TP ICAP’s Data & Analytics division launches two new data sets for SOFR derivatives

 - Data businesses Tullett Prebon Information and ICAP Information launch two new products to support trading and risk modelling as the SOFR benchmark gains traction -

6 September 2018: TP ICAP, the world’s largest interdealer broker, has launched two distinct and differentiated data packages for derivatives linked to the Secured Overnight Financial Rate (SOFR) index, through its Data & Analytics division. These two data products have been sourced from TP ICAP’s competing broking businesses – Tullett Prebon and ICAP – using their separate liquidity pools.

Developed from volume observations, modelling and data capture, the new offerings mark a milestone for derivatives trading around the index. Since launch in April 2018, volumes for derivatives tied to SOFR – the LIBOR alternative published by the Federal Reserve Bank of New York – have steadily increased. As the list of major banks, asset managers and other institutions using these derivatives grows, the need for an institutional-grade infrastructure to support trading has emerged.

The two data packages have been designed to provide a comprehensive view of the SOFR-linked derivatives markets to support enhanced trading, risk management and analytics, with the two separate data sets providing an overarching picture of the market.

Eric Sinclair, CEO of TP ICAP’s Data & Analytics division, said: “After Tullett Prebon arranged and executed the first SOFR v Fed Funds Basis Swap in July, both businesses have seen an uptick in volumes as institutions interested in the USD interest rate swap market begin to prepare for an upswing in these trades. We are uniquely positioned to offer separate data sets from two of the major liquidity pools for these OTC derivatives, and the pairing of these data sets provides a holistic view of the market at any given time”.

Both offerings include indicative curves, delivered in real-time or end-of-day, for Basis Swaps (SOFR vs 3M $ LIBOR, SOFR vs $ Fed Funds Compounded) and Fixed vs SOFR.

Sinclair continued: “We made the decision to launch these two data products because, from experience, all signs are pointing to the emergence of a robust market. In an OTC marketplace, the more variety and depth that an institution can have using trade data, the more accurate their pricing and modelling becomes. Here, our competing brokerage model serves as a strength in that these two products can be used together to deliver the first comprehensive view into how this market is unfolding.”

For information on data sets from TPI or II, those interested should contact the TP ICAP sales team on sales@tpinformation.com or sales@icapinformation.com.

Tullett Prebon, part of TP ICAP, the world’s largest interdealer broker, has been made aware by the Financial Conduct Authority (FCA) of fraudsters using details of the firm to scam individuals in the UK.

Further details of this type of activity, known as ‘clone firm’, can be found on the FCA website.

The current ‘clone firm’ activity is linked to fraudsters using the following incorrect address under the Tullett Prebon name:

288 Oldfield Lane North, Greenford London, UB6 8PS;
North Circular Road, London, NW10 7TL

The FCA advises that, if you think you have been approached by an unauthorised or ‘clone firm’, you should contact them on the following helpline: 0800 111 6768

The correct addresses for all TP ICAP businesses are detailed below:

Tullett Prebon (Europe) Limited
Registered Office – Tower 42, Level 37, 25 Old Broad Street, London, EC2N 1HQ
Trading Address – 155 Bishopsgate, London, EC2M 3TQ

ICAP Europe Ltd
Registered Office – Tower 42, Level 37, 25 Old Broad street, London, EC2N 1HQ
Trading Address – 2 Broadgate, London, EC2M 7UR

PVM Oil Associates Ltd
Registered Office and Trading Address – 117 Jermyn Street, London, SW1Y 6HH

Mirexa Capital, a trading name of Tullett Prebon (Securities) Limited
Registered Office – Tower 42, Level 37, 25 Old Broad Street, London, EC2N 1HQ
Trading Address – 20 Balderton St, London W1K 6TL

London, New York, Singapore:

The Board of TP ICAP plc today announces that Rupert Robson, Chairman of the Company, has informed the Board of his intention to retire from the role on 31 December 2018, the end of the Company’s current financial year.

Rupert joined the Board of Tullett Prebon plc in January 2007 and became Chairman in March 2013. The Board will undertake a comprehensive search for a new Non-Executive Chairman, which will be led by Angela Knight, Senior Independent Director of the Company.

Rupert Robson, Chairman TP ICAP, said: “TP ICAP has undergone enormous change in recent years. It is now the world’s largest inter-dealer broker. It is roughly halfway through the integration of the global voice and hybrid broking and information businesses formerly owned by NEX Group plc, which were acquired at the end of 2016.  After almost 12 years on the Board, and as the Company develops its strategy for the period following integration, it is timely for me to retire at the end of this year. This is part of the process of considering the Board’s composition in the current year, as I flagged in my governance letter to shareholders in the 2017 Annual Report.  I look forward to the continued success of the Company in the coming years.”

John Phizackerley, CEO TP ICAP,  commented:  “We thank Rupert for his enormous contribution to TP ICAP. Under his Chairmanship the group has been transformed, and looks to the future with a clear strategy for growth. I have thoroughly enjoyed working with him, and wish him well in his future endeavours.”

Enquiries:

TP ICAP

Sam Dobbyn, Investor Relations

+44 (0)20 7200 7147

Jamie Dunkley, Group Media Relations Director

+44 (0) 20 7200 7524

 Brian Buckley, Brunswick

+44 (0) 20 7404 5959

About TPICAP

TP ICAP brings together buyers and sellers in global financial, energy and commodities markets. It is the world’s largest 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 offices in 31 countries, supporting award-winning brokers with market-leading technology.

www.tpicap.com

TP ICAP, the world’s largest inter-dealer broker, has been named “Inter-dealer Broker of the Year” at the Financial News annual Trading & Technology Awards.

The awards were decided by a panel of industry experts, taking into account the views of clients and available industry data. The panel recognised the progress TP ICAP made in its integration last year, and also cited the acquisitions of Coex Partners and SCS Commodities as reasons for the award.

Commenting on the recognition, Nicolas Breteau, CEO, TP ICAP Global Broking, said: “We are delighted to be named inter-dealer Broker of the year. This award reflects the high standards of service we provide to our clients and also acknowledges the progress we have made in our integration programme. I’d like to thank everyone at TP ICAP for their continued hard work and hope to win more awards this year.”

London, New York, Singapore – 7 March 2018:

TP ICAP, the world’s largest interdealer broker, enjoyed a memorable evening at the Energy Risk ceremony in London last night.

Tullett Prebon, ICAP and PVM won a combined total of 26 categories, more than any other interdealer broker. Particular highlights included Tullett Prebon receiving the award for ‘Best Overall Institution’ and PVM being named ‘Best Oil Broker’ for a fourth successive year.

The Energy Risk Commodity Rankings rate dealers, brokers and research providers in the global commodity derivatives market.  This year Energy Risk received over 1000 votes from banks, brokers, end users and traders worldwide.

The winning categories are listed below for each brand:

Tullett Prebon

1. Best overall institution
2. #1 Natural Gas Broker
3. #1 Power Broker
4. #1 Energy Broker
5. #1 Zeebrugge (Belgium) Broker
6. #1 UK Broker
7. #1 Germany Broker
8. #1 Nordpool – Broker
9. #1 Netherlands – Broker
10. #1 Belgium – Broker
11. #1 Spain – Broker
12. #1 Weather - Broker

ICAP

1. #1 Precious Metals Broker
2. #1 Gaspool (Germany) Broker
3. #1 US power Broker
4. #1 Gold Broker
5. #1 Silver Broker
6. #1 Platinum and Palladium – Broker

PVM

1. #1 Oil Broker
2. #1 WTI Broker
3. #1 Other North American cruides – Broker
4. #1 Refined products – Broker
5. #1 Europe – Brent - Broker
6. #1 Europe – Refined products – Broker
7. #1 Rest of World crudes – Broker
8. #1 Rest of world refined products – broker

Andrew Polydor, Global Head of Energy & Commodities, Managing Director Energy, said:

“We are delighted with the results from the Energy Risk Commodity Rankings 2018. For TP ICAP to be acknowledged as the best interdealer broker across 26 different categories and to be voted the ‘Best Overall Institution’ is a great achievement. I’d like to thank everyone who took the time to vote for TP ICAP as their broker of choice."

ENDS

Enquiries:
TP ICAP
Jamie Dunkley
Group Media Relations Director
jamie.dunkley@tpicap.com
+44 (0) 20 7200 7524

London, February 2018: TP ICAP, the global firm of professional intermediaries, has today strengthened its Institutional Services division with a number of senior hires.   

Mark Allen has joined Institutional Services as Chief Operating Officer, moving across from TP ICAP’s Electronic Markets business, where he held the same role. Prior to joining TP ICAP, Mark was Managing Director, Head of FX Sales and Trading for EMEA, at RBC.

TP ICAP’s Institutional Services division provides advisory, sales and execution services to a sophisticated client base including institutional asset managers and hedge funds. It has also made senior hires within Mirexa Capital, Coex Partners and Tullett Prebon Alternative Investments, financial market intermediaries that sit within the division.

Paul McNee has joined Mirexa as Head of FX, APAC. Prior to joining, Paul spent 30 years with ANZ bank in a variety of senior roles, most recently as the Senior Manager in FX Investor Sales.

Giorgio Fossi has joined Mirexa in FX & Listed Derivatives Sales, EMEA. Giorgio has held senior roles at Société Générale, Barclays and, most recently, as Executive Director for Hedge Fund Rates Sales for Credit Agricole.

John Buckley has joined Mirexa as Listed Derivatives Execution Specialist, EMEA. John has over 20 years of experience, with Head of Desk roles at various broking houses including MF Global, JB Drax and ED&F Man Capital.

John Allender has joined Mirexa, Rates Sales, EMEA. He joins from RBS where he was working on the XVA desk managing several capital and liquidity management projects.

Shanmei Lim has moved across to Mirexa’s FX division in New York from Tullett Prebon where she was an FX Options broker. She previously worked at Barclays as an FX Option Trader.

Andrew Jeyarajah has also moved across to Mirexa, Rates Sales, EMEA, from Tullett Prebon, where he worked in Inflation-linked products. Prior to that Andrew was in rates sales at BNP Paribas.

John Martin has joined Coex Partners as Managing Director in New York to expand the Coex offering into Equity Derivatives and cross asset solutions. John previously worked for Raymond James and Newedge group in which he ran Equity derivative and cross asset sales in North America.

John is joined by Ernest Brooks who previously worked at Newedge in cross asset sales

Nick Ahmed also joined Coex Partners in a Senior Sales role, EMEA concentrating on servicing the asset management and real money accounts. Prior to joining Coex, Nick worked for Marex Spectron.

Paul Chappell has joined Tullett Prebon Alternative Investments as an Alternative Investments Specialist from Quest Fund Placement, where he focused on Primary Capital Raising for Mid-Market European buyout managers. 

Commenting on the appointments, Sam Ruiz, CEO, TP ICAP Institutional Services, said:  “These appointments are another important step in the global development of TP ICAP’s Institutional Services team. I am delighted that we have once again been able to attract such strong talent to our team. With a wealth of experience across the industry, these appointments are an important step for our Institutional Services team as we build and develop our global buy side franchise.”

TP ICAP, the world’s largest interdealer broker, is pleased to announce that, with effect from today, it is ready for the Markets in Financial Instruments Directive (MiFID II).

The TP ICAP group has been authorised by the UK’s Financial Conduct Authority to operate Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs).

MiFID II will impact the way TP ICAP operates and, as of this morning, Tullett Prebon, ICAP and PVM, now run 11 trading venues in Europe, meaning TP ICAP is now the world’s largest operator of MiFID II trading venues.

John Phizackerley, Chief Executive, TP ICAP, said: “Preparing for MiFID II has been a major priority for TP ICAP. We’ve invested across the group to make sure we are ready, and have been working hard over several years to get ourselves prepared for its implementation. Our clients will have access to our brokers and trading platforms as they always have, and can be assured that they have the best source of pre-trade and post-trade data to enable them to form efficient commercial and trading strategies.”

TP ICAP, the world’s largest interdealer broker, is today pleased to announce that its Group Chief Executive, John Phizackerley, has been named Chief Executive of the Year by FOW Magazine at their International Awards.

The win for John, known to his colleagues as Phiz, came at an awards ceremony held in London last night. It capped off a successful night for TP ICAP as Tullett Prebon was named Interdealer Broker of the Year.

John Phizackerley, Chief Executive, TP ICAP said:  “I am truly honoured to have been chosen as FOW’s CEO of the Year.  There are many CEOs in our industry who are deserving of this title, so to win is a great accolade.  It has to be said, that I didn’t win this award by myself – I am supported by fantastic colleagues across the TP ICAP business.  We are all focussed on delivering the best we can for our clients, and winning this award is the icing on the cake!”

TP ICAP was created after Tullett Prebon completed the acquisition of ICAP’s Global Broking Business in December 2016.

TP ICAP plc (“TP ICAP” or “the Company”) announces that it has today acquired Coex Partners Limited (“Coex”), an independent agency broker.

Coex has offices in London, Paris and New York. It was founded in 2014 and has 55 brokers. The company provides trade and execution services in listed derivatives and OTC foreign exchange to hedge funds, assets managers and other clients.  It is being sold by its management.  John Ruskin and Alex Gerskowitch, the founders and senior management, will remain with the business and continue to build it.

TP ICAP and Coex began working together in 2016 and the acquisition is a natural progression of that successful collaboration.

Coex will become part of TP ICAP’s Institutional Services division which provides high value services, including pre-trade information, market intelligence and intermediation to its clients.  The acquisition continues the expansion of the Institutional Services division’s specialist execution expertise and product range.

The initial payment for the acquisition (including settlement of existing shareholder loans) is £7.1m in cash, and performance-related payments may be made at various dates during the next 4 years. These subsequent payments will be satisfied through the issue of new ordinary shares in the Company or cash, at the discretion of the Company.

For the year ended 31 December 2016, Coex made profits before tax of £2.1m. At 31 December 2016 it had gross assets of £6.5m. Its revenues for the 6 months to 30 June 2017 were £11m.  Coex entered into an appointed representative agreement with TP ICAP in June 2016 and since that date its revenues have been included in the consolidated revenues of the TP ICAP Group.

TP ICAP, the world’s largest interdealer broker, suffered a network outage at 4.50pm GMT yesterday. We have been working with our network and hardware providers to resolve the issue.

As of 7am GMT today, significant progress has been made in diagnosing the problem and initiating recovery. It is a network outage and not a cyber-attack.

The incident has impacted the customers across our Tullett Prebon businesses. However, substantially all of ICAP’s businesses remain unaffected.

We have informed our regulators and our customers, and any transactions impacted by the outage have been identified and managed accordingly.

The organisation is fully mobilised and working on this as a matter of urgency, and we will provide an update in due course, though we hope to have the issue resolved during the course of today.

TP ICAP, the world’s largest interdealer broker, is today pleased to announce the appointment of Eric Sinclair as CEO, Information Services.

Eric will join TP ICAP on 13 November following Frank Desmond’s decision to leave the company after 12 years of service.

Eric has a wealth of experience across the financial services industry, and spent 14 years at the Toronto Stock Exchange (TMX) where he was most recently President of its Market Insights division. Prior to working at TMX, Eric was Executive Vice President at Spectra Securities Software and Vice President, Reuters.

During his time at TMX, Eric led the growth of their data business by focussing on strategic partnerships and acquisitions, as well as the development of new products and services, the company’s sales force, and client services.

John Phizackerley, Chief Executive, TP ICAP said: “I am pleased to welcome Eric to TP ICAP. Eric will play an instrumental role as we look to expand our products, services and analytics capabilities, accelerating our plans to develop our Information Services division. I would also like to take this opportunity to thank Frank for his tremendous dedication to the company over the years. He has seen the business grow into the world’s leading provider of proprietary data business with a completely unique source of data. I wish him all the very best for the future.”

Eric Sinclair, said: “I am delighted to be joining TP ICAP. One thing that has been clear to me throughout the process of joining the company is that it has high ambition for its Information Services division and I am excited to be a part of its growth and development story over the coming months and years.”

TP ICAP, the global firm of professional intermediaries, is today pleased to announce a number of senior appointments within its Institutional Services division.

Jonathan Gane has joined Institutional Services as Managing Director. He joins from Fort Rock Asset Management, where he was CEO and co-Chief Investment Officer. He previously worked at Société Générale as the Global Head of Origination and Structuring in the Newedge prime brokerage division covering hedge funds, CTAs and institutional asset owners.

David Fell-Clark has joined as Head of Rates, EMEA from RBS where he was Head of Hedge Fund Sales in the Rates division covering macro and relative value fixed income fund. Prior to RBS he ran the sterling swap trading business at Merrill Lynch and before that was Head of Non-Euro rates trading at Commerzbank.  

TP ICAP’s Institutional Services division provides advisory, sales and execution services to a sophisticated client base including institutional asset managers and hedge funds. It has also made a number of senior hires within Mirexa Capital, a financial markets intermediary that sources liquidity for a global institutional client base and sits within Institutional Services.    

Charles Jackson has joined Mirexa as Head of FX and Listed Derivatives, EMEA. He joins from ED&F Man, where he was most recently the Head of Cross Asset Sales & Execution, and prior to that the Head of European FX Sales. Before ED&F Man, Charles was FX Sales at Société Générale in the Newedge team covering hedge funds.

Sara ter Haar has joined Mirexa in FX Sales, EMEA. Prior to Mirexa, Sara worked with Source ETFs as a consultant covering macro, equity and fixed income hedge funds.

Javier Hernandez has also joined Mirexa in FX Sales, EMEA. Javier was previously at BMO Capital Markets, where he worked in Global Macro FX Sales.

James Bucknall has joined Mirexa in FX Sales, EMEA, from ED&F Man, where he worked in Cross Asset Sales & Execution. 

In addition to the European hires Mo Hassan has relocated to New York becoming Head of FX Sales for the Americas. Mo has been with Mirexa since its formation in 2014 and will oversee the build out Mirexa’s North American franchise.   

And finally Ross Todd has joined Institutional Services as Business & Project Manager.  Previously he was Head of Relationship Management at InfraHedge, a State Street company, covering institutional asset managers, hedge funds and US pension plans amongst other clients.   

Commenting on the appointments, Sam Ruiz, CEO, TP ICAP Institutional Services, said: “I am delighted that we have been able to attract such strong talent to our team from some of the world’s leading financial organisations. These appointments are an important step for both Mirexa and the broader Institutional Services team as we build and develop our global buy side franchise.” 

TP ICAP, the world’s largest interdealer broker, is today pleased to announce a number of key appointments within its EMEA Global Broking team as it progresses with its integration.

As part of its commitment to running Tullett Prebon and ICAP as separate brands, the following Managing Directors will continue to oversee the day-to-day running of the respective Global Broking businesses, including client relationships and new hires:

Tullett Prebon:

Steph Duckworth, Senior Managing Director, Rates, European Government Bonds and Repos
Paul Dunkley, Senior Managing Director, Credit and Equities
James Potter, Senior Managing Director, FX and Money Markets

ICAP:

Andy Berry, Senior Managing Director, FX and Money Markets
Richard Bigwood, Senior Managing Director, Rates
Garry Stewart, Senior Managing Director, Credit and Equities

The Company will also be creating a new EMEA Global Broking leadership team, which will operate on a cross-brand basis and have responsibility for strategic decision making in the region, including business development and the use of technology. This team will comprise:  

• James Potter, Senior Managing Director, FX and Money Markets.
• Garry Stewart, Senior Managing Director, Credit and Equities.
• Richard Bigwood, Senior Managing Director, Rates.
• Steph Duckworth, Senior Managing Director, European Government Bonds and Repos.
• In addition, we are pleased to announce that Steeve Charvet will join TP ICAP’s EMEA business as Senior Managing Director, Continental Europe and be based in Paris. Steeve’s career in global broking and financial services spans 25 years, and he most recently led a global division in Société Générale Corporate and Investment Banking.  

Frits Vogels, CEO, EMEA, said: “Today’s announcement is part of our plan to create a leaner, more simplified organisational structure that draws on the experience we have across Tullett Prebon and ICAP. Our new EMEA leadership team will ensure that we are best-positioned to make the right strategic decisions for the group. However, we remain fully committed to running competing business under the respective Tullett Prebon and ICAP brands, and we will continue to have brand-specific management for all product lines.

“I’d also like this opportunity to welcome Steeve to the group, and to working alongside him to improve the collaboration and interaction between our continental Europe offices.”    

In addition to the new appointments, Rob Osborne, currently MD and Head of Rates, Tullett Prebon, is to retire from his role at the company after 30 years in the industry.

Frits Vogels, added: “Throughout his career, Rob has made a significant contribution to the Company and has been instrumental in building and managing the Tullett Prebon Rates franchise in Europe. On behalf of everyone, I would like to thank Rob for his commitment and dedication to the Company over the years and wish him all the best for the future.”

TP ICAP, a global firm of professional intermediaries and the world’s largest interdealer broker, today announces that it has signed a four and a half year lease at 9 Castlereagh Street in Sydney.

The move will see all Sydney-based Tullett Prebon employees housed under the same roof as their colleagues at ICAP for the first time in the autumn next year. The businesses, Tullett Prebon and ICAP, will remain separate and competing, with each working on different floors of the building. Corporate functions will be streamlined to support both companies.

Barry Dennahy, CEO, TP ICAP, APAC said:

“This is an important landmark for TP ICAP in Australia. It enables us to improve our combined IT infrastructure and achieve significant cost savings for our shareholders, whilst providing our employees with a fresh and modern working environment.”

TP ICAP plc was formed at the end of 2016 when Tullett Prebon plc acquired ICAP’s global hybrid voice broking and information business.

Global exchange revenues totalled a record $28.3 billion in 2016, rising 6.83% as strong revenue gains in exchange market data businesses drove industry growth according to Burton-Taylor International Consulting’s (part of TP ICAP’s Data & Analytics division) latest report published today. Industry revenues were driven by a 29.2% increase in exchange market data businesses, with the segment reporting record revenues of $5.4 billion in 2016.  

Other key findings include:

• Intercontinental Exchange accounted for 15.9% of total industry revenues, with 2016 revenue reaching $4.5 billion, up 34.78% from 2015 primarily a result of an 127.1% surge in market data revenues.
• CME Group remained the next largest exchange in 2016, accounting for 12.7% of total industry revenues, supported by an industry leading 9.1% growth in trading revenues.
• Deutsche Boerse was the largest exchange in the EMEA region accounting for 25.1% of the region’s revenues, followed by the LSE Group with 16.8% of the total.
• Hong Kong Exchange Group was the largest exchange in Asia with a market share of 15.8%, while Japan Stock Exchange was second with a share of 13.6%.
• The exchange industry continues to enjoy enviable operating margins, with our analysis indicating average operating margins of 51.63% in 2016. The Australian Stock Exchange generated the highest margin at 71.90% for calendar year 2016, followed by CME Group at 66.15%.

In terms of business segments, the report found:

• Trading, Clearing and Settlement revenues remained the largest business segment, generating $18.1 billion in industry revenues and accounting for 63.4% of all exchange revenues.
• Market Data & Index revenues have surged in recent years, representing the second largest industry, accounting for 19.18% of total global exchange revenues. Exchange market data revenues have grown at a CAGR of 11.99% since 2011.
• Listing and issuer service revenues stagnated as the weak IPO environment resulted in a 1.29% increase in revenues to $2.3 billion. Deutsche Boerse and the Japan Exchange Group bucked the trend, reporting revenue increases of 7.75% and 6.98%, respectively.
• Market Technology and Access revenues totaled $1.5 billion in 2016, rebounding 4.97% after two years of revenue declines. Nasdaq led the segment in terms of both total revenues and YoY growth, reporting an increase in revenues of 11.8% to $541 million.

“The global exchange industry continues to undergo a steady transformation, as exchanges evolve their models to diversify away from a dependency on transactional businesses. The combination of weak trading volumes and emerging competition is forcing incumbent exchanges to dramatically expand their focus on new business segments,” says Andy Nybo, Director at Burton-Taylor. “Market data and index businesses are the current target of these expansion efforts but exchanges are constantly searching for new opportunities to expand their offerings, especially as new competition threatens to erode existing operating margins and profitability.”

Free extracts from the report can be accessed by contacting orders@burton-taylor.com with the sample code EXCHANGE2017, or you can purchase the full 89 page Burton-Taylor Exchange Global Share & Segment Sizing 2017 - Key Competitors, Global Market Share 2017, Global Segment Sizing 2017, Global Market Trending 2012-16, Global Segment Trending 2012-16 report by contacting orders@burton-taylor.com or +1 646 201-4152.