Inter-dealer broker Tullett Prebon has thrown down the gauntlet to its competitor Icap with the launch of a new system and the claim that its electronic brokerage services now “rival if not surpass those provided by many other brokers”.

Tullett Prebon, which has previously lagged rivals like Icap on electronic brokerage, today launched a service that allows clients for the first time to reduce the risk of overnight changes to bank lending rates on credit instruments denominated in US$.