Tullett Prebon Share Discussion Threads

[quepassa] 10/2/2015 10:21

The message from rival ICAP's Q3 Trading Update today seems to me to be remarkably positive.

Some extracts:-

Michael Spencer, Group Chief Executive Officer of ICAP said: "After a challenging first half, we have witnessed welcome signs of improved market activity in a number of areas, notably in FX. Moreover, we have seen the benefits of the significant investment in our exchange-like electronic platforms, EBS and BrokerTec, as well as in our Post Trade risk reduction services. We are committed to grow our addressable markets and strengthen the position of our innovative businesses. We are also making good progress with our restructuring programme. While we see signs of increased activity in some markets we continue to remain cautious as conditions in Global Broking remain challenging. "


The words "improved market activity in a number of areas", "signs of increased activity in some markets" are all very encouraging.

I guess you wouldn't expect them to say anything else other than remaining cautious after the recent past. However overall this Update gives several strong and reliable pointers in my opinion that volumes have distinctly picked up.

In respect of their electronic businesses, the Trading Statement says the following about activity levels at ICAP which I had expected but which are truly astonishing:-

"Electronic Markets delivered low double digit revenue growth in the third quarter underpinned by significantly increased activity levels at EBS, which saw its highest monthly average daily volume (ADV) since February 2013 as all currency pairs benefited from the uptick in volatility. The Bank of Japan's bond buying announcement on 30th October drove near record levels of volumes in dollar/ yen, as did the recent removal of the cap by the Swiss National Bank in euro/ Swiss franc. Recent structural growth in non-deliverable forwards and offshore Chinese renminbi has continued. "

The following words mentioned above are not to be underestimated in my view:- " double digit growth" , " highest monthly daily volume since February 2013", "near record levels of volumes in dollar/yen as did the.....euro/ Swiss franc".

In my opinion this points to a strong end to last year, an outstanding start to 2015 and a vastly improved outlook for trading volumes.

The sector backdrop for Tullets looks to me to be getting more and more positive.

ALL IMO. DYOR.
QP

[quepassa] 03/2/2015 09:26

Strength in share price is gathering pace as market backdrop dramatically improves for the brokers.

Price has now gone through another important resistance level of 340p.

ALL IMO. DYOR.
QP

[rathlindri] 30/1/2015 14:30

quiet thread

[quepassa] 26/1/2015 08:22

Syriza must surely be a volatility volcano for the financial markets.

Boom times beckon for the brokers in my view.

ALL IMO. DYOR.
QP

[quepassa] 22/1/2015 15:41

With the exception of front-runner brokers, Numis and Goldman who both have a TARGET PRICE of 360p, the main pack of brokers is now significantly behind the share price curve on Tullets.

Including Liberum, Peel Hunt, Espirito, Citi, Morgan Stanley, UBS, Soc Gen.

In light of the return of new volatility, BCG litigation win and surge in share price of Tullets, cannot rule out the possibility of some imminent broker price target upgrades.

ALL IMO DYOR.
QP

[quepassa] 22/1/2015 15:22

Prelims on the 3rd, March.


Looking on the bright side for dividend prospects, Tullet's finance calendar now gives two concrete payment dates this year for final 2014 dividend and interim 2015.


Ten days ago, Tullets hired 40 new broking staff in the USA as a result of their recent acquisistion of Murphy and Durieu.
You only expand if you see a bright outlook for business prospects.

The owner of M&D says:-

“We are delighted to have concluded this transaction with Tullett Prebon. The Murphy & Durieu business was founded in 1929 and we believe in looking after our people. Having worked closely with Tullett Prebon over the years we know that it will offer excellent opportunities as it pushes ahead with its plans to grow in the US.”


All positive news in my view.

ALL IMO. DYOR.
QP


ps. I am hoping that Tullets does the decent thing and declares a special shareholder dividend sharing the BCG payout spoils with its equity holders.

[quepassa] 22/1/2015 09:06

Much positive recent news for Tullets:-

1. Big $100m payout from BCG
2. Return of major volatility to markets.
3. Likely introduction of major QE by ECB which will put massive liquidity into the markets which will need to find a home. Major stimulus.
4. Currency volatility given a rocket by SNB actions last week.
5. Yankee banks generally in robust health with US economy - the flywheel of global commerce and trade- now spinning fast and furious.

The sector back-drop for Tullet's business beginning to look pretty damn positive in my view.

ALL IMO> DYOR.
QP

[quepassa] 16/1/2015 08:46

Two days ago on 14th. January,

NUMIS issue broker update and REITERATE their ADD recommendation with increased TARGET PRICE of 360p (330p).

ALL IMO DYOR.
QP

[quepassa] 16/1/2015 08:10

The strength of the fx tsunami unleashed on the currency markets yesterday by the Swiss National bank is off the scale.

The volatility is / will be extreme.

This should be an enormous stimulus for fx hedging and trading volumes.

ALL IMO. DYOR.
QP

[quepassa] 14/1/2015 20:45

Oppenheim Funds now owns more than 5% of Tullets as announced in the after-hours RNS today.

Following on from Schroders recent incease to 13%, this is a great vote of confidence in my opinion in Tullets by two top-tier institutional investors.

Bodes well for share price performace.

ALL IMO. DYOR.
QP

[kaffee] 13/1/2015 21:34

Wherever it goes tomorrow, be mindful of that gap down at 2.70/2.71 recently.

K

[topvest] 13/1/2015 21:14

Great news.

[stoxx67] 13/1/2015 20:49

should be a goer tomorrow...

[darias] 13/1/2015 20:33

Explains a lot. Announced just before close at 16:23.

So where do you think it will be tomorrow at 8:00?

I would come back Diamond patience is a virtue.

[quepassa] 13/1/2015 17:43

MAJOR NEWS.

Tullets gets a positive legal ruling and wins a $100million settlement from BCG.

At today's exchange rates £66.66m.

Will certainly help their coffers.

My recommendation to Tullets would be that some siginificant part of that sum should be paid as a special dividend to ordinary shareholders.

ALL IMO> DYOR.
QP

[its the oxman] 13/1/2015 13:49

Ooh ah, I see 300p.

[quepassa] 13/1/2015 12:33

Maybe 300p+ this afternoon.

Dow and S&P Futures looking strong for market open today.

ALL IMO> DYOR.
QP

[quepassa] 13/1/2015 09:49

After hours on 7th Jan, an RNS came out detailing that highly-regarded Schroders had furthered significantly increased their stake to more than 13%.

ALL IMO. DYOR.
QP

[quepassa] 09/1/2015 12:54

I think there is a strong likelihood that Tullets will break through the 300p psychological barrier and resistance level in the imminent future.

ALL IMO> DYOR.
QP

[kaffee] 09/1/2015 11:26

What a little pr!ck tease this share is.

Cone on you dirty little scrubber, you know you want £3.

[quepassa] 08/1/2015 09:16

The VIX volatility index was languishing at around 10 last July 2014 and this coincided with lacklustre performance and relatively lower trading throughput for Tullets and others.

The Vix Index has now doubled to 20. - My last post refers.

Likely to be a very interesting correlation between the Vix Index and trading volumes/profitability of the broker community.

The Vix likely to be a front-runner and strong forward-indicator of activity/volumes in this sector.


ALL IMO> DYOR.
QP

[quepassa] 06/1/2015 11:50

Appears that siginificant volatility has distinctly crept back into the early 2015 markets:-

1. Phenomenal dollar strength
2. Astounding Euro weakness
3. Growing choruses of 2015 interest rate increases
4. Astonishing plunge in price of crude oil
5. Re-emergence of GRexit and euro-stability worries.


Not good for everyone but certainly this new-found volatility will undoubtedly increase significantly trading volumes of currencies, hedging products and other financial instruments. But should be very good for Tullets.

ALL IMO> DYOR.
QP

[quepassa] 24/12/2014 09:07

A significant bounce this month.
Up by almost 25% since the 1st December price of c 242p.

The kinder mood music for the sector, significantly increasing volatility, and decreasing fx/libor regulatory scares look very supportive.

Well done Schroders. A very nice one month return on investment. Previous post refers.

If it good enough for Schroders, it's good enough for......


ALL IMO. DYOR.
QP

[darias] 23/12/2014 07:23

Merry Christmas Diamond.