TP ICAP, the world’s largest interdealer broker, suffered a network outage at 4.50pm GMT yesterday. We have been working with our network and hardware providers to resolve the issue.

As of 7am GMT today, significant progress has been made in diagnosing the problem and initiating recovery. It is a network outage and not a cyber-attack.

The incident has impacted the customers across our Tullett Prebon businesses. However, substantially all of ICAP’s businesses remain unaffected.

We have informed our regulators and our customers, and any transactions impacted by the outage have been identified and managed accordingly.

The organisation is fully mobilised and working on this as a matter of urgency, and we will provide an update in due course, though we hope to have the issue resolved during the course of today.