London, 8 December 2023: ICAP, part of TP ICAP Group, a world leading financial services company, is pleased to announce that it raised £5.2 million on its 31st annual global Charity Day, held yesterday.

The Prince of Wales opened ICAP’s 31st Charity Day with a video message in his role as Royal Patron of The Passage, one of the UK charities supported this year.

A host of celebrities, including Dame Joan Collins, Bill Nighy, Rod Stewart and Will Poulter, attended ICAP Charity Day in London on Thursday. The global event took place across ICAP’s 27 offices worldwide, with 100% of ICAP’s revenues and its brokers’ commissions donated directly to a select group of charitable causes.

Nicolas Breteau, Group Chief Executive Officer, TP ICAP, said:

“I am delighted that this year’s ICAP Charity Day raised £5.2million, bringing the total amount raised to more than £165 million since the first Charity Day in 1993. The incredible amount raised by our 31st annual Charity Day will make a significant difference to many much-needed projects around the world.

“I would like to thank The Prince of Wales for his  support, and all our colleagues, clients, charity partners and distinguished celebrity guests for their dedication and goodwill on behalf of ICAP Charity Day which make this iconic event so enduring and special.”
 

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Media Contacts:
 

TP ICAP

Richard Newman, Group Head of Marketing and Communications
020 7200 7000
Richard.newman@tpicap.com

Maitland

H/ Advisors Maitland
M: +44 207 379 5151
tpicap-maitland@h-advisors.global

Notes to Editors:

Background Information on ICAP Charity Day

ICAP Charity Day was founded in 1993 to grow the firm’s charitable giving programme. It represents a pioneering fundraising initiative that has made a significant and lasting positive impact worldwide. Now in its 31st year, ICAP Charity Day has raised more than £160 million to date, which has been donated to more than 2,900 charitable causes around the world.

Made possible through ICAP’s position at the heart of global markets, the company and our brokers together give 100% of one day’s revenue to a select group of charities globally, guaranteeing a material donation to fund specific projects and initiatives. 

More information about the difference the projects ICAP Charity Day has supported since its inception has made, together with additional information on its impact can be found at: www.icapcharityday.com.

About TP ICAP Group

ICAP is a TP ICAP Group plc company. TP ICAP Group plc is a world leading financial services company. As a professional intermediary, we connect buyers and sellers in wholesale financial, energy, and commodities markets. Annually, we complete more than 5 million deals with a notional value of more than £217 trillion. By adding value across the full lifecycle of a trade, we help enable efficient and liquid markets, essential ingredients for a healthy global economy. 
 

London, 5 December 2023: ICAP, part of TP ICAP Group, a world leading financial services company, is pleased to announce that its 31st annual global Charity Day will be held on Thursday 7 December. 

Each year, ICAP Charity Day raises money for charities across the globe, with 100% of ICAP’s revenues and its brokers’ commissions generated on one day donated to a variety of causes. Last year more than 100 different charitable organisations worldwide benefited.

Since it began as a pioneering fundraising initiative in 1993, ICAP Charity Day has raised more than £160 million which has been donated to more than 2,900 charitable causes around the world, supporting more than 7.7 million people.

In the UK, 15 charitable organisations are set to benefit this year. They will be joined by their celebrity ambassadors at ICAP’s offices in London, where they will help brokers close deals with clients.

Bill Nighy, on behalf of Into Film; Ray Winstone and Jaime Winstone on behalf of Prostate Cancer UK; Will Poulter, representing Alzheimer’s Research UK; and Alex Scott on behalf of Refuge are among the distinguished celebrity ambassadors who will be attending ICAP Charity Day in London this year.

Nicolas Breteau, Group Chief Executive Officer, TP ICAP, said: 

“At a time when the cost-of-living crisis means the charitable sector continues to face significant financial pressure, we are delighted to be supporting 15 charities in the UK, and many more across the globe. With many charities at full capacity for their services, our focus has always been to fund projects that will advance the invaluable work of these amazing causes.

“Everyone in our firm takes enormous pride in the significant and enduring impact of ICAP Charity Day. We are delighted that it has grown to be an iconic day in the charity and financial calendar, capturing the imagination of our colleagues, clients, charity partners and their celebrity ambassadors.”

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Liquidnet, a leading technology-driven agency execution specialist, today announced the launch of a pre-trade analytics offering for listed derivatives.

Available in Europe and the US, this solution provides actionable intelligence, such as volume, liquidity, activity, and projected volume to inform the decision-making process prior to the point of execution.

Mike du Plessis, Global Head of Listed Derivatives at Liquidnet, said: “Historically, banks have dominated the provision of solutions and execution services to the buy side. This is changing. With connectivity, staging, algo execution and execution performance management becoming increasingly commoditized, the battle to differentiate has moved to new grounds. It is here that Liquidnet is well placed to compete given our technology and talent, our pure agency model, and our approach to working with institutional asset managers to design market-led, innovative solutions.”

du Plessis, who brings more than two decades of experience in building agency execution services at large investment banks, joined Liquidnet back in March 2022. He leads a team of specialists currently based in London, New York, Boston and Connecticut.

Darren Smith, Head of EQS, Listed Derivatives at Liquidnet, added: “In other asset classes, traders can access a suite of pre-trade data to decide how to best execute a trade. That information has been somewhat absent for listed derivatives and investors have been looking for ways to access the data in an easily consumable format. We’re pleased to address this gap and bring pre- and point-of-trade intelligence, with multiple delivery channels.”

The strategic move leverages the existing infrastructure and technology used for Liquidnet Investment Analytics to create a separate offering for the buy-side community, and marks Liquidnet’s entry into the listed derivatives space.
 

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About Liquidnet

Liquidnet is a leading technology-driven, agency execution specialist 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. 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. For more information, visit www.liquidnet.com and follow us on Twitter @Liquidnet.
 

About TP ICAP Group plc

Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets.

We are 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 globally

We operate from more than 60 offices across 28 countries, supporting brokers with award-winning technology.
 

Media Contacts:

Liquidnet

Sophonie Robichon | Liquidnet | +44-203-933-0153 | srobichon@liquidnet.com 

TP ICAP Group plc (TP ICAP), a world-leading provider of market infrastructure, today announced a record trading day on its eRepo order book. On 7 September 2023, the platform reported £100bn of volume traded in one day. 

eRepo is a fully electronic order book, designed to help market participants manage the high volume demands of the European repo market. The platform has grown significantly over the last 12 months. September month-to-date average daily volume (ADV) is up 180% compared to September ADV in 2022, driven by major participants signing up to eRepo’s competitive Fixed Rate fee schedule. 

Nichola Hunter, Global Head of Fixed Income Sales and Trading at TP ICAP said: “We are proud of achieving this milestone, which we believe demonstrates two things: One, that eRepo has firmly positioned itself as the alternate execution venue for UK Gilts and European Government debt. And two, that the market needs two viable and liquid order books. With one, the market has no redundancy; and with more than two, we risk fragmentation and a poor liquidity experience.” 

In the coming months, eRepo plans to roll out a new web-based front end via TP ICAP’s award-winning Fusion platform. This will introduce new feature functionality, along with improved navigation and deployment capabilities.

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About TP ICAP Group plc

Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets.

We are 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 globally

We operate from more than 60 offices across 28 countries, supporting brokers with award-winning technology.
 

Media Contacts:

Richard Newman | +44 7469039307 | richard.newman@tpicap.com

H Advisers/Maitland | +44 207 379 5151 | tpicap-maitland@maitland.co.uk
 

Parameta Solutions, a world leading provider of over-the-counter (OTC) market and transactional data, is pleased to announce the launch of a new family of Interest Rate Swap Volatility (IRSV) indices that aim to offer a robust and transparent daily indices in the interest rates swap markets.  

 
IRSV indices provide market participants with a forward-looking implied volatility measure for some of the most liquid option expiry, swap tenor combinations in the EUR and GBP interest rate swap markets. The indices will be powered by input data and analytics from ICAP, a leading interdealer broker (IDB) across the entire range of interest rate products, ranging from exotic options to short and long-term interest rate swaps.

Anand Venkataraman, Head of Benchmark and Indices Product Management, Parameta Solutions:
“IRSV indices are built on a theoretical foundation for measuring interest rate swap volatility, providing market participants with a model-free measure of spot implied volatility in the world’s major interest rate swap markets. Predictive power of model-free implied volatility estimates have been shown to have superior predictive power over other commonly used volatility forecasting measures. Such an approach to create IRSV indices will be able to assist market participants with accurate interest rate volatility measures, both when making investment decisions and when measuring investment risks.”

 
Will Ferguson, Senior Managing Director, ICAP G10 Rates:
“TP ICAP’s Global Broking business has a market leading position in Interest Rate Options markets for Euro (EUR) and Sterling (GBP). Central Banks hiking policy rates rapidly from near zero levels to combat rising inflation, and uncertainty driven by other regional events has created opportunity and volume in our interest rates business. A partnership with Parameta Solutions to develop innovative solutions like the IRSV indices will facilitate new liquidity opportunities and help us enhance our leadership position.”
 

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For more information on Parameta Solutions, visit https://parametasolutions.com/. 

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.

Press Contact

Tim Focas – Aspectus Capital Markets

tim.focas@aspectusgroup.com

+44 (0) 7835-517-004

Brad Starr – Aspectus Capital Markets

Bradley.starr@aspectusgroup.com

+44 (0) 7880-254-130

TP ICAP Group plc (the “Company” or “TP ICAP”) announces that it will commence a share buyback programme, starting today, of TP ICAP’s ordinary shares of 25p each (the “Ordinary Shares”) for a maximum consideration of £30 million (the “Buyback”), in order to reduce the capital of the Company and/or meet obligations under employee share schemes. Ordinary Shares purchased under the Buyback that are not cancelled will have their rights to dividend receipt waived by the Company.

The Buyback highlights the Board's confidence in the future prospects of TP ICAP, reflects its strong financial position and is consistent with its dynamic capital management strategy. It is being funded by a range of initiatives, following the Jersey re-domiciliation in February 2021, and cash generation.

TP ICAP is cash generative with a prudent capital management framework and the Board believes the Buyback strikes the appropriate balance between the continued and substantial investment in the Company’s organic prospects such as Fusion, Liquidnet Credit, and Parameta Solutions alongside reducing net debt at a time when interest rates are high, and the Company’s clear dividend policy of a 50% pay-out ratio of adjusted post-tax earnings for the year as whole. An interim dividend per share of 4.8 pence, up 7%, will be paid on 3 November 2023 to eligible shareholders. 

In addition to the Buyback, we are also pleased to report that we have freed up £100 million of cash to pay down debt six months ahead of schedule. 

Subject to the Company’s balance sheet and business investment opportunities, the Board will continue to assess opportunities to free up cash and pay down more debt, and/or return further capital to shareholders.

Any share purchases will be made by the Company within certain pre-set parameters and in accordance with the general authority of the Company to repurchase shares granted by shareholders at the Company’s Annual General Meeting held on 17 May 2023, which permits the Company to purchase no more than 78,867,093 ordinary shares (or 10% of the issued share capital). 

The Buyback will be conducted in compliance with Chapter 12 of the Financial Conduct Authority's Listing Rules and with European Union (EU) Regulation No 596/2014 ("MAR") and the MAR buyback technical standards (Commission Delegated Regulation (EU) 2016/1052) (the "Technical Standards"), both of which form part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018. 

The Company will initially rely on the safe harbour conditions for trading set out in Article 3(2) and Article 3(3) of the Technical Standards. However, if the safe harbour conditions were to constrain the Company’s ability to purchase the Buyback within the targeted timeframe given, for example, share illiquidity, the Company may subsequently decide and announce its intention to trade outside of the safe harbour conditions. 

The Company has entered into an agreement with Peel Hunt LLP (“Peel Hunt”) under which it has issued irrevocable instructions to Peel Hunt to manage the Buyback as “matched” principal. Peel Hunt will carry out the Company’s instructions through the acquisition of Ordinary Shares for subsequent repurchase by the Company. This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company’s general authority to repurchase Ordinary Shares. Peel Hunt will make its trading decisions under the Programme independently of, and uninfluenced by, the Company.Purchases may therefore continue during any closed periods of the Group. 

Peel Hunt will undertake transactions in Ordinary Shares on any available trading venue or on an over-the-counter basis in order to execute the Buyback. Disclosure of such transactions will not be made by Peel Hunt as a result of or as part of the Buyback, but Peel Hunt will continue to make any disclosures it is otherwise legally required to make.

Details of any and all purchases made under the Programme will be provided via RNS announcements by no later than 7.30 a.m. on the business day following the calendar day on which the purchase occurred and also published in the regulatory news section of the Group's website.

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. 
• 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 world. 
• We operate from more than 60 offices across 28 countries, supporting brokers with award winning and market-leading technology