TP ICAP, the world’s largest interbroker dealer, today announced that it has acquired ClearCompress Limited, an algorithm-based compression service in cleared and uncleared derivatives that helps its clients achieve cost efficiencies and reduce capital requirements.
TP ICAP first took a stake in ClearCompress in November 2018 but has now agreed to acquire the remainder of the company. ClearCompress, along with its key team members, will sit within TP ICAP’s growing portfolio of optimisation products, including the post-trade risk management platform MatchBook.
ClearCompress is a targeted compression solution, which has been designed to solve the inefficiencies of existing multi-lateral compression services. It offers:
- An on-demand, fast execution service capable of completing multiple compression runs intra-day;
- High levels of compression efficiency as a result of innovative algorithms and targeted client services;
- A light touch service; helping clients make better use of their constrained resources;
- Flexible quant analysis and execution, highly configurable to client risk parameters;
Nicolas Breteau, CEO of TP ICAP, said: “We are delighted to have acquired ClearCompress and seen a recent live run in action. This is a unique and cost-efficient offering which will be a valuable addition to our stable of optimisation services.”
David Hill, CEO of ClearCompress, said: “I am really pleased that ClearCompress will now become part of TP ICAP as we progress to the next stage of our development. We originally set up ClearCompress to address the inefficiencies within the existing compression services and believe that our light-touch, fast and highly efficient solution will prove very popular with TP ICAP’s unrivalled client base.”