market has been an ambition of ours for some time, particularly given the focus on renewables in the country. As a global leader in commodities broking, TP ICAP is well placed to support the growth of Brazilian energy trading by increasing liquidity, transparency, and price discovery in this market,” said Oliver Maarraoui, Managing Director of Latin American Energy and Commodities at TP ICAP.

Andrew Polydor, CEO Global Markets at TP ICAP, added: ”The early success of our Brazilian energy broking desk reflects the growing demand for access to renewable energy from global financial markets. Green energy is fast becoming a driving force in financial markets and we’re seeing investors and traders across the world looking to increase exposure to renewable energy as a priority. In countries like Brazil we are working to put in place effective market infrastructure to help to accelerate the transition to a more sustainable future. This is another proof point in TP ICAP’s ambition to be the leading broker for the transition to a low carbon economy.”

TP ICAP, which earns its bread from making markets in different asset classes, employs thousands of brokers who negotiate trades in markets such as FX and commodities.

TP ICAP was formed five years ago following Tullett Prebon’s acquisition of the voice-broking business from its former rival interdealer broker ICAP. TP ICAP’s data and analytics division is a provider of real-time price information from the global OTC financial and commodity markets, covering data from the wholesale inter-dealer brokered financial markets.

Most recently, TP ICAP launched its first roster of cryptocurrency exchange-traded products (ETPs) with fresh digital asset exposures to its European clients. The expansion of TP ICAP’s crypto offering is intended to appeal to a wider range of investors and comes at a time when interest in cryptocurrencies is growing.