Further to Market Notice 2025.017 ICAP UK OTF published on 28 November 2025, TP ICAP has updated its transparency parameters, effective from 18 September 2026.

In PS24/14: Improving transparency for bond and derivatives markets, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. 

From 18 September 2026, under this discretion, TP ICAP will continue to apply the parameters previously specified by the FCA. However, these parameters will be simplified so that the lowest threshold is applied for each broad product category for relevant Category 2 instruments, without applying separate maturity-bucket or liquidity-specific thresholds.