Market Notice 2022.006.ISWAPEUROMTFSEF

30 June 2022 

The purpose of this Market Notice is to advise that:

1.  An updated Ratecard has been made available on the Venue Page with updated Volatile Market bid/offer spreads.  The Ratecard is effective 1 July 2022 and the new Volatile Market spreads will apply to quoting statistics from 01 Jul 2022 until further notice.

2.  An updated Terms and Conditions of Business document has been made available on the Venue Page.

iSwap EU MTF / SEF 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 B.V. 
Vijzelstraat 68 unit 109, 
1017HL, 
Amsterdam

Please note that the rate card has been updated and takes effect from 1st July 2022.

ICAP Global Derivatives MTF Venue Page 

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

Please direct any questions regarding this Market Notice to:

Email: sefexecution.specialists@us.icap.com

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

The Corporate Bonds and Securitised Debt Segment (TSFI) - 1.17 Emerging Markets Bonds rate card has been updated with effect from 24th June 2022.

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.

TP ICAP, a leading electronic market infrastructure and information provider, announces that it has appointed Daniel Fields as CEO of its Global Broking division, reporting directly into Group CEO, Nicolas Breteau.

Fields has worked in capital markets for over 25 years. His experience includes the role of Global Head of Markets at Société Générale, having previously served as Global Head of Trading and Global Head of Sales in its Global Banking and Investor Solutions division.  He joins TP ICAP from Altero Capital Partners, where he focused on strategic advisory and capital markets.

As CEO of Global Broking, Fields will be responsible for driving further growth in the business and delivering strategic execution, including the continued rollout of TP ICAP’s innovative electronic platform, Fusion.

The move means that Andrew Polydor, who has led both Global Broking and Energy & Commodities (E&C) throughout the pandemic, will return to focusing on the E&C business as CEO. Supporting Polydor will be George Dranganoudis, who transfers from APAC to become Deputy CEO of E&C and EMEA CEO of E&C.

The appointment of Fields follows that of Mark Govoni as CEO of Agency Execution, announced in April of this year.

Nicolas Breteau, CEO of TP ICAP, said:

“The appointment of Dan as CEO of our Global Broking business is another important strategic hire for TP ICAP as we continue to build out the strength of our leadership team. His extensive experience in capital markets and strong client relationships position him as the perfect candidate to drive the transformation of Global Broking.

“I’d like to thank Andrew for steering the business effectively through the turbulent years of the pandemic and various macro-economic shocks. He is now able to return to focusing on our E&C business. This division is continuing to embed technology and grow in key areas, such as our renewables and digital assets businesses.”

Daniel Fields, CEO of Global Broking at TP ICAP, said:

“TP ICAP’s Global Broking business is a world-renowned market leader, underpinned by a huge amount of expertise, trusted networks and innovative technology. I’m excited to take the reins at a time of major change, both within the wider markets and within TP ICAP. Already, the firm is making great progress advancing its strategy – for example, rolling out its electronic platform, Fusion – and I’m looking forward to working with such a talented team to continue to drive progress so that TP ICAP remains at the forefront of the industry.”

ENDS

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, Tullett Prebon and Louis Capital 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.

Media Contact

Fay Rajaratnam

+44 7812811374

Fay.Rajaratnam@tpicap.com

Please note that there has been an update to the following segments of the ICAP Securities OTF rate card which takes effect from 15th June 2022.

• 1.13 EM Interest Rate Derivatives Segment - change to the TRY OIS rate
• 1.27 CEEMA Government Bonds - addition of Usbeck government bonds 

For more information, please visit the 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.

Market Notice 2022.005.ISWAPEUROMTFSEF

30 May 2022 16:00

The purpose of this Market Notice is:

1) to advise that an updated Ratecard has been made available on the Venue Page effective 1 June 2022

2) to advise Market Maker Participants that effective 01 June 2022, the Volatile Market bid/offer spreads will apply to the Market Maker Programmes 1 and 2. The Volatile Market spreads will apply to quoting statistics from 01 Jun 2022 until further notice.

iSwap EU MTF / SEF 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 B.V. 
Vijzelstraat 68 unit 109, 
1017HL, 
Amsterdam

TP ICAP EU MTF - RATE CARD UPDATE

RATE CARD UPDATED WITH EFFECT FROM 01/06/2022. FOR MORE INFORMATION PLEASE VISIT WEBSITE:

TP ICAP EU MTF Venue Page

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

Please direct any questions regarding this Market Notice to:

Email:

TP ICAP EU MTF

Post:

TP ICAP (Europe) S.A.,
42 rue Washington
75008,  
Paris, France

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

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 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.