TP ICAP, the world’s largest interdealer broker, today announces that its Energy & Commodities business has entered into a joint venture (“JV”) in China with Enmore Investment Group (Shanghai) Co. ltd.
The JV, will be called Enmore Commodity Brokers (Shanghai) Co. Ltd (“ECB”), and will be based in Shanghai offering professional intermediary services in the Chinese OTC, cleared and physical commodities markets. ECB’s first desks will offer brokerage services in Iron Ore, Coal (bulks), LPG and Naphtha (light ends) with additional commodity products offered over time. ECB will also offer liquidity from the TP ICAP companies – Tullett Prebon, ICAP and PVM - to its onshore clients and access offshore clients via the TP ICAP brands.
Chinese commodity markets have recently opened up following the launch of the INE crude contract. The Dalian exchange has also opened its iron ore contract to foreign investors. TP ICAP believes these initiatives will increase client demand for the OTC cleared products offered by ECB.
Andrew Polydor, CEO of TP ICAP Energy & Commodities, said: “The launch of this joint venture is a very exciting initiative and a demonstration of our ambition for the Energy & Commodities business. Combining TP ICAP’s leading position as a broker in International markets with Enmore Investment Group’s strong position in China is a compelling proposition which will greatly benefit our clients.”
Marco Zhang, Executive Director & CEO from Enmore Investment Group, said: “The rapid growth and huge potential of China's commodity market and its influence on the international market are obvious to the world. Enmore Investment Group, based in China, is a leading commodity trading platform and trading brokerage service provider. I am excited and looking forward to entering into the JV with the world’s largest interdealer broker, TP ICAP, which will provide Chinese clients with more liquidity and more international services.”
Additionally, as part of the agreement, TP ICAP Data & Analytics has the exclusive right to distribute all the data internationally, outside of China, from the JV.
TP ICAP’s global Energy & Commodities division operates three independent brokerage brands in all the key commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals, soft commodities and coal. The three brands of Tullett Prebon, ICAP and PVM are independent from each other and offer our clients three distinct, competing liquidity pools.
Enmore Investment Group is a Chinese conglomerate headquartered in Shanghai and began as a commodity information service provider. Enmore’s business includes a commodity spot trading platform, financial & data services and is Asia's leading bulk chemical brokerage. It also provides cleared broking services on the Shanghai Clearing House and the Singapore Exchange. Enmore provides diversified services to vertical industry players such as producers, traders, and downstream manufacturers, as well as banks, futures companies and financial investment institutions.
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William Baldwin-Charles, Group Media Relations Director
+44 20 7200 7124
About TP ICAP
TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets. Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.