Prebon exits spot FX broking

FRONT PAGE NEWS

LONDON -- Inter-dealer broker Prebon Yamane exited the major spot FX broking market last week, selling the 52% it owned in a joint venture with Icap back to its former partner for £6.2 million.

Prebon retains some emerging markets spot FX broking, said Keith Charters, deputy marketing director at the firm in London. But there is now "very little indeed" left of the firm’s former spot business -- largely inherited from MW Marshall, which merged with Prebon Yamane in June 1999.

"Spot FX was neve