24th May, 2023 – London

TP ICAP Group, a world-leading provider of market infrastructure, announces that Fusion Digital Assets – its marketplace for spot cryptoassets – is now live and has successfully completed its first XBTUSD pairs trade with the associated settlement processed by Fidelity Digital Assets℠.

Fusion Digital Assets is a trading venue for institutional market participants only. The venue is distinctive because its segregated operational structure aligns with traditional financial markets rather than cryptoasset markets seen to date. This means that independent providers perform specific, segregated roles that cover trade execution, custody, and settlement.

The venue’s core elements include:

  • Fusion – TP ICAP’s proprietary, award-winning electronic platform – provides clients with a non-custodial cryptoasset exchange for order matching and trade execution;
  • Fidelity Digital AssetsSM, an industry-leading custodian, provides independent safe keeping of clients’ inventories and settlement services through a segregated model;
  • An anonymous aggregation of streaming liquidity from world-leading market makers and uncorrelated liquidity from TP ICAP’s global client base; and 
  • Being operated by TP ICAP E&C Limited and registered with the FCA as a cryptoasset exchange provider.

Fusion Digital Assets combines TP ICAP’s established expertise in operating venues and organising execution, with Fidelity Digital AssetsSM institutional-grade custodial capabilities, and diversified liquidity from TP ICAPs global client base. The venue currently supports trading in Bitcoin and Ether against USD. Going forward, it will expand the assets it supports in line with client demand. It will also add further custodians to develop a multi-custody model.

Simon Forster, Global Co-Head of Digital Assets at TP ICAP Group, said: “We are excited to be live with Fusion Digital Assets, a solution we believe the market needs. The venue provides the fundamental operational structure and governing principles that clients recognise and expect, but which have been largely missing from the market until now. Combining independent and segregated custody with an FCA-registered cryptoasset exchange helps to shape the future of cryptoasset market infrastructure. Add TP ICAPs liquidity and distribution capabilities and we are uniquely positioned to service clients’ needs. The first live trade is another milestone for our business, and we look forward to enhancing product functionality from here.”    

TP ICAP clients and partners commenting on the completion of the first trade include:

Manuel Nordeste, Head of European Business Development, Fidelity Digital Assets℠ Europe, said: “Today is a further milestone in our collaboration with TP ICAP and the evolution of the digital assets ecosystem to enable even more participation from institutional investors. Our collective goal is to enable investors to navigate this nascent asset class, execute trades, and custody their assets with confidence.”

Mike Kuehnel, CEO, Flow Traders, said: "Flow Traders is a strong supporter of developments that enhance the institutional digital assets infrastructure, promoting efficient markets and best practices. We acknowledge this pioneering approach and are pleased to partner with TP ICAP to develop this next generation marketplace for digital assets. We are looking forward to advancing this project and our partnership further."

Philippe Bekhazi, Founder and CEO of XBTO Global, said: "Our liquidity partnership with TP ICAP combines our expertise in the digital assets space with TP ICAP's deep knowledge of traditional financial markets. Together we are offering clients new ways to access institutional liquidity and execution services. Today is a significant step forward in our mission to make digital assets a mainstream asset class."

Roger Wurzel, Head of Trading, DLT Finance, said: “As a leading BaFin-regulated digital asset-focused securities trading bank and custodian, we are excited to work with TP ICAP. Their unwavering commitment to regulatory compliant trading ensures a secure and trustworthy platform for institutional investors to access and navigate the digital asset market. Together with TP ICAP, we contribute to the growth of the institutional digital asset ecosystem, delivering exceptional solutions to our valued clients.”
 

                                                                                        ENDS

Notes to Editor:

  • The first trades build on TP ICAP’s growing footprint in the digital assets space.
  • Since 2019, TP ICAP’s Digital Assets team, co-headed by Duncan Trenholme and Simon Forster, has been providing price discovery and execution services across listed Bitcoin and Ether Futures and Options. 
  • The team also covers a range of cryptoasset Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). Cryptoasset Over-The-Counter (OTC) derivatives are expected to follow in 2023. 
  • TP ICAP Digital Assets operates globally from London, Paris, New York, Hong Kong, and Singapore.
  • For more information on Fusion Digital Assets contact fusiondigitalassets@tpicap.com

About TP ICAP Group plc

  • TP ICAP connects buyers and sellers in global financial, energy and commodities markets. 
  • It is a world-leading provider of liquidity and data solutions, with a portfolio of businesses that provide broking services, data & analytics and market intelligence that are trusted by clients around the world. 
  • It operates from more than 60 offices across 28 countries, supporting brokers with award-winning technology.

About Fidelity Digital Assets℠ 

Fidelity Digital Assets℠ is a subsidiary of Fidelity Investments, dedicated to building products and services that help institutions adopt digital assets. The business offers a full-service enterprise-grade platform for securing, trading, and supporting digital assets. Established in 2018, Fidelity Digital Assets combines the operational and technical capabilities one of the world’s largest and most diversified financial services providers with deep and dedicated blockchain expertise to deliver a differentiated offering for institutional investors. Learn more at www.fidelitydigitalassets.com

About Flow Traders

Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (ETPs), now expanded into other asset classes. Flow Traders ensures the provision of liquidity to support the uninterrupted functioning of financial markets. This allows investors to continue to buy or sell ETPs or other financial instruments under all market circumstances.

About XBTO Global

Established in 2015, XBTO is a leading crypto liquidity provider and asset manager, with average monthly trading volumes in the billions serving a curated list of sophisticated counterparties including Exchanges, Hedge Funds, Family Offices, UHNW Individuals, and DeFi Protocols. 

We are a designated market maker for leading exchanges, trading spot and derivatives as well as OTC spot and derivatives. We provide liquidity-as-a-service for tokens issuers and DeFi trading and staking. We also offer asset management through quantitative systematic strategies, crypto-native and traditional asset classes, and venture capital.

XBTO builds upon our base of deep knowledge of financial markets, blockchain technology and a dedicated focus to risk management. We have a strategic investment arm named Humla Ventures and partner with Stablehouse for institutional-grade custody solutions. www.xbto.com


About DLT Finance

DLT Finance enables institutional investors, financial institutions, and fintech companies to integrate digital asset trading and custody into their offerings. Its Clients and partners benefit from a BaFin-regulated counterparty and a battle-tested security infrastructure. State-of-the-art technology, first-class execution services, and regulatory compliance are at the core of DLT Finance’s building blocks. Institutional Access to Digital Assets | DLT Finance (dlt-finance.io)
 

                                                                                             

Media Contact:

TP ICAP
Richard Newman | +44 7469039307 | richard.newman@tpicap.com
H Advisers/Maitland | +44 207 379 5151 | tpicap-maitland@maitland.co.uk
 

Fidelity Digital Assets
Media Relations | +1 (617) 392-2021 | media@fidelitydigitalassets.com 

Flow Traders
Laura Peijs | +31 20 799 6125 | lpeijs@flowtraders.com

XBTO Global
Bill Skidd | +1 (203) 803-5674 | bill.skidd@xbto.com

DLT Finance
Walter Börst | +49 (0) 15253462640 | walter.boerst@dlt-finance.com
Roger Wurzel | +49 (0) 1726522863 | roger.wurzel@dlt-finance.com
 

Trading update for the three months ended 31 March 2023

Revenue performance (in constant currency, unless in brackets, which denotes reported currency)

TP ICAP Group plc (the "Group") announces its results for the Period today. 

Total Group revenue of £606m up 2% (+9% in reported currency). Global Broking revenue up 3% (+9%). All asset classes generated low to mid-single digit growth. In Energy & Commodities (E&C), revenue increased by 3% (+10%), in line with exchange volumes. Market conditions, and liquidity, in European Gas & Power continued to improve, leading to an increase in revenue. Revenue in Oil was unchanged. There was a strong comparative   period last year for Global Broking and E&C.


Parameta Solutions revenue grew by 7% (+15%). The division continues to target double-digit constant currency growth in Adjusted EBIT. Liquidnet division revenue was down 3% (+3%). There was a strong performance from the relative value business, while cash equities revenue declined in line with block market volumes. 

We remain well positioned and expect interest rates to remain at elevated levels throughout the year; at the same time, the benefit of the recent strong US Dollar is now moderating.

Strategic update

  • Good momentum on connecting major US banks – a key strategic deliverable - to Liquidnet’s Dealer toClient Credit platform, which offers clients a range of services: Request-For-Quote (RFQ), Rebalance, and  e-Repo. One large US bank is now directly connected to our API on the RFQ protocol. A second large US bank is in the final stages of certification;
  • Parameta Solutions approved as an ESMA-authorised benchmark administrator: the first data provider to administer OTC benchmarks and indices across Europe/UK;
  • The Group successfully completed a new £250m bond issuance on 5 April to refinance the existing January 2024 bond. The new issue was more than 5x over-subscribed.

2023 Annual General Meeting

The Group will host its Annual General Meeting today, Wednesday 17 May 2023, at 2.15pm (BST) at the offices of Allen & Overy LLP, One Bishop’s Square, London, E1 6AD.

2023 half year results

The Group will report its results for the six months ended 30 June 2023 on 9 August 2023.

Forward looking statements

This document contains forward looking statements with respect to the financial condition, results and business of the Group. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. The Group’s actual future results may differ materially from the results expressed or implied in these forward-looking statements.

 

Enquiries:

Analysts and investors
Dominic Lagan
Direct: +44 (0) 20 3933 0447

Email: dominic.lagan@tpicap.com
 

Media
Richard Newman
Direct: +44 (0) 7469 039 307

Email: richard.newman@tpicap.com
 

About TP ICAP

  • TP ICAP connects buyers and sellers in global financial, energy and commodities markets. 
  • It is 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 world. 
  • We operate from more than 60 offices across 28 countries, supporting brokers with award-winning and market-leading technology.

 

26th April, 2023 – London and New York

Global index revenues increased 5.9% in 2022, totaling a record $5.33 billion, according to a benchmark study published by Burton-Taylor International Consulting, part of TP ICAP’s Parameta Solutions division. The new study provides a comprehensive analysis of the index industry with detailed reviews of leading index providers, including FTSE Russell, S&P Dow Jones Indices, MSCI, Nasdaq, STOXX, Bloomberg, Alerian, Intercontinental Exchange, Solactive, Morningstar, CRSP and SIX.

Index industry revenues increased across all revenue segments in 2022, with asset-based fees rising 12.8% annually over the last five years, representing 49% of total and subscription fee revenues.  The remaining index revenues comprise non-recurring transaction revenue and revenue from index licensing for use with derivatives, OTC contracts, and structured products. Higher AUM in ETPs drove growth for most providers, specifically those generating the most revenues from asset-based fees. 

Key findings in the study include:

  • FTSE Russell, S&P Dow Jones Indices, and MSCI account for more than 2/3rds of total index revenue.  
  • Assets under management in ETFs declined slightly by 4.6% to $9.552 trillion.
  • Investments continue to flow into ESG and similar thematic funds, but traditional equity indices still capture 2 of every 3 dollars earned by providers.

“Targeted indices, led largely by sustainable themes related to ESG, capitalize on investors’ desire for exposure to more specific slices of the market and will continue to have a positive impact on index industry revenues,” said Robert Iati, Managing Director at Burton-Taylor. “However, turbulent markets that characterize the current environment are likely to slow the growth of inflows to indexes as investors seek more specific, defined investments to beat, rather than track, the market,” he added.  

You can purchase the full 86-page Burton-Taylor Index Global Share & Segment Sizing 2022 – Global Market Drivers, Global Market Share 2018-22, Key Competitors, Global Segment Sizing 2018-22 by visiting: Global Exchange & Index | Burton Taylor (tpicap.com) or by contacting orders@burton-taylor.com, +1 646 201-4152.

                                                                                       

                                                                                   ENDS

 

About Burton-Taylor International Consulting (www.tpicap.com/burtontaylor)

Burton-Taylor International Consulting, part of TP ICAP group, is the recognized leader in information industry market research, strategy, and business consulting.  Burton-Taylor Exchange, Credit, Risk, Compliance, Media Intelligence, PR, and Market Data share figures are seen as industry benchmark standard globally. For further information see www.burton-taylor.com.

 

About TP ICAP Group plc:

  • TP ICAP connects buyers and sellers in global financial, energy and commodities markets. It is a world-leading provider of liquidity and data solutions, with a portfolio of businesses that provide broking services, data & analytics and market intelligence that are trusted by clients around the world.
  • Its Global Broking division is the largest inter-dealer broker in the world.
  • TP ICAP operates from more than 60 offices across 28 countries, supporting brokers with award-winning and market-leading technology.
  • Fusion is TP ICAP’s award-winning electronic platform. It gives clients access to the aggregated liquidity of TP ICAP’s global brands. It offers a single sign on that connects the client to multiple products, across multiple asset classes.

             

Media Contact:

Burton Taylor International Consulting

Robert Iati

robertiati@burton-taylor.com

+1 646 868-0619