TP ICAP plc ("TP ICAP") today announces that it has acquired Louis Capital Markets and MidCap Partners (collectively "Louis Capital"), a private brokerage group specialising in equities and fixed income, primarily based in Europe.

From today, Louis Capital joins TP ICAP’s Global Broking division, which provides high value inter-dealer broking services to top-tier banks. The purchase builds on the successful acquisition track record of TP ICAP and reinforces its position in cash equities and equity derivatives, fixed income and small cap advisory services.

The initial consideration for the acquisition is $21 million in cash payable with a deferred non-contingent consideration of $6 million that will be paid over two years. There is a further $17 million of deferred contingent consideration that may be payable dependent upon the performance of the business over three to five years.

Louis Capital’s 80 front-office employees operate primarily out of London and Paris, with smaller offices in New York and Hong Kong. Michael Benhamou and Patrice Cohen who founded and led Louis Capital will continue in senior management roles.

Nicolas Breteau, CEO of TP ICAP, said: "The acquisition of Louis Capital demonstrates our growing appetite to complement our existing offering with high quality brands. Louis Capital’s breadth of equity, equity derivatives and fixed income products will strengthen TP ICAP’s position in Continental Europe."

Michael Benhamou and Patrice Cohen, co-CEOs of Louis Capital said: "Louis Capital is an excellent cultural fit with TP ICAP Group. The deal also offers us real opportunities to benefit from the significant strengths TP ICAP offers so that we can develop Louis Capital further, meeting more needs of more clients over time.”

TP ICAP expects the acquisition to be earnings accretive from the first year of acquisition on an underlying basis and from the second year on a reported basis.


TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 tpicap.com

About TP ICAP
TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact

TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 (0) 20 3933 3012

TP ICAP has acquired Louis Capital Markets and MidCap Partners (collectively "Louis Capital"), a private brokerage group specialising in equities and fixed income, primarily based in Europe.

Louis Capital joins TP ICAP’s Global Broking division, which provides high value inter-dealer broking services to top-tier banks. The purchase builds on the successful acquisition track record of TP ICAP and reinforces its position in cash equities and equity derivatives, fixed income and small cap advisory services.

The initial consideration for the acquisition is $21 million in cash payable with a deferred non-contingent consideration of $6 million that will be paid over two years. There is a further $17 million of deferred contingent consideration that may be payable dependent upon the performance of the business over three to five years.

Louis Capital’s 80 front-office employees operate primarily out of London and Paris, with smaller offices in New York and Hong Kong. Michael Benhamou and Patrice Cohen who founded and led Louis Capital will continue in senior management roles.

Nicolas Breteau, CEO of TP ICAP, said:

"The acquisition of Louis Capital demonstrates our growing appetite to complement our existing offering with high quality brands. Louis Capital’s breadth of equity, equity derivatives and fixed income products will strengthen TP ICAP’s position in Continental Europe."

Michael Benhamou and Patrice Cohen, co-CEOs of Louis Capital said:

"Louis Capital is an excellent cultural fit with TP ICAP Group. The deal also offers us real opportunities to benefit from the significant strengths TP ICAP offers so that we can develop Louis Capital further, meeting more needs of more clients over time.”

TP ICAP expects the acquisition to be earnings accretive from the first year of acquisition on an underlying basis and from the second year on a reported basis.

TP ICAP Group, the world’s largest interdealer broker, today announces that its Data & Analytics division has signed an extension to its agreement with leading Japanese information vendor QUICK Corp.

This extension allows QUICK Corp. to continue to provide its customers with market-leading OTC Market data from Tullett Prebon, a subsidiary of TP ICAP. The move extends the longstanding partnership between the two organisations and highlights the important role that TP ICAP’s Data & Analytics plays in this region.

Data sets will expand to cover money markets, derivatives, fixed income and foreign exchange, and will be accessible over the QUICK terminal service. This agreement includes innovation around risk-free rates and supports the growing consumption of Tullett Prebon data in middle and back office applications – such as risk management, compliance and analytics – by QUICK’s customer base.

Andrew Reeve, Global Head of Channel Partners at TP ICAP Data & Analytics division, said: “One of TP ICAP’s major advantages is that it reaches into all markets. This important collaboration with QUICK Corp. highlights our role as a key regional operator in Japan and reflects our understanding of the unique complexities and fragmented nature of the Asian market.”

Hideki Minoji, Director at QUICK Corp. said: “QUICK Corp. is pleased with the extension of its partnership with TP ICAP and the longstanding partnership we’ve built. The breadth and depth of TP ICAP datasets allow QUICK wide flexibility to offer QUICK customers comprehensive datasets. QUICK believes the extension of the distribution agreement will certainly benefit users and clients of QUICK and continue to meet their requirements.”

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 
tpicap.com

About TP ICAP
TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: 44 20 3933 3012

A unique NDF feed capturing data from electronic and voice liquidity pools

TP ICAP, the world’s largest interdealer broker, announces that its Data & Analytics division has launched NDF Premium. This first of its kind product offers an anonymised Non-Deliverable Forward (“NDF”) feed of orders and matches from FUSION, ICAP’s hybrid electronic platform, capturing both electronic and voice liquidity pools.

To date, services in this space have focused solely on data from either electronic platforms or indicative data from voice, providing only a one-dimensional view of the market. In contrast, by merging both voice and electronic liquidity pools, NDF Premium provides a data feed for a more comprehensive view of the NDF market. The service affords clients greater transparency and price discovery from one of the market’s deepest liquidity pools.

Clients receive intra-day executable rates, full depth of book, mid-market auctions and trade activity captured all in one consolidated feed. Tradable instruments supported by NDF Premium include: Outrights, Liquidity Swaps and Fixings with a number of Asian and Latin American currencies. Data can be retrieved instantly, in flat files via SFTP or a live direct data feed by SURFIX and these easily accessible data instruments can be plugged directly into clients existing applications. Comprehensive historical order and trade tick data for NDFs is also available, with the time series going back to the inception of the FUSION electronic platform also being accessible.

The feed complements the existing NDF products from Data & Analytics’ FX Market data packages. Providing greater insight into the market microstructure will enable both sell and buy-side market participants to perform more detailed quantitative analysis, which in turn should lead to better hedging, risk management and alpha generating strategies.

Eric Sinclair, CEO of Data & Analytics TP ICAP said: “With more dealers streaming NDF prices comes the opportunity to create a more effective NDF data feed, which we feel will appeal to both sell and buy-side clients. Capturing voice and electronic liquidity pools and with an order book as deep as 25 individual market maker stacks, we are confident that NDF Premium will equip clients with vital insight into market activity to help meet their individual needs.”


TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678

tpicap.com


About TP ICAP
TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 (0) 20 3933 3012

TP ICAP’s Data & Analytics division has launched NDF Premium. This first of its kind product offers an anonymised Non-Deliverable Forward (“NDF”) feed of orders and matches from FUSION, ICAP’s hybrid electronic platform, capturing both electronic and voice liquidity pools.

To date, services in this space have focused solely on data from either electronic platforms or indicative data from voice, providing only a one-dimensional view of the market. In contrast, by merging both voice and electronic liquidity pools, NDF Premium provides a data feed for a more comprehensive view of the NDF market. The service affords clients greater transparency and price discovery from one of the market’s deepest liquidity pools.

Clients receive intra-day executable rates, full depth of book, mid-market auctions and trade activity captured all in one consolidated feed. Tradable instruments supported by NDF Premium include: Outrights, Liquidity Swaps and Fixings with a number of Asian and Latin American currencies. Data can be retrieved instantly, in flat files via SFTP or a live direct data feed by SURFIX and these easily accessible data instruments can be plugged directly into clients existing applications. Comprehensive historical order and trade tick data for NDFs is also available, with the time series going back to the inception of the FUSION electronic platform also being accessible.

The feed complements the existing NDF products from Data & Analytics’ FX Market data packages. Providing greater insight into the market microstructure will enable both sell and buy-side market participants to perform more detailed quantitative analysis, which in turn should lead to better hedging, risk management and alpha generating strategies.

Eric Sinclair, CEO of Data & Analytics TP ICAP said:

“With more dealers streaming NDF prices comes the opportunity to create a more effective NDF data feed, which we feel will appeal to both sell and buy-side clients. Capturing voice and electronic liquidity pools and with an order book as deep as 25 individual market maker stacks, we are confident that NDF Premium will equip clients with vital insight into market activity to help meet their individual needs.”

TP ICAP, the world’s largest interdealer broker, today announces the appointment of Holden Sibley as Managing Director and Head of FX Hub, with an ambition in the medium term to provide a single seamless offering for clients to access the full suite of TP ICAP’s FX solutions.

In what is a newly-created role, Holden will be responsible for growing the pipeline of electronic solutions and coordinating their delivery to enhance the firm’s overall FX capabilities across voice, hybrid, and pure electronic channels. Based in New York, Holden’s remit is global and covers both the Tullett Prebon and ICAP brands.

Holden joins TP ICAP from Barclays Investment Bank, where he spent the last 17 years working in various electronic product and distribution roles. His most recent position was as Managing Director and Head of Americas eFX distribution within the macro division.

Holden Sibley said: “What drew me to TP ICAP was the combination of the firm’s deep liquidity, strong relationships and the opportunity to participate in driving further evolution in FX markets. The firm has an established foundation in delivering technology platforms and operating venues, and I want to be part of its commitment to continue growing its electronic presence to deliver a range of solutions to meet client needs.”

John Abularrage, CEO of TP ICAP’s Global Broking business said: “Holden’s appointment reinforces the core strength and technical capabilities of our leadership team. Our electronification strategy will benefit our entire FX franchise across products and execution methods, and Holden will play an instrumental role in delivering this.”

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 
tpicap.com

About TP ICAP

TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 20 3933 3012

TP ICAP, the world’s largest interdealer broker, announces that its Data & Analytics division has launched its first-ever set of Evaluated Price solutions focused on Fixed Income securities. Labelled Bond Evaluated Price, this original service helps financial institutions with exposure to government, corporate or supranational bond risk to run internal market risk tasks and comply with regulatory requirements.

The new service provides accurate and transparent pricing of fixed income instruments. Bond Evaluated Price achieves this by using all available bond transactions from across the TP ICAP group and a proprietary model to offer clients more granular information than just the price of a bond at one point in time. Each snapshot includes analytics that enable the client to gain insight into the market microstructure, with clear rules setting out when and what data is taken into account and specific rules for the treatment of illiquid instruments. The methodology will be carefully documented and made available to clients and prospects.

Clients benefit from transparency on the price formation process, and greater choice on how to access the data, be it via cloud, web interface, enterprise file delivery or API.

Eric Sinclair, CEO, Data & Analytics, TP ICAP, commented: “Clients tell us that meaningful transparency in fixed income pricing is critical as global regulators increasingly require more detailed disclosure and stricter risk management. Responding to this need, Bond Evaluated Price is an original solution that augments transparency and helps clients to meet their priorities, whether that be quality, consistency or independence.”


TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 
tpicap.com

About TP ICAP

TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 20 3933 3012