TP ICAP is committed to building an inclusive place to work, where everyone has an equal opportunity to succeed within our Company.

As signatories of the Women in Finance charter, we have made a public commitment to increase the representation of women in senior leadership and management roles. We are pleased to report that we have met our target to have women comprise 25% of our senior management roles by the end of 2025 ahead of schedule. 

This represents progress, but we know that we have more to do. Our gender pay gap remains material given that we have more men than women in front office broking and senior management roles. Both these roles attract higher rates of pay relative to other positions. This therefore significantly increases average male pay – in the market and at TP ICAP – creating an overall pay and bonus gap. 

Increasing the number of women in senior and front office roles across the business is therefore central to closing our Gender Pay Gap over time. To this end, we are focusing our eff orts on three core areas – recruitment, development and culture. In so doing we will build a more diverse and inclusive workforce that will help drive our sustainable growth ambitions. 

I confirm the information and data reported is accurate.

Sue Maple
Group Head of Human Resources

Gender Pay Gap Report 2025
English: Interactive Report | PDF (537 KB)
Français: PDF (627 KB)

Gender Pay Gap Report 2024:
English: PDF (391 KB)
Français: PDF (393 KB)

Gender Pay Gap Report 2024:
English: PDF (842 KB)

Version 2.0, 12 June 2025

1.1 Introduction

1.1.1 TP ICAP recognises its responsibility to protect and preserve the environment and understands the critical role that environmental performance plays in long-term business resilience and stakeholder trust. We are committed to integrating environmental sustainability into our core business strategy, operations, and decision-making. To this end, the Company endeavours to carry out all reasonably practical measures to meet our responsibilities whilst reducing our impact on the environment.

The Company makes a commitment to:

Compliance and governance

• Ensure full compliance with all applicable environmental legislation and maintain continuous monitoring of emerging regulations to ensure timely adherence.
• Publish an annual Sustainability Statement outlining our environmental strategy, performance and progress. This will include disclosures on energy usage, greenhouse gas emissions, and progress toward relevant targets.
• Conduct regular materiality assessments to identify and address environmental dependencies, impacts, risks, and opportunities across our operations and value chain.

Climate and energy

• Integrate climate-related risks and opportunities into business planning, consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), including the use of scenario analysis to assess the resilience of our strategy under different climate futures.
• Improve the management and reduction of our greenhouse gas emissions across our Scope 1, 2, and 3 footprint. This includes actions aligned with our target to achieve carbon neutrality across Scopes 1 and 2 emissions by the end of 2026.
• Expand the use of renewable energy across our global office network.

Resources and circular economy

• Responsibly manage our resource use – including water and waste – by allocating resources to support continuous improvement, prevent pollution, and promote responsible consumption. We commit to aligning our approach to the circular economy principles: reduce, reuse, recycle, and recover.

Supply Chain and Procurement

• Adopt sustainable procurement practices, prioritising suppliers with strong environmental credentials and encouraging emissions reductions through engagement across our supply chain. 

Nature and Biodiversity

• Respect nature and biodiversity by committing to avoid negative impacts on threatened and protected species. While TP ICAP’s operations have limited direct impact on nature, we recognise the intrinsic value of the natural environment and support broader efforts to protect biodiversity through responsible business practices and environmental stewardship.

1.2 Responsibilities

1.2.1 Responsibility for social, ethical and environmental matters rests with the Board, and is included in its Terms of Reference. The Board actively oversees sustainability performance and associated risks and opportunities. The Group Chief Executive Officer is responsible for the Company’s Environment Policy.

1.2.2 The Group Chief Operating Officer (COO) has line management responsibility for delivery of the Company’s Environment Policy through the Corporate Real Estate (CRE) function, which reports to the COO. The CRE function is responsible for implementing and maintaining the Company’s Environmental Management System (EMS) to ensure the Environment Policy commitments are met.

1.2.3 The ESG Forum, reporting to the Group Executive Committee, ensures that ESG is integrated across business functions, providing oversight and advice in relation to ESG strategy, policy development, implementation, communications, and disclosures.

1.3 Review and continuous improvement

1.3.1 TP ICAP will continue to monitor the effectiveness of measures implemented under the Environment Policy. We will regularly review and improve this policy and related environmental documentation to ensure alignment with emerging best practices and stakeholder expectations.
In particular the Company will:

• Support the CRE function in coordinating and monitoring the implementation of necessary good practice standards, including the Environmental Management System across the Company’s offices, as appropriate and as required by legislation in each country.
• Integration of ESG metrics into management reviews, decision-making, and executive remuneration schemes.
• Annual performance assessments for energy, emissions, waste and natural resource use across our core businesses to support management review, reporting to stakeholders and legislative compliance.
• Review energy and emissions performance trends across our core businesses. Leverage findings to implement energy efficiency initiatives, including low-carbon technologies, smart building systems, and operational best practices.
• In reviewing our environmental performance and strategy, we will consider the broader environmental, social, and economic linkages and potential trade-offs. This ensures our actions are context-sensitive, balanced, and aligned with long-term sustainability goals.
• Consider amendments to the Environment Policy as part of an annual environmental management review, incorporating stakeholder feedback, regulatory developments, and internal performance to implement amendments as necessary.

1.4 Communication and stakeholder engagement

1.4.1 TP ICAP is committed to transparent, inclusive, and regular communication of the Company’s Environment Policy and progress to employees, contractors, suppliers and other interested parties. We will: 
Engage suppliers, clients, and partners to promote collaborative environmental performance improvements.

Version 3.0, May 2023

1    Introduction

1.1    Statement on the Global Anti-Bribery and Corruption (ABC) Policy

TP ICAP does not tolerate bribery, whether active or passive, or corrupt behaviour of any kind. We also expect the same from any third parties providing services for, or on behalf of, TP ICAP globally. Management are committed to ensuring there are robust frameworks in place to manage ABC risk. The Global Head of Compliance is the Group ABC Policy Owner and the Accountable Executive is the Group General Counsel.

1.2   What is a Bribe?

A bribe is the offer of “anything of value” to a person in exchange for that person to provide an undue business advantage or other advantage. This advantage may be in connection with the improper performance of a position of trust, or a function that is expected to be performed impartially or in good faith.
The offer, payment or promise of anything of value does not have to be successful in order for it to be a bribe.

1.3   What is an Inducement?

An inducement is the offer of “anything of value” which persuades or incentivises someone to give another an unfair business advantage.  

1.4   What is Corruption?

Corruption is the abuse of entrusted power for personal/commercial gain. To this end, bribery is a specific form of corruption and such activity undermines social and economic development.

2   TP ICAP ABC Programme

2.1   TP ICAP’s Global ABC Policy requires that employees:

• Are prohibited from accepting, or offering a bribe in any form;
• Must not accept or provide “anything of value” with the purpose of persuading or incentivising an unfair business advantage;
• Must ensure risk-based due diligence is conducted on all third-party relationships;
• Must seek to prevent Gifts and Entertainment being used as a subterfuge for bribery;
• Must be aware of the inducement risk of Charitable Giving and the firm’s policies and procedures relating to Charitable Giving;   
• Must be aware of the blanket ban on all Political Giving;
• Must not make Facilitation Payments unless there is a perceived threat to life, limb or liberty. A Facilitation (or “grease”) Payment is an unofficial payment that secures or speeds up the performance of a routine or necessary action where a employee already has a legal or other entitlement to the action.;
• Must disclose any potential Conflicts of Interests;
• Must understand the higher risk of Public Officials and the internal processes in place to manage this risk;
• Must periodically complete ABC training;
• Must ensure the inducement and conflicts risk of the recruitment process is understood and managed as per internal procedures; and
• Must report any suspicions of bribery and corruption as detailed in the firm’s policies.

2.2   TP ICAP ABC Policies and Processes are designed to:

• Protect the integrity and stability of financial markets and national economies;
• Comply with the UK Bribery Act 2010, the US Foreign Corrupt Practices Act 1977 and other applicable legislation and regulations in all jurisdictions in which we operate; and
• Help combat bribery and corruption.

2.3   Reporting Channels

All Employees have a personal responsibility to not only adhere to the TP ICAP Global Anti-Bribery and Corruption Policy, but report any suspicions of bribery and corruption. Each region has a Responsible Manager who is responsible for the effective regional ABC risk management.

Where a employee wishes to seek guidance or raise a concern, the employee may do so by contacting their  local Compliance department or via the Whistleblowing process which allows those who work with or within TP ICAP to report a concern about past, current or future workplace malpractice relating to bribery and corruption. 

Depending on the local regulatory framework, a material ABC breach may be reported to the relevant authority as required.
 

Version 1.1, 16 September 2024

1.1 Our Commitment

TP ICAP is Committed to Equal Opportunity and the Prevention of Discrimination and Harassment

1.1.1. Promoting Equality and Diversity

The TP ICAP Group is committed to promoting Equality and Diversity, encouraging a culture that actively values difference. We recognise that employees from diverse backgrounds and experiences bring valuable insights to the work environment, enhancing our operations. TP ICAP’s goal is to create a positive, cohesive and inclusive culture, where diversity is valued, respected, and built upon. We aim to recruit and retain a diverse workforce that reflects the global markets in which we operate.

1.1.2. Prohibition Against Discrimination

TP ICAP is committed to ensuring that it does not directly or indirectly discriminate against employees, ex-employees, or candidates based on any protected characteristics - whether actual, perceived, or associative - or through personal relationships. We will not tolerate any unlawful discrimination by our employees, nor will we tolerate favouritism based on personal relationships (anti nepotism).

Prohibited Harassment

1.1.4. Ensuring a Harassment-Free Environment 

TP ICAP is also committed to respecting ensuring that the backgrounds, beliefs, and cultures of all its eEmployees are respected and to and ensuring that the working environment is free from discrimination, harassment, bullying or any other conduct which causes an Employee’s suffering. We are The Group also is committeddedicated to encouraging diversity amongst our its current workforce and candidates. 

Controls to Prevent Discrimination and Harassment

1.1.5. Protective Measures

TP ICAP operates a number of controls to protect employees from discrimination:

• We recognise that employees, ex-employees, or candidates subjected to discrimination, harassment or bullying are vulnerable and may be reluctant, or afraid, to raise the issue. We encourages anyone who believes they have been subjected to any form of discrimination, harassment, or bullying to report this to the local or regional HR function (for employees, in accordance with the local Grievance Policy).
  Similarly, any Employee who observes conduct which they believe, in good faith, would reasonably be regarded as discrimination, harassment, or bullying, is encouraged to report it to their local or regional HR function. 
• We appropriate training, development, and support to employees involved in line manager activities

For more information on harassment in the workplace, please visit the GOV.UK definition of harassment in the workplace.

Inclusion

1.1.6. Promoting Diversity and Inclusion

In addition to formal controls and processes TP ICAP is committed to promoting diversity and inclusion across the company. We have developed an employee-led networking forum called “Connect”, tasked with promoting and celebrating diversity across the company. This includes hosting events, co-ordinating training and development, and networking to ensure any employee, from any background, feels supported in the working environment.

 

Version 3.0, February 2024 

1.1 Introduction

Statement on Anti-Money Laundering (AML), Counter Terrorist Financing (CTF) and Sanctions.

TP ICAP is committed to:

• Not being used by criminals to launder the proceeds of crime or by terrorists or sanctioned individuals and entities;
• Protecting the integrity and stability of financial markets and national economies;
• Complying with applicable legislation and regulations that work towards maintaining the integrity and stability of financial markets and national economies;
• Helping combat terrorist financing;
• Preventing the facilitation of tax evasion;
• Fully adhering to international sanctions programs as issued by relevant authorities.  
   

2 AML/CTF Control Framework

The Group assesses the threat of being used in connection with money laundering, terrorist financing and/or the facilitation of relevant predicate offences.

To maintain an effective AML/CTF framework, the Group has established and maintains risk-based policies and procedures which:

a)    Recognise the money laundering/terrorist financing/facilitation of tax evasion threat to the Group varies across clients, jurisdictions, products and delivery channels;
b)    Allow management to differentiate between their clients in a way that matches the risk in their business; and
c)    Allow senior management to tailor the Group’s procedures, systems and controls, and arrangements in particular circumstances.
 

3 Sanctions Control Framework

The Group complies with applicable economic and financial sanctions laws, regulations, embargoes or restrictive measures. The Firm will not conduct business, maintain relationships with clients or engage in any transactions or dealings that could result in a violation of applicable Sanctions Laws, including activity that could constitute evasion or attempted circumvention of applicable Sanctions Laws.  

4 AML/CTF and Sanctions programme

TP ICAP applies the following controls to manage the risk of AML, CTF and Sanctions:

• AML and Sanctions Risk Assessment;
• Locally documented policies and procedures to implement the Global Policy, as well as local regulatory requirements;
• Client, Vendor and Employee screening to identify financial crime red flags and when identified, mitigating those risks;
• All clients are subjected to AML/KYC client due diligence prior to the provision of services and on an on-going basis thereafter;
• AML, CTF and Sanctions training;
• Financial Crime Management Information presented to relevant Governance Forums;
• Monitoring of business relationships, including client transactions for potentially suspicious activity, and
• Where required, filing a Suspicious Activity Report with the relevant law enforcement authority. 
   

5 Governance

TP ICAP’s Group AML/CTF and Sanctions Policy is approved by the relevant Governance Forum and applies to all TP ICAP’s businesses globally.

TP ICAP’s internal audit function carries out regular Anti-Financial Crime (AFC) audits which provide Senior Management with the necessary assurance regarding the operational effectiveness of the AFC Policies and the related systems and controls. 

TP ICAP, the world’s largest interdealer broker, has launched an innovative foreign exchange options platform, FXOhub. FXOhub represents a step-change in intuitive liquidity sourcing and trade execution on an industry leading FX Options platform.

FXOhub provides a single logon to the TP ICAP Order Book screen for ATM Straddles, Risk Reversals and Butterflies as well as a Request For Quote (RFQ) screen which shows the received specific interests for the day and associated liquidity. Customers connecting via API will benefit from the liquidity pools of both brands, where available. Front end users will also benefit from being able to view liquidity provided by both brands on a single screen.

Both platforms offer customers an API through which they can access TP ICAP’s market data. The RFQ platform also supports an electronic quoting API, while the Order Book supports an Order Management API for ATM Straddles, which will soon include Risk Reversals and Butterflies.

Paul Dunkley, Senior Managing Director of TP ICAP, said: “We constantly strive to provide our clients with the best possible service and FXOhub will do that. It is an industry leading platform which we are confident will be very popular due to its innovative features and intuitive ease of use.”

Front end users will benefit from being able to electronically execute in RFQ mid-pricing auctions on screen, as well as the ability to submit runs of orders on the Order Book on over 250 supported currency pairs. The Order Book allows users to enter their orders quickly and efficiently through multiple methods. Users can also aggress orders quickly on screen with a single mouse-click, or enter multiple passive orders whilst ensuring they are protected by using spot and/or time stipulations.

The new platform differentiates itself from the competition by offering a quick and easy view of each currency pair’s supported strategies through the “slide-out panels”. These offer users the ability to quickly view (and aggress) the RRs and FLYs associated with the ATM Straddle tiles which they are likely to want to keep in view at all times.

The platform is fully customisable so that each trader can design their own preferred setup through the use of the latest HTML5 technology on which it has been built.

Contacts:
William Baldwin-Charles, Media Relations Director
William.baldwin-charles@tpicap.com | +44 (0)20 7200 7124

Harriet Austerberry, Communications Manager
Harriet.Austerberry@tpicap.com | +44 (0)20 3933 3012

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.