Parameta Solutions, the Data & Analytics division of TP ICAP, announces that it has partnered with PeerNova, to launch a new enhanced consensus pricing solution, ClearConsensus.

The new offer, available to TP ICAP’s global client base, has been developed with the input of some of the world’s largest investment banks. It has been launched in partnership with PeerNova, a Silicon Valley data analytics and management company, and brings a new approach to risk and regulatory capital management. The solution directly addresses some of the growing pressures faced by clients with regards to transparency and governance.

ClearConsensus leverages Parameta’s unique observable transaction data in its Evaluated Pricing Service. This data is integrated into PeerNova’s market-leading technology to provide users with an efficient consensus process that is accurate and robust. This unique collaboration enables clients to improve the quality of their fair value assessments, leading to more efficient capital allocation and optimisation.

Eric Sinclair, CEO of Parameta Solutions, said:

“At Parameta, our focus is always on leveraging our data and network to provide products that cater directly to our clients’ needs. ClearConsensus does exactly that. By working so closely with the industry and partnering with PeerNova, a market leader, we are providing clients with an effective, robust and transparent solution that cannot be found anywhere else in the market.  ClearConsensus provides banks and other market participants with crucial information underpinned by transactional data, that will enable them make better decisions with regards to capital allocation.”

Gangesh Ganesan, Founder and CEO of PeerNova, commented:

“We are very pleased to partner with Parameta Solutions and launch ClearConsensus. As a leading  provider of unique OTC content, with a global footprint in the derivatives market, Parameta Solutions will bring significant expertise when it comes to meeting regulatory requirements and enriching client data. Coupled with PeerNova’s data and analytics capabilities, our solution is uniquely positioned to improve the overall consensus process, helping clients better plan for the future. ”

 

ENDS

 

About Parameta Solutions

Parameta Solutions is the Data & Analytics division of TP ICAP Group. The business provides clients with unbiased OTC content and proprietary data, in-depth insights across price discovery, risk management, benchmark and indices, and pre and post-trade analytics. Its post-trade solutions offering helps market participants control their counterparty and regulatory risks through a growing range of tools that manage balance-sheet exposure, as well as compression and optimisation services.

 

The Data & Analytics division includes the following brands: Tullett Prebon Information, PVM Data Services, ICAP Information and Burton-Taylor Consulting

 

 

Financial and interim management report for the six months ended 30 June 2022 (the "Period")
 

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

Nicolas Breteau, CEO of the Group, said:

"We have delivered high single digit revenue growth. We have also grown revenue across all our asset classes and increased our market share. A strong performance from Rates, helped deliver an uplift in profitability.

Our transformation continues at pace, including the rollout of Fusion, our award-winning electronic platform. Our focus on diversification is reaping benefits, too. Parameta Solutions is announcing today an enhanced consensus pricing solution in partnership with PeerNova and involving many of the world's largest investment banks. Meanwhile, at Liquidnet, our Dealer-to-Client credit proposition went live, as planned, in June, initially with a small number of clients ahead of a wider campaign. Trades have already been completed and key dealers are connected electronically via API.

We are committed to delivering capital efficiencies for the Group as a strategic priority. In the first phase of a review we are conducting following our Jersey redomicile, we have identified around £100 million of cash that will be generated or freed up by the end of 2023 and used to repay debt. Following that, and as part of the ongoing assessment of the Group's balance sheet and investment requirements, the Board is committed to identifying and returning any resultant surplus capital to shareholders.

Volatility has continued across many markets. Our core franchise, the depth of our liquidity pools, and our ongoing focus on our transformation mean we are well positioned in these market conditions."

Results for the Period

Reported / statutory results:

 

H1 2022

H1 2021

 

Revenue

£1,080m

£936m

 

EBIT1

£99m

£57m

 

EBIT1 margin

9.2%

6.1%

 

Profit before tax

£72m

£28m

 

Profit for the period3

£65m

£1m

 

Basic EPS

8.2p

0.1p

 

Interim dividend per share

4.5p

4.0p

 

Weighted average shares in issue (basic)

778.6m

737.7m

 

 

Adjusted results:

 

H1 2022

H1 2021

H1 2021

Constant

Currency

Revenue

£1,080m

£936m

£963m

EBITDA2

£185m

£155m

£162m

EBIT1

£142m

£117m

£123m

EBIT1 Margin

13.1%

12.5%

12.8%

Profit before tax

£116m

£88m

£94m

Profit for the period3

£101m

£75m

£81m

Basic EPS

12.8p

10.2p

11.0p

Weighted average shares in issue (basic)

778.6m

737.7m

737.7m

1. Earnings before interest and tax. For reporting purposes EBIT is equivalent to operating profit.

2. Earnings before interest, tax and depreciation & amortisation

3. Attributable to equity holders of the parent

A table reconciling Reported to Adjusted figures is included in the Financial and Operating Review.

The percentage movements referred to in the sections below are in constant currency (unless otherwise indicated). Constant currency refers to prior year comparatives being retranslated at current year foreign exchange rates.

Financial highlights

·      Revenue growth across all business divisions. Higher margin Rates business performing well;

·      We again increased overall market share;

·    Group revenue, excluding Liquidnet, up 7% (up 10% in reported currency); including Liquidnet, Group revenue up 12% (up 15% in reported currency);

·      Global Broking revenue up 8%. All asset classes generated revenue uplift;

·      Global Broking revenue per broker up 14%;

·      Energy & Commodities revenue up 2%. Strong performance in the US and APAC partly offset by decline in European Gas and Power in a "risk off" trading environment;

·      Agency Execution revenue increased by 58%. Excluding Liquidnet, revenue up 10%;

·      Parameta Solutions revenue up 6%. Data & Analytics again delivered double digit revenue growth (11%);

·      On track to achieve £25m of cost savings by the end of 2022;

·      Adjusted EBIT up by 15% to £142m (H1 2021: £123m in constant currency);

·      Reported EBIT increased by 57% to £99m (H1 2021: £63m); and increased by 74% in reported currency (H1 2021: £57m);

·   Adjusted EBIT margin, prior to Russian P&L charges, increased to 16.1% (H1 2021: 12.8% in constant currency); Including Russian impact, adjusted margin was 13.1%;

·      Reported EBIT margin increased to 9.2% (H1 2021: 6.1%);

Capital management highlights

·    Following our Jersey redomicile, we have conducted the first phase of a review which has  identified around £100 million of cash that will be generated or freed up by the end of 2023 and used to repay debt. This will increase our investment grade rating headroom and reduce future finance costs. The Board will continue to assess balance sheet and investment requirements and is committed to identifying and returning any resultant surplus capital to shareholders.

Strategic highlights

·      Continued transformation progress. On track to achieve Fusion rollout targets for the end of 2022;

·      Diversification programme continues, through the following three initiatives:

o  Today, Parameta Solutions is announcing an enhanced consensus pricing solution, leveraging our unique observable transaction data, which we will provide for our global client base. The solution will provide clients with enhanced data for risk and regulatory capital management. This is in partnership with PeerNova, a Silicon Valley data management and analytics firm, and in conjunction with over a dozen of the world's largest investment banks.

o  We are planning to launch (subject to regulatory approval) Fusion Digital Assets, an electronic marketplace for institutions.

o   In May, we became the first inter-dealer broker (IDB) through Parameta Solutions to administer over the counter indices and benchmarks. Part of our strategy to deliver more data driven insights for clients, including for their risk and compliance purposes.

·    The Liquidnet Dealer-to-Client (D2C) proposition launched, as planned, in June. The platform was launched with a small number of clients as the first step, ahead of a wider campaign planned for the second half. The Request for Quote protocol is live and the first trades have been completed. A number of key dealers are already connected via Application Programming Interface (API). This is an exciting growth opportunity for the Group.

·     New senior executives in place to increase the pace of execution. Mark Govoni joined in May from Instinet, where he was President of US Brokerage, to lead Agency Execution. Daniel Fields, previously Global Head of Markets at Société Générale, joined in June to lead Global Broking.

Dividend

An interim dividend per share of 4.5 pence (H1 2021: 4.0 pence) will be paid on 4 November 2022 to shareholders on the register at close of business on 7 October 2022.

Near term outlook

The market environment to date in 2022 has been volatile. This has been driven primarily by monetary policy tightening to combat record levels of inflation, the war in Ukraine and recessionary risks in many countries. This has driven higher trading activity and volumes across most asset classes, which we have benefited from. However, as we often highlight, it remains difficult to predict future levels of market activity, given the highly uncertain macro and geopolitical outlook. Despite the uncertain backdrop, we are cautiously optimistic for the remainder of the year and we are well positioned. In Rates, our outlook is positive, and we will benefit further once activity shifts towards the longer-dated end of the yield curve. Within Energy & Commodities, we expect the risk-off trading environment in the European Gas & Power market to continue in the second half, particularly over the summer months. We expect improved profitability from Liquidnet in the second half.

Group revenue in July 2022 was 1% higher than the corresponding period in 2021, in constant currency.

Forward looking statements

This document contains forward looking statements with respect to the financial condition, results and business of the Company. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. The Company'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 27 countries, supporting brokers with award-winning and market-leading technology.

 

TP ICAP, a leading electronic market infrastructure and information provider, announces that it has appointed Daniel Fields as CEO of its Global Broking division, reporting directly into Group CEO, Nicolas Breteau.

Fields has worked in capital markets for over 25 years. His experience includes the role of Global Head of Markets at Société Générale, having previously served as Global Head of Trading and Global Head of Sales in its Global Banking and Investor Solutions division.  He joins TP ICAP from Altero Capital Partners, where he focused on strategic advisory and capital markets.

As CEO of Global Broking, Fields will be responsible for driving further growth in the business and delivering strategic execution, including the continued rollout of TP ICAP’s innovative electronic platform, Fusion.

The move means that Andrew Polydor, who has led both Global Broking and Energy & Commodities (E&C) throughout the pandemic, will return to focusing on the E&C business as CEO. Supporting Polydor will be George Dranganoudis, who transfers from APAC to become Deputy CEO of E&C and EMEA CEO of E&C.

The appointment of Fields follows that of Mark Govoni as CEO of Agency Execution, announced in April of this year.

Nicolas Breteau, CEO of TP ICAP, said:

The appointment of Dan as CEO of our Global Broking business is another important strategic hire for TP ICAP as we continue to build out the strength of our leadership team. His extensive experience in capital markets and strong client relationships position him as the perfect candidate to drive the transformation of Global Broking.

“I’d like to thank Andrew for steering the business effectively through the turbulent years of the pandemic and various macro-economic shocks. He is now able to return to focusing on our E&C business. This division is continuing to embed technology and grow in key areas, such as our renewables and digital assets businesses.”

Daniel Fields, CEO of Global Broking at TP ICAP, said:

“TP ICAP’s Global Broking business is a world-renowned market leader, underpinned by a huge amount of expertise, trusted networks and innovative technology. I’m excited to take the reins at a time of major change, both within the wider markets and within TP ICAP. Already, the firm is making great progress advancing its strategy – for example, rolling out its electronic platform, Fusion – and I’m looking forward to working with such a talented team to continue to drive progress so that TP ICAP remains at the forefront of the industry.”

ENDS

 

 

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions. We are formed of four business divisions:

  • Global Broking: the largest Interdealer Broker in the world operating under the ICAP, Tullett Prebon and Louis Capital brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
  • Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
  • Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
  • Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post Trade Solutions provides pure electronic services focused on resetting, compression and repo.

 

 

Media Contact

Fay Rajaratnam

+44 7812811374

Fay.Rajaratnam@tpicap.com

 

TP ICAP Group plc ("TP ICAP" or the "Group")                                                                

11 May 2022

Trading update for the three months ended 31 March 2022

Highlights

  • Group revenue, excluding Liquidnet, up 3% in constant currency. Including Liquidnet, Group revenue up 14%; growth across all business divisions;
  • Varied market conditions: Higher level of volatility and trading activity in January / first half of March; more subdued volumes in February and later in March;
  • We again increased overall market share during the first quarter;
  • Better revenue mix: growth across all Global Broking asset classes other than Equities (unchanged);
  • Global Broking revenue per broker up 8%;
  • Data & Analytics again delivered double-digit revenue growth;
  • Good progress on transformation programme: TP Interest Rate Options desk now has #2 market share (from #4), benefiting from Fusion deployment.

Revenue by division

Three months to
31 March

2022

£m

2021 as reported £m

2021 in constant currency £m

Reported change

Constant currency change

Global Broking

317

306

309

Inter-division revenues1

5

5

5

Total Global Broking

322

311

314

+4%

+3%

Energy & Commodities

106

100

101

Inter-division revenues1

1

1

1

Total Energy & Commodities

107

101

102

+6%

+5%

Excluding Liquidnet

27

27

27

0%

0%

Liquidnet2

62

8

8

+675%

+675%

Total Agency Execution

89

35

35

+154%

+154%

Data & Analytics

40

36

36

+11%

+11%

Post-trade Solutions

4

6

6

-33%

-33%

Total Parameta Solutions

44

42

42

+5%

+5%

Inter-division eliminations1

(6)

(6)

(6)

Total Revenue

556

483

487

+15%

+14%

Total Revenue (excl. Liquidnet)

494

475

479

+4%

+3%

1.     Inter-division charges have been made by Global Broking and Energy & Commodities to reflect the value of proprietary data provided to the Parameta Solutions division. The Global Broking inter-division revenues and Parameta Solutions inter-division costs are eliminated upon the consolidation of the Group's financial results.

2.     In Q1 2021, £6m of revenue was included within Agency Execution relating to the post-acquisition period of Liquidnet (the acquisition completed on 23 March 2021);  This Liquidnet revenue has been restated to £8m by including an additional £1m of revenue previously reported in Global Broking, and £1m previously reported in COEX Partners (in Agency Execution), reflecting the transfer of desks, which, due to their complementary nature and strategic fit, have been reclassified to be managed and reported as part of Liquidnet.

Revenue by division (constant currency basis):

  • Global Broking revenue up 3%, benefitting from increased market volatility. Revenue grew in Rates, Credit, FX & Money Markets and Emerging Markets, but was flat in Equities, resulting in an improved mix.

         - Rates activity increased most notably in short-dated contracts, which have lower transaction values compared with longer-dated contracts;

         - Revenue per broker (productivity) improved by 8%.

  • Energy & Commodities revenue up 5% driven by growth in Oil and Power & Gas in the US, while in Europe, Power & Gas declined, as high prices and significant volatility led to lower volumes.
  • Agency Execution revenue of £89m increased by 154%. Liquidnet revenue of £62m was in line with market activity. Market share increased marginally in the US and was stable in Europe, where we remain a market leader.
  • Parameta Solutions: Continued double-digit revenue growth in Data & Analytics (+11%).


Strategic progress:      

Mark Govoni, former President of US Brokerage at Instinet, joined the Group on 2 May 2022 as the new CEO of Agency Execution, with a primary focus on driving the Liquidnet growth strategy;

  • Parameta Solutions became an FCA authorised benchmark administrator in May: the first inter-dealer broker that will administer over the counter ('OTC') benchmarks;
  • Digital Assets Spot Platform: Hudson River Trading added to the list of market makers; custodian network expanded to include BitGo and Komainu.

 

2022 AGM:

  • The Group will host its Annual General Meeting today, Wednesday 11 May 2022, at 2.15pm (BST) at the offices of Allen & Overy LLP, One Bishop's Square, London, E1 6AD.

Forward looking statements

This document contains forward looking statements with respect to the financial condition, results and business of the Company. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. The Company'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 27 countries, supporting brokers with award-winning and market-leading technology.

Parameta Solutions takes over administration of TP ICAP benchmarks, laying foundations for future benchmark creation.

Parameta Solutions, the Data & Analytics division of TP ICAP, has announced that it has become a FCA authorised benchmark administrator, making it the first interdealer-broker to administer over the counter (OTC) benchmarks and indices.  Parameta Solutions will also take on administration of the nine TP ICAP interest rate swaps benchmarks that were previously administered by Moorgate Benchmarks Ltd.

The nine benchmarks, which all cover the mid-price interest rate swaps from TP ICAP’s Global Broking business, increases transparency for market participants for whom data-driven insight is crucial, especially for risk and compliance purposes. In particular, visibility into the level of the implied mid-price in the relevant underlying swap rate is key for clients as they adopt these benchmarks.

Jonathan Cooper, Chief Revenue Officer at Parameta Solutions commented, “Creating possibilities for clients drives everything we do, and it became clear that there was a significant gap in the market for independent OTC benchmarks. Underpinned by our wealth of data and insight, we’re now able to provide bespoke and transparent benchmarks & indices built on OTC data to support our clients so that they can accurately compare their performance against their asset allocation strategy.

“Looking ahead, building out our benchmarks & indices offering is a core priority for us, with a particular focus on the ESG and rates space.”

Rushmi Katyal, Chief Governance, Risk and Controls Officer at Parameta Solutions added, “Our clients have highlighted that access to Parameta Solutions’ benchmarks will enable greater innovation and better management of risk. That is why we have designed a governance, risk and control framework that will ensure our clients benefit from the compliance and transparency regime we have put in place.”

ICAP Information Services Limited trading as Parameta Solutions will take on all administrative responsibilities for the benchmarks previously administered by Moorgate from 16 May 2022. Parameta Solutions also complies with the IOSCO Principles for Financial Benchmarks.

 

For more information please visit the Parameta Solutions Benchmarks page

 

About Parameta Solutions

Parameta Solutions is the Data & Analytics division of TP ICAP Group. The business provides clients with unbiased OTC content and proprietary data, in-depth insights across price discovery, risk management, benchmark and indices, and pre and post-trade analytics. Its post-trade solutions offering helps market participants control their counterparty and regulatory risks through a growing range of tools that manage balance-sheet exposure, as well as compression and optimisation services.

The Data & Analytics division includes the following brands: Tullett Prebon Information, PVM Data Services, ICAP Information and Burton-Taylor Consulting. 

 

Media Contact

Aspectus Group

Kate Evans

kate.evans@aspectusgroup.com 

 

TP ICAP, a leading electronic market infrastructure and information provider, announced today the appointment of Mark Govoni as Chief Executive Officer of its Agency Execution division. Govoni replaces John Ruskin, who has decided to step away from the business having successfully led the integration of Liquidnet into the TP ICAP Group. Ruskin will stay with the Group until the end of June to ensure an orderly transition.

TP ICAP’s Agency Execution division is formed of the Liquidnet and COEX Partners brands. The two businesses provide trading services for a broad range of asset classes to a sophisticated client base of asset managers, asset owners and hedge funds.

Govoni joins TP ICAP from Instinet, a firm he joined in 2012 and where he served most recently as President of U.S. Brokerage, having previously held the role of Head of U.S. Sales Trading. Prior to Instinet, Govoni was a Managing Director at Nomura Securities International, responsible for U.S. Execution Services. Earlier in his career, he held senior Program and Electronic Sales trading positions at Merrill Lynch. Govoni will be based in New York and report directly to TP ICAP Group CEO Nicolas Breteau.

Nicolas Breteau, Chief Executive Officer of TP ICAP Group, said: “Mark is a proven U.S. equity specialist. He has an extensive client network and is well connected to the industry’s top talent. Combine this with his energy, ambition, and ability to build industry-leading businesses and Mark is well placed to drive the performance of our buyside-focused franchise in the U.S. and beyond.

“Mark will build on the legacy left by John Ruskin, who I’d like to thank sincerely for the huge contribution he has made to TP ICAP. As well as stepping up to successfully execute the integration of Liquidnet, over the last five years John has championed the Group’s diversification strategy to expand our buyside offering. As a result, our Agency Execution division generated more than 10% of the Group’s revenue in 2021. Mark will now take up the baton from John to drive future growth.”

Mark Govoni, Chief Executive Officer of Agency Execution, said: “TP ICAP’s Agency Execution platform has strong and trusted client relationships, global reach, top tier technology and high calibre people. Together, these attributes position the platform to shape the future of electronic markets. I’m excited to get going, to build on the achievements of John and the team, and to advance our offering so that we serve our clients even more effectively.”

 

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions. We are formed of four business divisions:

  • Global Broking: the largest Interdealer Broker in the world operating under the ICAP and Tullett Prebon brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
  • Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
  • Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
  • Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post Trade Solutions provides pure electronic services focused on resetting, compression and repo.

 

www.tpicap.com

 

Media Contact

TP ICAP

Fay Rajaratnam

+44 7812811374 

Fay.Rajaratnam@tpicap.com

 

Maitland/AMO

+44 207 379 5151

tpicap-maitland@maitland.co.uk

TP ICAP Group, a leading electronic market infrastructure and information provider, has announced a new set of ESG targets, including a commitment to being Net Zero by 2026 across its Scope 1 (direct emissions from its own operations) and Scope 2 (indirect emissions including purchased/acquired electricity).

In addition to the Net Zero commitment, TP ICAP also commits to increasing its gender representation of the non-broking employee base from 34% to 38% by the end of 2025 and to incorporating mandatory ESG scoring into the evaluation and approval process for any new business initiative.  

The ESG targets are an important part of the business’ ambition to be the broker for the transition to an inclusive and low carbon economy. Focused on areas of improvement most material to TP ICAP, these targets will be reported on annually. 

The move follows a materiality assessment that established an ESG reporting framework comprising the 15 disclosure areas most relevant to the business. TP ICAP has also formed a Group ESG Forum, reporting into the Executive Committee, to oversee progress and advance the Group’s sustainability strategy.

Nicolas Breteau, Chief Executive of TP ICAP, commented, “The climate crisis and inequality are perhaps the greatest challenges of our time. Tackling these challenges requires every government, business and individual to play their part.

“Our ambition is to be the broker for the transition and these new targets mark a significant step forward in that journey. By working in partnership with our clients, colleagues, suppliers and investors, we can deploy our strengths as a business to accelerate the move to a low carbon and socially inclusive future.”

 

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions. We are formed of four business divisions:

  • Global Broking: the largest Interdealer Broker in the world operating under the ICAP and Tullett Prebon brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
  • Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
  • Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
  • Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post Trade Solutions provides pure electronic services focused on resetting, compression and repo.

 

www.tpicap.com

 

Media Contact

TP ICAP

Fay Rajaratnam

+44 7812811374 

Fay.Rajaratnam@tpicap.com

 

Maitland/AMO

+44 207 379 5151

tpicap-maitland@maitland.co.uk

TP ICAP, a leading electronic market infrastructure and information provider, announced today that it has enhanced Liquidnet’s New Issue Trading (NIT) protocol for bonds to enable dealers to join the buy-side in placing orders and trade directly on its new issue order book.

Liquidnet launched the NIT protocol – the first electronic solution to trade new issues in Europe – to its network of over 500 global firms in September 2021.  Expanding access to the protocol will now enable more than 100 of TP ICAP’s major dealer clients to also connect, enabling the buy-side and the sell-side  to trade together for the first time from a TP ICAP screen.  Dealer access to the new issue screen is via Fusion – TP ICAP’s award-winning electronic portal through which its clients can access the Group’s aggregated liquidity and post-trade services.

Nicolas Breteau, CEO of TP ICAP, said: “Making it possible for TP ICAP’s dealer clients to connect to the innovative NIT protocol means a deeper liquidity pool and more efficient trading experience for all – buy-side and sell-side.  It’s another compelling example of what the combined strengths of TP ICAP and Liquidnet bring to market, and that we are on track in executing our growth plans.”

Mark Russell, Global Head of Fixed Income for Liquidnet, said: “The electronification of new issue trading is one facet of Liquidnet’s overall Primary Markets initiative.  We were the first to introduce a new issue trading protocol in EMEA, and today’s announcement helps to industrialise that innovation by taking it to a new audience. The outcome is improved liquidity, more efficient new issue trading, while still maintaining anonymity.”

The announcement builds on TP ICAP’s acquisition of Liquidnet in March 2021.  It follows the phase one launch of Liquidnet Primary Markets in September 2021, providing investors with new deal information in real-time, to setup in their O/EMS for faster processing, and facilitating bond trading in the grey market and immediately post-pricing.

 

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions. We are formed of four business divisions:

  • Global Broking: the largest Interdealer Broker in the world operating under the ICAP and Tullett Prebon brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
  • Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
  • Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
  • Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post Trade Solutions provides pure electronic services focused on resetting, compression and repo.

 

www.tpicap.com

 

About Liquidnet

Liquidnet is a leading electronic trading network that intelligently connects the world’s investors to the world’s investments. Since our founding in 1999, our network has grown to include more than 1,000 institutional investors that collectively manage $33 trillion in equity and fixed income assets. Our network spans 46 markets across six continents and seamlessly connects institutional brokers, investment banks, exchanges, alternative trading venues, and a growing list of data and research providers. We built Liquidnet to make global capital markets more efficient, and continue to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that our customers need. Liquidnet Holdings, Inc. and its subsidiaries are part of TP ICAP Group plc. For more information, visit www.liquidnet.com and follow us on Twitter @Liquidnet.

 

Media Contact

TP ICAP

Fay Rajaratnam

+44 7812811374 

Fay.Rajaratnam@tpicap.com

 

Maitland/AMO

+44 207 379 5151

tpicap-maitland@maitland.co.uk