Sectors & services

TP ICAP is formed of a portfolio of businesses that provide intermediary services, contextual insights and intelligence, trade execution, pre-trade and settlement services, and data-led solutions. 

Our structure is formed of four divisions: Global Broking, Energy & Commodities, Agency Execution and Data & Analytics.

Global Broking

Our Global Broking division services markets in Rates, FX & Money Markets, Emerging Markets, Equities and Credit products. 

As trusted partners with deep customer relationships, our brokers support trading strategies, identify potential trading interest, foster liquidity and facilitate price discovery. Market-leading technology platforms enable our brokers to incorporate large amounts of data and research into decisions. 

Using their market knowledge and experience to observe and interpret events, precedents and probabilities, our brokers act decisively on real-time information to deliver the desired outcomes for our clients.

Our two global broking businesses, Tullett Prebon and ICAP, operate independently and compete with one another for the benefit of our clients. Both are recognised as world leaders in the broking sector.

Energy & Commodities

Our global Energy & Commodities division operates in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals, soft commodities and coal. 

We offer our clients three distinct liquidity pools through three competing broking brands – Tullett Prebon, PVM and ICAP. 

Brokers assist across the value chain, from canvassing the market for expressions of interest, to intelligence gathering, negotiations and post-transaction processing. They also provide insights on the impact of unpredictable factors such as weather conditions, geopolitics and exchange rate movements.

Our businesses act solely as intermediaries – matching buyers and sellers – and focus on the quality of information, price discovery and trading liquidity they are able to bring to each client. 

Agency Execution

Our Agency Execution division operates under two brands: Liquidnet and Coex Partner. Together the business covers a broad range of asset classes, providing a sophisticated client base of hedge funds, asset managers and asset owners with agency execution services. 

Liquidnet is a leading electronic trading network. It is a global specialist in cash Equities dark/block trading, with a growing Fixed Income presence. Liquidnet has more than 1,000 buyside clients, collectively managing US$33 trillion in equity and fixed income assets. Our network is well embedded into institutional workflows, including our signature institutional desktop trading applications, and via integrations with major order/execution management system.

Coex Partners is a trade advisory and agency execution service that covers Listed Derivatives, FX, Government Bonds, Cleared Interest Rate Swaps and Cash Equities. Our professionals gather information, devise trading ideas, analyse potential trades, locate scarce assets, formulate pricing and execute trades in an efficient manner. By tailoring strategies to meet short and long-term goals, we enable our clients to manage their risk effectively.

Data & Analytics

Our Data & Analytics division provides unbiased data products that facilitate trading, enhance transparency, reduce risk and improve operational efficiency. We help clients to make more efficient investment, portfolio analysis, valuation, risk management and compliance decisions. 

Rigorous quality assurance processes ensure the integrity and robustness of our products, which include pricing, reference data and analytical tools for major asset classes and markets. We operate through a number of brands including ICAP, Liquidnet Investment Analytics, PVM and Tullett Prebon. 

Our offering includes real-time price information from the major OTC financial and commodity markets delivering high quality independent data in a number of asset classes including Rates, FX and Money Markets, Volatility, Oil, Energy, Inflation, Credit and Equities. Via our Liquidnet offering, we provide clients with artificial intelligence and machine learning tools to help them identify trading opportunities.

£990m

REVENUE

On 7 August 2020 we announced our interim results with record H1 revenues, up 7%, with growth across all four business divisions.

50%

GROWTH

Our Institutional Services division, which provides agency execution for our buy-side clients, grew its revenues by 50%.

19.9p

EPS

Growth in underlying Earnings Per Share up 3% year-on-year.

EXPERT INSIGHT & ANALYSIS

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