Market Notice 2026.001.ISWAPUKMTF

The purpose of this Market Notice is to advise that the iSwap GBP Market Maker Programme has been renewed with effect 1Jan26 and will run till 31Dec26.  The terms remain unchanged.

iSwap UK MTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the iSwap Venue Rulebook, Rate Card or iSwap GBP Market Maker Programme Rulebook.

Please direct any questions regarding this Market Notice to:

Email: i-swap@icap.com

Post:

iSwap Euro Ltd
TP ICAP Group plc
135 Bishopsgate
London
UK
EC2M 3TP

Please note that the rate card for Section 1.11: Rebalance FI - Optimisation Trading System Fees has been updated. The API discount of 50% has been extended to all venue participants trading investment grade and high yield bonds for another year. 

The venue has also introduced a new incentive scheme to reward the top participant in
volume traded across both investment grade and high yield bonds in emerging markets with a 25% discount.

The updated rate card takes effect from 1st January 2026.

TP ICAP UK MTF Venue Page

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

Please direct any questions regarding this Market Notice to: 

Email: tpicapukmtfoperator@tpicap.com

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

Please note that the CEEMEA Government Bonds rate card for the TP UK OTF has been updated and takes effect from the 23rd December 2025. 

Please direct any questions regarding this Market Notice to:

Email: tpsotfoperator@tpicap.com

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

LONDON, 9 January 2026 - TP ICAP Group, a world-leading provider of market infrastructure, has agreed to acquire Vantage Capital Markets (Vantage), a global brokerage with significant presence in London, Hong Kong, Tokyo, and Dubai.

The acquisition, subject to regulatory approval, strengthens TP ICAP’s position in equity derivatives and fixed income, particularly across APAC markets, while enabling Vantage to leverage TP ICAP’s extensive US footprint. Vantage’s leadership team will remain in place, ensuring continuity and stability for clients.

Nicolas Breteau, CEO of TP ICAP Group, commented:

“We are delighted to welcome Vantage Capital Markets to the TP ICAP Group. This acquisition forms part of our targeted investment strategy to drive profitable growth, expand our global reach, and broaden our product offering. It strengthens our presence in key APAC markets across several asset classes and opens exciting opportunities in the US, where Vantage will be able to leverage our footprint to scale at pace. We look forward to working with Vantage’s talented team to deliver even greater value to our clients.”

Roderick Wurfbain, CEO of Vantage Capital Markets, added:

“Joining TP ICAP, the world’s leading IDB, marks an exciting new chapter for us. We are confident that, together, we will accelerate our growth – notably in the US – and continue to provide outstanding service to our clients worldwide.”

Completion of the transaction is subject to regulatory approvals and is expected to close in Q2 2026.

ENDS

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

Please note that effective from December 19th 2025, ICAP EU OTF Rate Card has been updated with details regarding rate changes for CEEMEA Government Bonds. For more information, please visit website:

ICAP EU OTF Venue Page

Capitalized terms used in this Market Notice shall have the meaning ascribed to them In the ICAP EU OTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email:
ICAP EU OTF

Postal address:

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