PVM has an average daily turnover in excess of 150 million barrels of Over the Counter (OTC) oil derivatives including options and oil futures contracts. The firm employs 130 specialist brokers headquartered in London, Singapore and in Hoboken and Houston in the USA.
The PVM transaction adds 33 new broking desks to the Tullett Prebon Group and increases coverage of oil products in Asia and the US markets. PVM’s Information Sales business is focused on the oil sector and complements Tullett Prebon’s information sales business.
PVM’s main broking activities relate to Crude Oil and Petroleum Products. The transaction also adds an oil futures business, biomass, Singapore distillates and Urals to the Tullett Prebon group. Over the last year PVM has also started environmental activities covering biomass and biofuels. It has also started the physical and financial broking of coal and the physical options broking of EU Carbon allowances and offsets. PVM is also active in energy related shipping.
By combining the Tullett Prebon and PVM energy data sets, Tullett Prebon Information aims to expand its suite of energy products to extend its global crude, refined and middle distillates coverage. Additionally a range of new datasets including CFDs, EFPs, EFSs and pricing for the Urals will be available. Further areas of product expansion are envisaged including US domestic crudes.
John Phizackerley, CEO of Tullett Prebon, said, “The combination of Tullett Prebon and PVM firmly establishes our leading position in the oil broking sector. The transaction increases the diversity of the Group’s revenue and client base, as well as allowing Tullett Prebon Information to expand its data offering to a broader set of customers. Tullett Prebon and PVM are highly complementary and we look forward to developing the business together for the benefit of our clients.”
David Hufton, CEO of PVM, said, “In Tullett Prebon, we have found an ideal partner for PVM. Together we will be able to expand and enhance our valuable franchise, reach more customers and provide an even better quality of execution.”