CST downgraded despite takeover talk

22 Aug 2005

Despite confirming that it has been approached by a number of potential bidders, UK-based interdealer broker Collins Stewart Tullett (CST) has seen its rating downgraded by investment bank Bridgewell. The latter firm produced an analyst note unfavourably comparing CST to rival Icap.

Bridgewell suggested that any bidder...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.