London, UK, 11 June 2026 – TP ICAP Group, a world-leading provider of financial markets infrastructure and data, has been awarded the Celent Model Sell Side award for Cloud and AI Enablement.

TP ICAP’s Cloud modernisation programme, delivered with Amazon Web Services (AWS), has achieved 70% cloud migration since the programme’s inception in 2024, involving more than 500 TP ICAP and 100 AWS engineers. Celent, a leading global research and advisory firm for the financial services industry, highlighted the programme’s ability to enhance scalability, boost productivity, improve operational resilience, and shorten software development cycles by 50%, accelerating time-to-value for clients.

TP ICAP’s submission was commended for its engineering modernisation and the dissemination of AI and Cloud capabilities throughout the organization. This reinforces the Group’s position as a market-leading technology-enabled market infrastructure and data provider and an increasingly attractive environment for top engineering talent.

Max Spoto, Group Chief Operating Officer at TP ICAP said: 

“Two years ago, we backed a bold bet - to achieve more than 80% on cloud by end of 2026, removing legacy physical infrastructure. We partnered with AWS and challenged our teams to move at significant pace. Together, we have transformed how we build technology, how we innovate and how we scale.” 

Commenting on the award, Cubillas Ding, Director of Capital Markets at Celent said: 

“Celent recognises TP ICAP for their ongoing success in the execution of scaled cloud migration and AI enablement journey. Celent believes that this initiative transcends more than an enterprise-wide cloud migration that is conventionally a ‘lift & shift’ – it represents a bold transformation that concurrently delivers scaled cloud-native platforms, modernised engineering practices, and enterprise AI adoption embedded across the organisation.”

ENDS

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.
www.tpicap.com

Media Contacts: 
Tom Gilbert | +44 7741231950 | thomas.gilbert@tpicap.com

LONDON, 8 June 2026 – TP ICAP Group (“TP ICAP”), a world leading provider of financial markets infrastructure and data, today announced RealQ, a new credit trading and data platform designed to improve how liquidity is discovered, accessed and transacted in bond markets. Following the acquisition of Neptune Networks by TP ICAP in partnership with nine global banks in 2025, this marks the next milestone in building a combined dealer to client (D2C) credit business integrating Neptune’s proprietary data network with Liquidnet Fixed Income’s electronic credit trading platform.

Despite ongoing electronification, credit markets remain challenged by fragmented workflows, uneven data quality, and the cost of information leakage. These frictions often result in wider spreads, delayed execution and missed liquidity for both dealers and investors.

RealQ is designed to address these challenges by bringing together Neptune Networks’ dealer axe and inventory data with Liquidnet’s long-established institutional connectivity and buy-side workflows to support more direct access to liquidity. The result will be a unified platform where trading interest can be shared and engaged with across multiple protocols, with greater precision, control, and confidence.

A connected platform for modern credit markets
RealQ enables market participants to match execution protocols to trade size, market conditions and the information sensitivity of trades across both primary and secondary credit markets. Its current range of protocols covers:
•    Dealer-to-client targeted negotiation for block transactions
•    All-to-all anonymous liquidity interactions where discretion is required
•    Dealer-to-dealer internal crossing and balance sheet driven workflows, and 
•    All-to-all electronic access to primary issuance and new issue trading.

In addition, the RealQ platform will continue to develop its data distribution offering by building on the large and growing dealer network of Neptune, which now stands at 34 global banks.

David Johnsen, CEO, RealQ, said: 

“This marks an important milestone following the acquisition of Neptune Networks. By combining curated dealer data with institutional workflows, RealQ is designed to support targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic and deliberate way.”

James Wilson, Co-Head of EMEA IG Cash Trading at J.P. Morgan: 

“RealQ's offering represents an important step forward in electronic credit trading enabling us to share higher quality axes with greater control, engage only when there is genuine opposing interest, and reduce information leakage. That combination supports more efficient outcomes for both dealers and clients.”

Jason Recordon, Head of European Fixed Income Trading, Janus Henderson: 

"We are always looking for safer and more efficient ways to source liquidity. We support RealQ's ambition to bring together high-quality data and client-driven workflows, helping address longstanding challenges such as stale data, inconsistent terminology, and information leakage."

ENDS

About RealQ
RealQ is the new brand for Liquidnet Fixed Income, an institutional credit trading and data platform. It is designed to support targeted matching and controlled execution in complex credit markets, where size, structure and information sensitivity often require a more deliberate approach.

Following TP ICAP’s acquisition of Neptune Networks in partnership with nine global banks in 2025, RealQ brings together Neptune’s dealer data network with Liquidnet Fixed Income’s execution capabilities and buy side workflows. By combining curated dealer axes and inventory with buy side trading signals surfaced through workflow integration, RealQ supports selective interaction between counterparties across a range of execution workflows.

Built on more than a decade of infrastructure and market relationships, RealQ serves over 500 buy side and sell side firms across North America and EMEA. The platform enables participants to engage trading interest through targeted matching and controlled execution, aligning interaction with trade size, market conditions and information sensitivity.

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

Press contacts 
Tom Engleback – Thomas.engleback@tpicap.com / +44 (0)77025 98537
Eleonore Basle – eleonore.basle@greentarget.co.uk  / +44 (0)7834 571183
 

We wish to inform you of the publication of an updated version of the TP ICAP UK MTF Rulebook.

Key Updates:

1. The following new Rules have been added:

Rule 12.3

Rule 24

Rule 29.2

Rule 30.3

Rule 31.3

Rule 44.3

Rule 46.2

Rule 47

2. The following new Rules have been amended:

Rule 25.2

For further information or any queries regarding these changes, please contact: tpicapukmtfoperator@tpicap.com

Notice on fraudulent activity linked to iSwap Euro B.V.

iSwap Euro B.V., part of the TP ICAP Group, has been made aware of fraudsters using details (address, telephone and licence numbers) and purporting to be individuals of the firm in phishing attempts on individuals in Italy and potentially other jurisdictions within Europe.

The current ‘clone firm’ activity is linked to fraudsters using the following incorrect details as part of their tactics to scam people:

Clone Site Contact Details

iSwap Euro B.V.

Vijzelstraat 68, unit 109
Amsterdam, Paesi Bassi

iswapeuro.com

admin@iswapeuro.com

V.Matteo@iswapeuro.com

+39 800 126 325

WhatsApp Matteo Vinci: +44 7776 850933

WhatsApp Support: +31 64 965 4525

Reg. n. 72364610 — Gruppo TP ICAP
AFM (MTF) · CONSOB n. 5001 · FCA · CFTC (SEF)

Correct Details for iSwap

- website: https://regulatory.tpicap.com/icap/uk/iswapmtf 

- email: please refer to your iSwap contact

- iSwap MTF Venue Page

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

Please direct any questions regarding this Market Notice to:

Email: i-swap@icap.com 

Post: 

iSwap Euro B.V. 

Vijzelstraat 68 unit 109, 

1017HL, 

Amsterdam

We wish to inform you of the publication of an updated version of the TP ICAP UK MTF Market Segment Rules

Key Updates:

1. The following new Rules have been added:

Market Segment 3, Rule 9.2

Market Segment 5, Rule 11.2

Market Segment 6, Rule 9.6

2. The following Rules have been amended

Market Segment 7, Rule 9

The changes to Market Segment 7, Rule 9 will have an effective date of 3rd June 2026 

For further information or any queries regarding these changes, please contact: tpicapukmtfoperator@tpicap.com