Fusion Structured Products
All-to-All Electronic Secondary Market Trading for Structured Products
At TP ICAP, we’re re-writing the future of structured products, with FUSION Structured Products, the first-ever regulated, electronic, all-to-all secondary market for structured products.
The Challenge
Structured products are a high-value yet generally illiquid asset class due to the lack of a centralized secondary market:
- Illiquid Markets: Buyers and sellers rely on bi-lateral agreements with investment banks, limiting their ability to sell or unwind positions from a broad liquidity pool with multiple bid prices, an apparent asymmetry versus other asset classes.
- Inefficient Processes: Transactions involve an outdated, fragmented and time-consuming email, telephone, or chat communication process requiring simultaneous interaction with multiple counterparties.
- Lack of Transparency: No centralized market order book means clients struggle to confidently achieve best execution in the structured products secondary market, and do not have a systematic way to purchase products up for offer due to this lack of visibility.
The Solution: An All-to-All Electronic Secondary Market
We’re transforming the structured products market with a groundbreaking platform that delivers:
- Market Efficiency: Access a live, transparent view of mark-to-market and bid prices through a web-based platform or API connectivity, replacing outdated and inefficient bi-lateral communication methods.
- Liquidity Expansion: Greater transparency attracts more participants, enhancing liquidity and price discovery in the structured products secondary market.
- Streamlined Operations: Optimize desk operations and execution flows, freeing up resources for increased trading volumes, reduced costs, and overall business growth.
- Regulatory Oversight: Conform to increasing and evolving market regulatory compliance expectations by participating in a centralized, transparent, and standardized environment for trading.
Connectivity
The Secondary Market order book is accessible via several methods to accommodate a variety of buyside and sell-side operational architectures and legacy system integrations:
- Direct access on the FUSION SP web-based platform UI
- Order/Execution Management Systems connectivity
- API connectivity to legacy technology infrastructure
- TP ICAP’s Liquidnet electronic platform via the LQN GUI for existing institutional clients
How it works
Our web-based platform, FUSION Structured Products, is designed for simplicity and efficiency:
- Data Visibility & Plug & Play Integration: Provides real-time pricing visibility of all live U.S. structured products trading in the secondary market and is capable of seamlessly integrating with users’ existing desk operations.
- Comprehensive Market View: View the entire U.S. Structured Products marketplace (~80,000 products), with individual product description pages, mark-to-market prices, product term sheets, and analytics.
- Order Placement: Access to a comprehensive view of all products trading in the secondary market at any given time with detailed product information and ability to place buy or sell orders directly to the order book.
- Anonymous Bidding: Submit anonymous RFQs and Bids directly through the order book, ensuring confidentiality and a robust market from a broad liquidity pool for Best Execution.
- Portfolio management: For buyside clients who require it, our dedicated Lifecycle Management Tools are available to manage their structured products portfolios, providing a single view of existing holdings.
The Primary Market Reimagined
As part of our commitment to bringing greater visibility and liquidity to the structured products secondary market, we are also focused on delivering innovation and product transparency to the primary market helping clients navigate the array of issuers and product payoffs.
Our market-leading functionality includes:
- FlexFUSION Structured Products: Obtain full mark-to-market price transparency and risk sensitivities throughout the life of the investment on the optionality of the structure through our innovative ‘FlexFUSION Structured Products’ with embedded FLEX Listed options--available on point-to-point, single underlying structures and with select Issuer Banks.
- Primary Market Access: View structured products available to purchase in Monthly Calendar Offerings from select Issuer Banks
- Centralized Grey Market: View structured products available to purchase in a centralized Grey Market from select Issuer Banks for specific issuance programmes.
- Credit Customization: Tailor structured products with flexibility in terms of Issuer credit exposure and product payoffs.
- Best Execution: Leverage our broad liquidity reach in OTC and Listed options for the best execution available.
- Comprehensive Access: Access to all product payoffs and issuance wrappers
- Broad Offerings: Includes US and Offshore structured notes, CDs, warrants, and unfunded Listed & OTC option strategies.
Our Product Offering
At TP ICAP, we redefine the structured products landscape with our innovative services. Our offerings include the first-ever electronic, all-to-all secondary market, enhancing liquidity and transparency. We provide centralized grey market access and monthly calendar offerings for seamless issuance workflows. Our FlexFUSION Structured Products integrate listed flex options, delivering unmatched pricing transparency and liquidity. Our robust platform empowers clients with the tools and access needed to thrive in today’s dynamic financial markets.
Why TP ICAP?
At TP ICAP, we’re uniquely positioned to redefine the future of structured products trading by creating the first-ever regulated, electronic, all-to-all secondary market for structured products.
Unmatched Market Expertise
- As the world’s largest liquidity provider, we execute hundreds of millions of transactions daily, bridging the gap between buyers and sellers.
Our experience in complex financial instruments makes us the trusted partner for creating a structured products secondary market.
Extensive Global Network
- We’re connected to major institutional clients, including banks, asset managers, hedge funds, insurers, and pension funds.
We operate 15+ trading venues across 63 offices in 28 countries making us the world’s largest financial markets infrastructure provider.
Proven Technology & Infrastructure
- Building on our history of successful electronic trading platforms like FUSION, we bring the scalability, security, and reliability essential for this market.
Our exclusive data partnership with external vendor ensures full visibility of all essential structured products data in the U.S. market.
Trusted Regulatory Expertise
- With decades of compliance and governance experience, we’re trusted to be a neutral and professional intermediary
- Our close relationships with regulators worldwide enables efficient market integration.
Meet the Team
Robert Romano
Robert is a seasoned professional in the financial markets with over a decade of experience in the structured products industry. Currently, he serves as the Head of Structured Products for the US and Latin America at TP ICAP, the world's largest provider of financial markets liquidity, infrastructure, and OTC pricing data.
Before joining TP ICAP, Robert held positions at leading investment banks and financial institutions across the US, Canada, and Europe, specialising in private wealth management networks and cross-asset derivatives. He holds a Master's degree from a prestigious university and is recognised for his strategic and innovative vision, leadership skills, and deep understanding of the financial markets.
