Tullett Prebon has established a joint venture with Parthian Partners, a Nigerian-based interdealer broker, as part of its continued expansion throughout the African continent.

Tullett Prebon’s clients will gain a route into the growing Nigerian market with exclusive access to Parthian Partners’ client base of domestic banks and discount houses. In return, Parthian Partners’ domestic clients will benefit from Tullett Prebon’s global brokerage services and connections into the global investment community. 

“Nigeria is now Africa’s largest economy, so this is a crucial deal for us and is central to our growth plans for Sub-Saharan Africa. Nigerian capital markets are undergoing a major transformation and FMDQ’s new rulings are an important step towards an improved regulatory framework, as we are seeing throughout global capital markets, and enabling further access to global investment capital,” Rob Osborne, managing director of rates Emea, Tullett Prebon, said.

The partnership will enhance liquidity in Naira-denominated bonds and bills for the clients of both Tullett Prebon and Parthian Partners.

In May 2014, FMDQ, the regulator of the Nigerian OTC market, agreed with its dealing members that they should only execute trades brokered by an individual or corporate body that is registered with the Securities and Exchange Commission (SEC) and licenced by FMDQ. This is in relation to products traded on the FMDQ platform. Parthian Partners is one of two licensed interdealer brokers in the Nigerian market and the only interdealer broker with a physical domestic presence.

“Penetration of the international market is highly prized by our clients. By partnering with Tullett Prebon, a globally recognised interdealer broker, we have opened up a worldwide distribution network to our clients. Parthian Partners aims to deliver a world-class service to all its clients and this joint venture will enable us to provide an unparalleled service locally,” said Oluseye Olusoga, managing partner at Parthian Partners.