FX Markets

Garban-Icap To Merge With TFS

FRONT PAGE NEWS

LONDON--Garban-Intercapital and the TFS Group are to merge their OTC currency options divisions, it was announced last Thursday. The voice brokers say the merger is a response to the growing number of electronic competitors in the industry.

"We continue to believe that there is a strong future for voice-broking services in the OTC marketplace," says David Gelber, chief operating officer of Garban-Intercapital in London.

"Electronic systems will proliferate, but without the associated liquidity

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