Merger pays off for Tullett

James Potter, managing director of treasury at the broker, said: "We have successfully retained the best talent from the two businesses to ensure that we have stayed ahead of our rivals." He said the company has been building in emerging markets with three hires on the desk with a similar build-up likely next year.

The emerging markets desk continues to see most strength from Asian NDFs, Czech, Polish and Hungarian currencies, according to Potter. However, the desk has seen new markets opening up with Turkey becoming a significant market and others such as Ukraine, Egypt and Romania small but growing areas for the team. Potter points to further expansion in new markets such as China, with the company being the first broker to set up a joint venture there.

The desk has benefited from continuity of staff, according to Potter. He cited Steve Bright, who heads the desk and who has been there for 10 years. It is the general level of skill that that sets the company apart from its rivals, said Potter. "It's analytics, effective pricing systems and the level of expertise of our staff that keep us ahead of the game."