LONDON, 8 June 2026 – TP ICAP Group (“TP ICAP”), a world leading provider of financial markets infrastructure and data, today announced RealQ, a new credit trading and data platform designed to improve how liquidity is discovered, accessed and transacted in bond markets. Following the acquisition of Neptune Networks by TP ICAP in partnership with nine global banks in 2025, this marks the next milestone in building a combined dealer to client (D2C) credit business integrating Neptune’s proprietary data network with Liquidnet Fixed Income’s electronic credit trading platform.

Despite ongoing electronification, credit markets remain challenged by fragmented workflows, uneven data quality, and the cost of information leakage. These frictions often result in wider spreads, delayed execution and missed liquidity for both dealers and investors.

RealQ is designed to address these challenges by bringing together Neptune Networks’ dealer axe and inventory data with Liquidnet’s long-established institutional connectivity and buy-side workflows to support more direct access to liquidity. The result will be a unified platform where trading interest can be shared and engaged with across multiple protocols, with greater precision, control, and confidence.

A connected platform for modern credit markets
RealQ enables market participants to match execution protocols to trade size, market conditions and the information sensitivity of trades across both primary and secondary credit markets. Its current range of protocols covers:
•    Dealer-to-client targeted negotiation for block transactions
•    All-to-all anonymous liquidity interactions where discretion is required
•    Dealer-to-dealer internal crossing and balance sheet driven workflows, and 
•    All-to-all electronic access to primary issuance and new issue trading.

In addition, the RealQ platform will continue to develop its data distribution offering by building on the large and growing dealer network of Neptune, which now stands at 34 global banks.

David Johnsen, CEO, RealQ, said: 

“This marks an important milestone following the acquisition of Neptune Networks. By combining curated dealer data with institutional workflows, RealQ is designed to support targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic and deliberate way.”

James Wilson, Co-Head of EMEA IG Cash Trading at J.P. Morgan: 

“RealQ's offering represents an important step forward in electronic credit trading enabling us to share higher quality axes with greater control, engage only when there is genuine opposing interest, and reduce information leakage. That combination supports more efficient outcomes for both dealers and clients.”

Jason Recordon, Head of European Fixed Income Trading, Janus Henderson: 

"We are always looking for safer and more efficient ways to source liquidity. We support RealQ's ambition to bring together high-quality data and client-driven workflows, helping address longstanding challenges such as stale data, inconsistent terminology, and information leakage."

ENDS

About RealQ
RealQ is the new brand for Liquidnet Fixed Income, an institutional credit trading and data platform. It is designed to support targeted matching and controlled execution in complex credit markets, where size, structure and information sensitivity often require a more deliberate approach.

Following TP ICAP’s acquisition of Neptune Networks in partnership with nine global banks in 2025, RealQ brings together Neptune’s dealer data network with Liquidnet Fixed Income’s execution capabilities and buy side workflows. By combining curated dealer axes and inventory with buy side trading signals surfaced through workflow integration, RealQ supports selective interaction between counterparties across a range of execution workflows.

Built on more than a decade of infrastructure and market relationships, RealQ serves over 500 buy side and sell side firms across North America and EMEA. The platform enables participants to engage trading interest through targeted matching and controlled execution, aligning interaction with trade size, market conditions and information sensitivity.

www.realqmarkets.com

About TP ICAP
•    TP ICAP connects buyers and sellers in global financial, energy and commodities markets.
•    We are the world’s leading wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the globe.
•    We operate from more than 60 offices across 28 countries, supporting brokers with award winning and market-leading technology.

Press contacts 
Tom Engleback – Thomas.engleback@tpicap.com / +44 (0)77025 98537
Eleonore Basle – eleonore.basle@greentarget.co.uk  / +44 (0)7834 571183