Tullett Prebon Launches New OTC Brokerage Business in Japan

TOKYO, HONG KONG and SINGAPORE, February 7 - Tullett Prebon (Europe) Limited ("Tullett Prebon") announces
the launch of a new over-the-counter (OTC) brokerage business in Japan for
Nikkei options and Delta one products. Tullett Prebon has a presence in more
than 20 countries and is one of the world's largest inter dealer broker,
facilitating the trading activities of its clients, in particular commercial
and investment banks.

The new business will be headed by Patrick Maloney, who has
been in the Japanese equity business for over 15 years and has a wealth of
experience in meeting the needs of local and foreign clients operating in
Japan.

Tim Marshall, Managing Director of Tullett Prebon's Tokyo
office, commented:

"For a while now we have been contemplating further developing
our existing Tokyo OTC business but accelerated this process with the
appointment of Patrick Maloney. I am excited to have him onboard to head up a
very experienced team of brokers. Our new equity derivatives business will
further diversify the product coverage of Tullett Prebon in Japan and will
compliment our existing equity derivatives business in Hong Kong, which deals
with clients based outside of the country."

Tullett Prebon (Europe) Limited has been granted registration
to conduct a Type 1 Financial Instruments Business under the supervision of
the Japanese Financial Services Authority.

About Tullett Prebon

Tullett Prebon (www.tullettprebon.com) is one of the world's
largest inter-dealer brokers and operates as an intermediary in wholesale
financial markets facilitating the trading activities of its clients, in
particular commercial and investment banks. The business now covers seven
major product groups: Volatility, Rates, Non Banking & Sterling Cash,
Treasury, Energy, Credit, Environmental and Equities. Tullett Prebon
ElectronicBroking offers electronic solutions to these products.

In addition to its brokerage services, Tullett Prebon offers a variety of
market information services through its IDB Market Data division, Tullett
Prebon Information.

Tullett Prebon has its principal offices in London, New Jersey, Hong
Kong, Singapore and Tokyo, with other offices, joint ventures and affiliates
in Bahrain, Bangkok, Calgary, Frankfurt, Jakarta, Kuala Lumpur, Luxembourg,
Manila, Mumbai, Paris, Salt Lake City, Seoul, Shanghai, Sydney, Toronto,
Warsaw and Zurich.

    For further information please contact:

    Media
    Charlotte Kirkham
    M:Communications
    +44(0)20-7920-2331 kirkham@mcomgroup.com

For further information please contact: Media, Charlotte Kirkham, M:Communications, +44(0)20-7920-2331 kirkham at mcomgroup.com