Please note that there has been an update to the GEMM Gilt Segment of the Rate Card which takes effect from 1st June 2022.

ICAP Securities OTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the ICAP Securities OTF Rulebook.

Please direct any questions regarding this Market Notice to:

ICAP Securities OTF

Email: islotfoperator@tpicap.com  

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

TP ICAP Group plc ("TP ICAP" or the "Group")                                                                

11 May 2022

Trading update for the three months ended 31 March 2022

Highlights

• Group revenue, excluding Liquidnet, up 3% in constant currency. Including Liquidnet, Group revenue up 14%; growth across all business divisions;
• Varied market conditions: Higher level of volatility and trading activity in January / first half of March; more subdued volumes in February and later in March;
• We again increased overall market share during the first quarter;
• Better revenue mix: growth across all Global Broking asset classes other than Equities (unchanged);
• Global Broking revenue per broker up 8%;
• Data & Analytics again delivered double-digit revenue growth;
• Good progress on transformation programme: TP Interest Rate Options desk now has #2 market share (from #4), benefiting from Fusion deployment.

Revenue by division

1.     Inter-division charges have been made by Global Broking and Energy & Commodities to reflect the value of proprietary data provided to the Parameta Solutions division. The Global Broking inter-division revenues and Parameta Solutions inter-division costs are eliminated upon the consolidation of the Group's financial results.

2.     In Q1 2021, £6m of revenue was included within Agency Execution relating to the post-acquisition period of Liquidnet (the acquisition completed on 23 March 2021);  This Liquidnet revenue has been restated to £8m by including an additional £1m of revenue previously reported in Global Broking, and £1m previously reported in COEX Partners (in Agency Execution), reflecting the transfer of desks, which, due to their complementary nature and strategic fit, have been reclassified to be managed and reported as part of Liquidnet.

Revenue by division (constant currency basis):

• Global Broking revenue up 3%, benefitting from increased market volatility. Revenue grew in Rates, Credit, FX & Money Markets and Emerging Markets, but was flat in Equities, resulting in an improved mix.

         - Rates activity increased most notably in short-dated contracts, which have lower transaction values compared with longer-dated contracts;

         - Revenue per broker (productivity) improved by 8%.

• Energy & Commodities revenue up 5% driven by growth in Oil and Power & Gas in the US, while in Europe, Power & Gas declined, as high prices and significant volatility led to lower volumes.
• Agency Execution revenue of £89m increased by 154%. Liquidnet revenue of £62m was in line with market activity. Market share increased marginally in the US and was stable in Europe, where we remain a market leader.
• Parameta Solutions: Continued double-digit revenue growth in Data & Analytics (+11%).

Strategic progress:      

Mark Govoni, former President of US Brokerage at Instinet, joined the Group on 2 May 2022 as the new CEO of Agency Execution, with a primary focus on driving the Liquidnet growth strategy;

• Parameta Solutions became an FCA authorised benchmark administrator in May: the first inter-dealer broker that will administer over the counter ('OTC') benchmarks;
• Digital Assets Spot Platform: Hudson River Trading added to the list of market makers; custodian network expanded to include BitGo and Komainu.

2022 AGM:

• The Group will host its Annual General Meeting today, Wednesday 11 May 2022, at 2.15pm (BST) at the offices of Allen & Overy LLP, One Bishop's Square, London, E1 6AD.

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.

The Corporate Bonds and Securitised Debt Segment (TSFI - 1.17) Emerging Markets Bonds and Credit (TSCD - 1.28) Segment TP - CDS Rate Cards have been updated with effect from 11th May 2022.

Tullett Prebon Securities OTF Venue Page

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

Please direct any questions regarding this Market Notice to:

Email: tpsotfoperator@tpicap.com

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

Corporate Bonds and Securitised Debt Segment (TSFI - 1.12) Emerging Markets Bonds Rate Card has been updated with effect from 11th May 2022.

FOR MORE INFORMATION PLEASE VISIT Tullett Prebon EU OTF Venue Page

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

Please direct any questions regarding this Market Notice to:

Email:

TULLETT PREBON EU OTF

tpeuotfoperator@tpicap.com

Post:

TP ICAP (Europe) S.A.,
89 - 91 Rue du Faubourg Saint-Honoré, 
75008,  
Paris, France

Parameta Solutions takes over administration of TP ICAP benchmarks, laying foundations for future benchmark creation.

Parameta Solutions, the Data & Analytics division of TP ICAP, has announced that it has become a FCA authorised benchmark administrator, making it the first interdealer-broker to administer over the counter (OTC) benchmarks and indices.  Parameta Solutions will also take on administration of the nine TP ICAP interest rate swaps benchmarks that were previously administered by Moorgate Benchmarks Ltd.

The nine benchmarks, which all cover the mid-price interest rate swaps from TP ICAP’s Global Broking business, increases transparency for market participants for whom data-driven insight is crucial, especially for risk and compliance purposes. In particular, visibility into the level of the implied mid-price in the relevant underlying swap rate is key for clients as they adopt these benchmarks.

Jonathan Cooper, Chief Revenue Officer at Parameta Solutions commented, “Creating possibilities for clients drives everything we do, and it became clear that there was a significant gap in the market for independent OTC benchmarks. Underpinned by our wealth of data and insight, we’re now able to provide bespoke and transparent benchmarks & indices built on OTC data to support our clients so that they can accurately compare their performance against their asset allocation strategy.

“Looking ahead, building out our benchmarks & indices offering is a core priority for us, with a particular focus on the ESG and rates space.”

Rushmi Katyal, Chief Governance, Risk and Controls Officer at Parameta Solutions added, “Our clients have highlighted that access to Parameta Solutions’ benchmarks will enable greater innovation and better management of risk. That is why we have designed a governance, risk and control framework that will ensure our clients benefit from the compliance and transparency regime we have put in place.”

ICAP Information Services Limited trading as Parameta Solutions will take on all administrative responsibilities for the benchmarks previously administered by Moorgate from 16 May 2022. Parameta Solutions also complies with the IOSCO Principles for Financial Benchmarks.

For more information please visit the Parameta Solutions Benchmarks page. 

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. 

Media Contact

Aspectus Group

Kate Evans

kate.evans@aspectusgroup.com 

Please note that effective from April 30th the name of the venue for the Tullett Prebon Securities OTF will change to TP UK OTF. In addition, the name of the Venue Operator will also change from Tullett Prebon Securities Limited to TP ICAP Broking Limited. As a result of the name changes the following documents have been updated on the venue page:

• Execution and Order handling policy
• Rulebook – TP UK OTF
• Terms of Business
• Rate card – TP UK OTF

For more information, please visit 

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 from April 30th the name of the Venue Operator for the Tullett Prebon Securities MTF will change to TP ICAP Broking Limited. As a result of the name changes the following documents have been updated on the venue page:

• Execution and Order handling policy
• MTF Rulebook
• Terms of Business
• Algorithmic Testing Certification

For more information, please visit:

Tullett Prebon Securities MTF Venue Page

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

Please direct any questions regarding this Market Notice to:

Email: tpsmtfoperator@tpicap.com

Post:

TP ICAP Broking Limited, 135 Bishopsgate, London, EC2M 3TP

TP ICAP, a leading electronic market infrastructure and information provider, announced today the appointment of Mark Govoni as Chief Executive Officer of its Agency Execution division. Govoni replaces John Ruskin, who has decided to step away from the business having successfully led the integration of Liquidnet into the TP ICAP Group. Ruskin will stay with the Group until the end of June to ensure an orderly transition.

TP ICAP’s Agency Execution division is formed of the Liquidnet and COEX Partners brands. The two businesses provide trading services for a broad range of asset classes to a sophisticated client base of asset managers, asset owners and hedge funds.

Govoni joins TP ICAP from Instinet, a firm he joined in 2012 and where he served most recently as President of U.S. Brokerage, having previously held the role of Head of U.S. Sales Trading. Prior to Instinet, Govoni was a Managing Director at Nomura Securities International, responsible for U.S. Execution Services. Earlier in his career, he held senior Program and Electronic Sales trading positions at Merrill Lynch. Govoni will be based in New York and report directly to TP ICAP Group CEO Nicolas Breteau.

Nicolas Breteau, Chief Executive Officer of TP ICAP Group, said: “Mark is a proven U.S. equity specialist. He has an extensive client network and is well connected to the industry’s top talent. Combine this with his energy, ambition, and ability to build industry-leading businesses and Mark is well placed to drive the performance of our buyside-focused franchise in the U.S. and beyond.

“Mark will build on the legacy left by John Ruskin, who I’d like to thank sincerely for the huge contribution he has made to TP ICAP. As well as stepping up to successfully execute the integration of Liquidnet, over the last five years John has championed the Group’s diversification strategy to expand our buyside offering. As a result, our Agency Execution division generated more than 10% of the Group’s revenue in 2021. Mark will now take up the baton from John to drive future growth.”

Mark Govoni, Chief Executive Officer of Agency Execution, said: “TP ICAP’s Agency Execution platform has strong and trusted client relationships, global reach, top tier technology and high calibre people. Together, these attributes position the platform to shape the future of electronic markets. I’m excited to get going, to build on the achievements of John and the team, and to advance our offering so that we serve our clients even more effectively.”

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions. We are formed of four business divisions:

• Global Broking: the largest Interdealer Broker in the world operating under the ICAP and Tullett Prebon brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
• Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
• Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
• Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post Trade Solutions provides pure electronic services focused on resetting, compression and repo.

www.tpicap.com

Media Contact

TP ICAP

Fay Rajaratnam

+44 7812811374 

Fay.Rajaratnam@tpicap.com

Maitland/AMO

+44 207 379 5151

tpicap-maitland@maitland.co.uk

27 Apr 2022 16:00

The purpose of this Market Notice is to advise that an updated iSwap UK MTF Rulebook has been made available on the venue page, available at the following link:

iSwap UK MTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the iSwap Venue Rulebook, Rate Card or iSwap Market Maker Programme Rulebook.

Please direct any questions regarding this Market Notice to:

Email: i-swap@icap.com

Post: 

iSwap Euro Ltd
TP ICAP Group plc
135 Bishopsgate
London
UK
EC2M 3TP

TP ICAP Group, a leading electronic market infrastructure and information provider, has announced a new set of ESG targets, including a commitment to being Net Zero by 2026 across its Scope 1 (direct emissions from its own operations) and Scope 2 (indirect emissions including purchased/acquired electricity).

In addition to the Net Zero commitment, TP ICAP also commits to increasing its gender representation of the non-broking employee base from 34% to 38% by the end of 2025 and to incorporating mandatory ESG scoring into the evaluation and approval process for any new business initiative.  

The ESG targets are an important part of the business’ ambition to be the broker for the transition to an inclusive and low carbon economy. Focused on areas of improvement most material to TP ICAP, these targets will be reported on annually. 

The move follows a materiality assessment that established an ESG reporting framework comprising the 15 disclosure areas most relevant to the business. TP ICAP has also formed a Group ESG Forum, reporting into the Executive Committee, to oversee progress and advance the Group’s sustainability strategy.

Nicolas Breteau, Chief Executive of TP ICAP, commented, “The climate crisis and inequality are perhaps the greatest challenges of our time. Tackling these challenges requires every government, business and individual to play their part.

“Our ambition is to be the broker for the transition and these new targets mark a significant step forward in that journey. By working in partnership with our clients, colleagues, suppliers and investors, we can deploy our strengths as a business to accelerate the move to a low carbon and socially inclusive future.”

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions. We are formed of four business divisions:

• Global Broking: the largest Interdealer Broker in the world operating under the ICAP and Tullett Prebon brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
• Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
• Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
• Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post Trade Solutions provides pure electronic services focused on resetting, compression and repo.

www.tpicap.com

Media Contact

TP ICAP

Fay Rajaratnam

+44 7812811374 

Fay.Rajaratnam@tpicap.com

Maitland/AMO

+44 207 379 5151

tpicap-maitland@maitland.co.uk