Plans to combine Tullett Prebon and GFI Group to create one of the world’s largest interdealer brokers fell apart on Tuesday, as both companies announced they had been unable to reach acceptable terms.

While neither side would discuss details, people familiar with the talks said the disagreement was purely “economic”. UK-based Tullett, the world’s second-largest interdealer broker, did not stump up a rich enough offer for its smaller New York rival, they said.