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Bloomberg is reporting that a primary argument made by Swiss trading company Compagnie Financiere Tradition in a Singaporean court is that"there are no trade secrets in inter-dealer broking where prices change constantly and clients are shared by all."

Apparently Tradition has contracted to hire 38 of ICAP's Singapore-based brokers and ICAP won an injunction stopping that, arguing that the workers had access to confidential data including client lists, trading strategies and brokers? pay.

The case is pending in the Singapore High Court.

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