ICAP UK OTF Market Notice

We wish to inform you of the publication of an updated version of the ICAP UK OTF Rulebook.

Key Updates:

1. The following new Rules have been added:
2. The Market Segment Rules have been removed from the main Rulebook and are now available upon request from the Operator.

Rule 6

Rule 7

Rule 10.1.3

Rule 10.3

Rule 10.4

Rule 11

Rule 17.2

Rule 31.3

Rule 33.4

Rule 34

Rule 35.4

Rule 38.1.2

Rule 38.1.3

Rule 38.1.4

Rule 38.1.5

Rule 38.1.6

Rule 42.4

Rule 45.2

Rule 46.3

Rule 48.4.4

For further information or any queries regarding these changes, please contact:

📧 islotfoperator@tpicap.com

TP ICAP UK MTF Market Notice:

We wish to inform you of the publication of an updated version of the TP ICAP UK MTF Rulebook.

Key Updates:

1. The following new Rules have been added:

Rule 1.2

Rule 11.3

Rule 15.1

Rule 17.2

Rule 26.2

Rule 31.4

Rule 33.4

Rule 44.3

2. The Market Segment Rules have been removed from the main Rulebook and are now available upon request from the Operator.

For further information or any queries regarding these changes, please contact: tpicapukmtfoperator@tpicap.com

Strategic Move Will Expand COEX’s Capabilities in Fixed Income Credit

PARIS, 4 June 2025 - TP ICAP Europe (TPIE), a subsidiary of TP ICAP Group plc, a world-leading provider of financial markets infrastructure, today announced, the appointment of Lorraine Sereyjol-Garros as Chief Executive Officer of TPIE and Head of Continental Europe. Based in Paris, Lorraine will be responsible for driving the Group’s strategy in this key region and supporting TPIE’s growth and momentum across European markets.

With more than 30 years’ experience in capital markets and asset management, Lorraine is widely recognised for her expertise across a broad range of institutional asset classes. Most recently, she served as Global Head of ETF and Index Sales at BNP Paribas Asset Management (2016-2025). She has also held senior commercial management positions focused on complex derivatives at Barclays Investment Bank (2010-2016) and Societe Generale Corporate and Investment Banking (2006-2009), Lorraine Sereyjol-Garros, CEO, TPIE: 

“My ambition is to strengthen TP ICAP’s presence in Continental Europe by leveraging my ability to develop new business opportunities, anticipate market trends, and build trusted relationships with our strategic clients, Joining TP ICAP is an opportunity to implement a bold vision focused on business growth, client engagement, and strong expertise in the European market.”

Sebastien Rozes, Regional CEO and Head of Global Broking EMEA: 

“Lorraine’s appointment as head of TPIE marks a significant milestone for our Group. Her extensive expertise in capital markets across both banking and asset management, leadership skills, and ability to unite teams will be essential in supporting the development of our activities in Continental Europe. Her experience and clear vision will help us strengthen our position as a market leader and continue our growth trajectory.”
 

ENDS

TP ICAP
•    Tom GILBERT | +44 7741231950 | thomas.gilbert@tpicap.com

H/Advisors Havas Paris
•    Alexandre SÉHIER | +33 6 07 03 65 33 | alexandre.sehier-vilmart@havas.com

ABOUT TP ICAP GROUP PLC
Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets. We are a world-leading provider of OTC liquidity and data solutions, with a portfolio of industry-leading brands that include ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions. These businesses provide broking services, data & analytics, and market intelligence that are trusted by clients globally. We operate from more than 60 offices across 28 countries. www.tpicap.com
 

LONDON, 6 June 2025 – TP ICAP’s crypto asset exchange, Fusion Digital Assets, has been named “Exchange of the Year” at Hedgeweek’s, the prestigious buy-side-focused publication, Global Digital Assets Awards. The accolade highlights TP ICAP’s commitment to both innovation and the secure, regulated operation of critical financial market infrastructure. 

Designed exclusively for institutional participants, Fusion Digital Assets mirrors the structure and safeguards of traditional financial markets, rather than those typically found in the crypto space. As a fully FCA-registered platform, it meets the stringent regulatory standards demanded by institutional participants, addressing key concerns around counterparty risk and ensuring the integrity and security of every trade. 

Hina Joshi, Director Digital Assets at TP ICAP, said: 

“Our aim has always been to enable institutions to explore crypto as an emerging asset class safely and confidently  This award is a powerful endorsement of our model, our growth, and the trust our clients place in us, for which we are thankful. It’s also a testament to the dedication and expertise of our entire team.”

Fusion Digital Assets leverages TP ICAP’s decades of experience across voice, hybrid, and fully electronic markets. Its low-latency matching engine, proven across TP ICAP’s spot asset classes, delivers deep, unique, and competitive liquidity by bringing together traditional and crypto-native clients in a single, anonymous, central limit order book. 

The platform also features robust market surveillance and comprehensive KYC/AML procedures, ensuring a secure and compliant trading environment for all participants. 

ENDS

About TP ICAP Group plc 
TP ICAP is a global leader in connecting buyers and sellers across financial, energy, and commodities markets. Leveraging our expertise and cutting-edge technology, we provide unparalleled OTC liquidity and data solutions. Our portfolio includes renowned brands such as ICAP, Tullett Prebon, PVM, Liquidnet, and Parameta Solutions. These brands deliver trusted broking services, comprehensive data & analytics, and insightful market intelligence to clients worldwide. With a presence in over 60 offices across 28 countries, TP ICAP is committed to driving market efficiency and innovation.

Media Contact     
Tom Gilbert | +44 7741231950 | thomas.gilbert@tpicap.com     

 

Please note that the rate card for the IOIR - Interest Rate Options (Platform) segment of the ICAP UK OTF has been updated and takes effect from the 1st of June, 2025.

Please direct any questions regarding this Market Notice to:

Email: islotfoperator@tpicap.com 

Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

London, 2 June 2025 -  TP ICAP Group plc (“TP ICAP”), a world-leading provider of financial markets infrastructure, today announced the acquisition of Neptune Networks (“Neptune”), an independent financial data company co-owned by a consortium of some of the world’s leading investment banks. Neptune delivers high-quality, real-time pre-trade bond market data from many sell-side banks to buy-side clients.

TP ICAP will bring together Neptune’s extensive proprietary data network with Liquidnet’s electronic credit trading platform, creating a unique, full service, global Dealer-to-Client (“D2C”) credit business. 

At launch, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley and UBS (“Bank Shareholders”) will own a 30% stake in the new business. This ownership structure is intended to ensure that Liquidnet and the Bank Shareholders are resourced and incentivised to grow the business. 
 

Nicolas Breteau, CEO, TP ICAP Group: 

“Neptune is an exceptional platform with deep connectivity on both the sell-side and buy-side. With our partners, we plan to enhance and grow Neptune’s core data business, strengthening its relevance to the buy-side via Liquidnet’s electronic credit trading platform. By combining Liquidnet’s extensive client reach with leading liquidity providers, we can seamlessly and discreetly connect the sell-side and buy-side to unlock exciting potential, positioning us well to drive a step-change in fixed income markets and liquidity.”

Byron Cooper-Fogarty, CEO, Neptune Networks Ltd.: 

“I am excited by the opportunities this acquisition creates. The resources, talent and experience of Liquidnet’s Fixed Income business will complement Neptune’s strengths in real-time, high quality bond data. There is a natural fit that, along with the continued commitment of the major banks, will create an entity that benefits buy-side and sell-side clients of both firms.”

Nick Adragna, Co-Head of Global Investment Grade and Macro Credit Trading, J.P. Morgan: 

“At J.P. Morgan, we are committed to promoting market competition and increasing liquidity, while also backing innovative initiatives like this one that enhance market efficiency. The strategic integration of the Neptune and Liquidnet Credit complementary offerings is poised to improve competition and liquidity while delivering increased choice and improved value to both the buy side and the sell side.”

Jonathan Moore, Head of European Credit Trading, Deutsche Bank: 

“Together, Neptune and Liquidnet are uniquely positioned to develop competitive alternatives to current data and execution offerings. Strong alignment with the dealer community and close ties to the buy-side will set this business apart. The combined offering will be well placed to enhance transparency, efficiency, and liquidity.”

Peter Rafferty, Global Head of Secondary Credit, BNP Paribas: 

“Bringing together Neptune and Liquidnet marks a significant step in the evolution of the credit markets. As a supporter of innovation and market digitalisation, BNP Paribas welcomes the combination of these two platforms to deliver a more connected, efficient, and data driven ecosystem for institutional credit clients.” 

Pierre Scemla, Deputy Head of Global Markets Trading, Crédit Agricole CIB: 

“As market electronification intensifies, clients are increasingly looking for solutions to combine pre-trade analytics and data with seamless execution. As a founding shareholder of Neptune Networks, Crédit Agricole CIB is pleased to continue supporting the evolving market structure and liquidity and delivering value to buy-side entities thanks to this new business.”

The market for electronically traded corporate bonds is growing. As at the end of November 2024, 43% of total volume traded in both U.S. investment-grade (IG) and high-yield (HY) bonds was executed electronically ¹. This compares with approximately 19% and 2% respectively in 2015. ²

ENDS

About TP ICAP Group plc
Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets. We are a world-leading provider of OTC liquidity and data solutions, with a portfolio of industry-leading brands that include ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions. These businesses provide broking services, data & analytics, and market intelligence that are trusted by clients globally. We operate from more than 60 offices across 28 countries. www.tpicap.com

About Liquidnet
Liquidnet is a leading technology-driven, agency execution specialist that intelligently connects the world’s investors to the world’s investments. Since its founding in 1999, Liquidnet’s network has grown to include more than 1,000 institutional investors and spans 57 markets across six continents. Liquidnet was built to make global capital markets more efficient and continues to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that its customers need. For more information, visit www.liquidnet.com and follow on X @Liquidnet.

About Neptune Networks
Neptune supplies high-quality bond pre-trade data (axes and inventory) from 34 sell-side firms direct to the buy-side. Data accessed via Neptune is clean, standardised, and real-time from sell-side trading systems, rather than periodic runs or manual spreadsheets. Neptune is integrated with buy-side core workflow tools such as OMS or EMS, and is also available through FIX, REST API, SFTP and its functionally rich user interface.

The platform carries over 250,000 axe & inventory items daily, $1.2tn+ in gross notional liquidity, across asset classes such as Credit, Rates and Emerging Markets. Neptune is used globally by buy-side firms with more than $55 trillion in aggregate AUM.

Note to Editor:
A FIX workflow refers to the process of using the Financial Information eXchange (FIX) protocol to facilitate the electronic communication of trading information. The FIX protocol is the global standard in the financial industry for real-time exchange of securities transactions and market data. It helps standardise communication, reduce errors, and increase the efficiency of trading operations. 

Media Contact     
Tom Gilbert | +44 7741231950 | thomas.gilbert@tpicap.com     

¹ Crisil Coalition Greenwich: December Spotlight: Corporate Bond Market Sees Liquidity Improve in Record Year | Coalition Greenwich
² Crisil Coalition Greenwich: September Spotlight: Corporate Bond E-Trading on a Roll | Coalition Greenwich

Strategic Move Will Expand COEX’s Capabilities in Fixed Income Credit

LONDON, 15 May 2025 - COEX Partners, a leading agency execution specialist, has entered into an agreement to acquire the credit business of Cambridge International Securities, a US- and UK-based independent fixed income broker-dealer co-founded by Kate Buckley and Bill Weber. This will mark COEX’s entry into the agency fixed income credit market and underscores its ongoing expansion across asset classes and geographies.

As part of the transaction, COEX will take on Cambridge’s credit business, strengthening its fixed income product offering and client coverage. Henry Nevstad will be appointed Global Head of Agency Credit, based in London and reporting to COEX Partners CEO Robert Bond.

“COEX has experienced strong, consistent growth, expanding into new asset classes and regions,” said Robert Bond, CEO of COEX Partners. “Entering the fixed-income credit space has been a strategic priority for us, and Cambridge’s deep expertise in this sector makes them an ideal partner. We are excited to build on their legacy and welcome their talented team to COEX Partners.”
 

ENDS

About TP ICAP Group plc
Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets. We are a world-leading provider of OTC liquidity and data solutions, with a portfolio of industry-leading brands that include ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions. These businesses provide broking services, data & analytics, and market intelligence that are trusted by clients globally. We operate from more than 60 offices across 28 countries. www.tpicap.com
 

Contact:
Sophonie Robichon
Liquidnet Global Marketing + Communications
+44 20 3933 0153
srobichon@liquidnet.com

LONDON, 21 May 2025 – ICAP has today been named Commodity Broker of the Year at the 2025 Energy Risk Awards, the prestigious international industry awards recognising excellence in global commodities markets.

ICAP was recognised for its exceptional responsiveness to client demand, its track record of innovation, and investment in talent. This award marks the second major recognition for ICAP this year, following being voted by clients as ranking number one versus its peers in Energy Risk’s Energy & Commodity Rankings in March. 

Commenting on the award, Greg Holtgrave, Head of ICAP Americas Energy & Commodities, said:

“Winning both these awards in the same year is an extraordinary achievement for ICAP. It validates our strategy and our team’s commitment to delivering the best possible client service.”

ICAP’s submission was particularly noted for its expansion into new markets and asset classes. Over the last 12 months, ICAP has grown its environmental markets offering, supporting clients with transitional solutions such as gas/LNG, and covering both voluntary and compliance carbon markets. ICAP also launched a new physical bulks desk in Copenhagen, allowing clients to hedge their exposure using financially settled contracts.

ENDS

About TP ICAP Group plc 
Through our talent and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets.
We are a world-leading provider of liquidity and data solutions, with a portfolio of businesses that provide broking services, data & analytics, and market intelligence that are trusted by clients globally.

We operate from more than 60 offices across 28 countries, supporting brokers with award-winning technology.

Media Contact     
Tom Gilbert | +44 7741231950 | thomas.gilbert@tpicap.com     

 

Please note that effective from May 1st 2025, TP ICAP EU MTF Rate Card has been updated to modify Term Repo brokerage fees.

FOR MORE INFORMATION PLEASE VISIT WEBSITE:

TP ICAP EU MTF

Capitalised terms used in this Market Notice shall have the meaning ascribed to them In the TP ICAP EU MTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email:
TP ICAP EU MTF

Postal adress:

TP ICAP (Europe) S.A.,
42 rue Washington
75008 Paris
France