4:00 PM London, 11:00 AM New York – UK stocks traded sideways and the pound edged up against the euro. Tullett Prebon won a judgment against BGC Partners for raiding its worldwide staff. GlaxoSmithKline Plc increased after Novartis left the development of generic drug for asthma treatment to its partner.

UK stocks traded sideways as banks declined and GlaxoSmithKline led the gainers. Tullett Prebon won a judgment against BGC Partners for raiding its worldwide staff and may face millions of pounds in damages.

In London FTSE 100 Index closed lower 2.01 or 0.04% to 5,642.62 and the pound edged lower to close at $1.528 and edged higher to close at €1.118.

European markets and the euro were under pressure after EU leaders struggle to devise a financial bailout plan for Greece. Greek Prime Minister George Papandreou told reporters in Brussels today that he may be forced to turn to IMF if leaders fail to set up a plan at the summit on March 25.

Greece needs to raise €10 billion to repay bonds that are due on April 20 and May 19 and hinted that Greece needs to lower its interest cost on bonds closer to German bonds of 3.1% from 6.2% to meet its deficit reduction targets.

Justice Raymond Jack ruled in London that BGC Partners and its president Shaun Lynn and other executives acted illegally to raid employees from Tullett Prebon Plc.

The verdict on the damages will be settled at a later date. BGC had hired 164 brokers and traders in New York, London, Hong Kong, Singapore and Tokyo. Tullett has sued BGC in New Jersey and asked for damages of $1 billion.

Tullett Prebon Plc surged 8% in early trading but closed up 0.2% to 362 pence.

Gainers & Losers

Aegis Group plc declined 4.7% to 121.60 pence after the media and market research firm said 2009 revenues rose 0.7% to £1.35 billion to £1.34 billion a year ago. Net profit for the year fell 24% to £62.7 million or 5.5 pence per diluted share compared to net profit of £82.8 million or 7.3 pence per share a year ago.

Arriva Plc declined 4.3% or 29 pence to 706 pence after Deutsche Bahn AG confirmed that it is the unnamed bidder to acquire the company. Arriva surged 17% in yesterday’s trading after it confirmed yesterday the takeover approach.

Aviva plc rose 0.6% to 402.70 pence after the company today announces its entry into the Indonesian insurance market through a joint venture agreement with PT Asuransi Wahana Tata.

Banks declined in trading. Barclays declined 1.6%, HSBC dropped 1.2% and RBS fell 3.1%. RBS said today that it will contribute £746 million to its defined pension plan this year and contributed £807 million in 2009.

The Berkeley Group Holdings plc increased 4.1% to 835.00 pence after the housebuilder today announces underlying transaction levels remain approximately 40% below historical average levels and full year earnings are likely to be at the higher end of analysts'' expectations.

Biocompatibles International plc rose 2.9% to 245.00 pence after the medical technology company said 2009 revenues rose 50% to £26.6 million to £17.7 million a year ago. Net loss for the was £5.8 million or 15.2 pence per diluted share compared to net loss of £457,000 or 1.2 pence per share a year ago.

Capital & Regional plc closed unchanged at 37.75 pence after the property fund manager said 2009 revenues fell 42% to £37.8 million to £65.4 million a year ago. Net loss for the year was £119.7 million or 59 pence per diluted share compared to net loss of £502.2 million or 355 pence per share a year ago.

Collins Stewart plc dropped 1.3% to 75.75 pence an independent investment bank said 2009 revenues rose 6% to £186.4 million to £175.7 million a year ago. Net profit for the year was £13.4 million or 5.4 pence per diluted share compared to net loss of £22.9 million or 9.4 pence per share a year ago.

Cyprotex PLC closed unchanged at 4.00 pence after the drug discovery firm announced on March 2 that it had received an unsolicited approach regarding a potential offer for the Company. The Board has rejected this approach and discussions are at an end.

FW Thorpe Plc closed unchanged at 599.00 pence after the lighting supplier reported six month revenue increased 2.5% to £28.25 million from £27.56 million.

GlaxoSmithKline Plc gained 3.1% to 1,262 pence after Vectura Group Plc acquired a full control of the development of generic version for asthma treatment competing with Advair sold by Glaxo. Vectura and its partner Novartis were looking to commercialize the drug in the U.S. and with the Novartis’s decision not to participate in the development reduces the future competition for Advair.

Greggs plc increased 5.2% to 460.00 pence after the bakery retailer said 2009 revenues rose 5% to £658.2 million to £628.2 million a year ago. Net profit for the year rose 1% to £34.4 million or 34.0 pence per diluted share compared to net profit of £34.1 million or 33.5 pence per share a year ago.

GW Pharmaceuticals plc surged 13.0% to 113.00 pence after the company today provides an update on the progress of its regulatory submission for Sativex® Oromucosal Spray for the treatment of the symptoms of spasticity due to Multiple Sclerosis.