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GFI Dealing With Fallout From Lehman Collapse.(In The News)

Securities Industry News

| October 06, 2008 | COPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Editorial Staff

On Sept. 9, GFI Group broke off discussions-ongoing since late July-with rival Tullett Prebon about a possible merger. While the combination of GFI, the leading interdealer broker in the credit derivatives sector, and Tullett, the second-largest overall, would have placed the firms on equal footing with London-based giant Icap, they "failed to reach acceptable economic terms for a transaction," according to GFI.

One week later, the talks with Tullett were probably not top of mind for executives at New York-based GFI. When Lehman Brothers declared bankruptcy, the market was swamped as owners of credit default swaps (CDS) held with the …

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