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Friday, 13 June 2008

Tullet Prebon To Open Islamic Capital Markets Desk in Singapore

By Zakaria Abdul Wahab

SINGAPORE, June 13 (Bernama) -- Tullett Prebon (Asia Pacific) on Friday announced its intention to launch an Islamic Capital Markets desk in Singapore.

Tullett Prebon (Asia Pacific) chief executive officer Len Harvey said the company is well positioned to capitalise on this fast-growing financial sector, which has tripled in size in the past four years.

He said the new Singaporean directives would enhance market liquidity and help to develop the Islamic secondary markets.

Its new sukuk bonds offering would further augment the groups presence in Asia Pacific as it continued to expand in the region, Harvey said.

The Monetary Authority of Singapore recently announced directives on the issuing of Islamic products, including sukuk bonds to create benchmarks for the marketplace, as well as satisfying local market demand for Syariah-compliant products.

Sukuk bonds and Syariah-compliant fund raising structures are now widely considered to be effective investment alternatives to conventional financing activities.

Tullet Prebon said the Islamic capital markets included assets in banking, insurance, investment funds and capital market products and were estimated to be worth US$1.5 trillion.

The company appointed Jay Vitrella to manage Tullett Prebons new desk in addition to coordinating the other Tullett Prebon offices dealing in Islamic products in the Asia Pacific region.

Tullett Prebon operates as an intermediary in wholesale financial markets, facilitating the trading activities of its clients, in particular commercial and investment banks.

The business now covers seven major product groups -- volatility, rates, non-banking and sterling cash, treasury, energy, credit and certificates of deposit (CDs), and equities.

Tullett Prebon's electronic broking division offers electronic solutions to these products.

In addition to its brokerage services, the company offers a variety of market information services through its interdealer brokerage market data division, Tullett Prebon Information.
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