Please note that effective 1st of October 2022, the TP UK OTF Rate Card and Rulebook have been updated to include the following changes:

- Limitcross functionality removed from Corporate Bond Segment (MIC Code TSFI)

- Repo Segment (MIC Code TSRE) has been removed

- Limitcross functionality removed from Credit Segment (MIC Code TSCD)

- Interest Rate Derivatives Segment (MIC Cod TSIR) has been established.

TP UK OTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the TP UK OTF Rulebook or Fee Structure and Incentives document.

Please direct any questions regarding this Market Notice to:

Email: tpsotfoperator@tpicap.com

Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

Please note that effective 1st October 2022, the TP ICAP UK MTF Rate Card and Rulebook have been updated to reflect the following changes;

1. Erepos have been added to the Money Markets Segment (IMMM)

TP ICAP UK MTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the TP ICAP UK MTF Rulebook.

Please direct any questions regarding this Market Notice to: 

Email: tpicapukmtfoperator@tpicap.com

Post: ICAP WCLK Limited, 135 Bishopsgate, London, EC2M 3TP, United Kingdom

Please note that effective 1st of October 2022, the Tullett Prebon Europe OTF Rate Card and Rulebook have been updated to include the following changes:

- Government Bonds (excluding GEMM Gilts) Segment (MIC Code TEGB) has been removed

- Interest Rate Derivatives Segment (MIC Code TEIR) has been removed

- FX Derivatives Products Segment (MIC Code TEFX) has been removed

- Repo Segment (MIC Code TERE) has been removed

- Treasury Money Markets Segment (MIC Code TEMM) has been removed.

For more information please visit:

Tullett Prebon Europe OTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the Tullett Prebon Europe OTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email: tpeotfoperator@tpicap.com

Post: Tullett Prebon (Europe) Limited, 135 Bishopsgate, London, EC2M 3TP, United Kingdom

Please note that effective 1st October 2022 the Tullett Prebon (Europe) MTF Rate Card and Rulebook have been updated to reflect the following changes;

1. Corporate Bond and Securitised Debt Market Segment (TEMF) has been removed

2. Government Bonds (excluding GEMM Gilts) Market Segment (TEMB) has been removed

3. Interest rates Derivatives Market Segment (TIRD) has been removed

4. Money Market Segment (TEMI) has been removed

5. FX Options were removed from the FX Derivatives (TEFD) segment

For more information please visit: Tullett Prebon Europe MTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the Tullett Prebon Europe MTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email: tpemtfoperator@tpicap.com

Post: Tullett Prebon (Europe) Limited, 135 Bishopsgate, London, EC2M 3TP, United Kingdom

It is with great sorrow that we have learnt of the death of Her Majesty Queen Elizabeth II. Her reign was characterised by a deep, and unwavering, commitment to duty and service on behalf of everyone in this country. We mourn her passing and extend our sincere condolences to His Majesty, and the other members of the Royal Family, at this very sad time.

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:

Adjusted results:

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.