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

11 May 2026 07:30

The purpose of this Market Notice is to advise that an updated Ratecard has been made available on the Venue Page. The headline rates on the EU MTF/SEF Orderbook Market and the EU MTF Targeted Streaming Market remain unchanged.

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

NEW YORK, 13 April 2026 – ICAP, a global markets intermediary and part of TP ICAP Group, today announced the launch of a global Nuclear Fuels brokerage desk, expanding its energy and commodities offering in response to accelerating demand for reliable, low‑carbon power and renewed global investment in nuclear energy.

The new desk will facilitate transactions across the entire nuclear fuel cycle, including physical uranium, swaps, location swaps and options, providing market participants with access to liquidity, price discovery and execution across a historically opaque and relationship‑driven market.

The desk will be led by Emily Fink Russo and John Perdew, who brings deep domain expertise and long‑standing Energy and Fuels industry relationships to the role. Emily Fink Russo previously brokered uranium markets earlier in her career, giving her a unique perspective on both legacy market structures and today’s evolving demand landscape. John brings over 25 years of experience building and scaling commodity desks across the energy markets, including natural gas, power, ethanol, NGL’s, RINs, and related compliance credits. His experience in developing brokerage execution platforms positions the team to accelerate growth and expand its market presence.

Emily Fink Russo, Managing Director and Co-Head of Nuclear Fuels at ICAP, said:

“Nuclear energy is moving back to the centre of the global energy conversation. As utilities, producers and financial participants respond to rising demand and tighter supply chains, the need for transparent, well‑functioning markets across the nuclear fuel cycle has never been greater. ICAP is uniquely positioned to support this evolution by bringing credibility, connectivity and proven brokerage expertise to a market that has historically lacked scale and visibility.”

The launch comes amid structural shifts in global energy demand, including the need to compensate for intermittency in renewable generation, rising electricity consumption driven by data‑intensive technologies such as AI, and renewed policy focus on energy security and decarbonisation. Against this backdrop, nuclear power is re‑emerging as a critical component of the global energy mix across the US, Europe and Asia.

ENDS

About TP ICAP Group plc 
TP ICAP is a global leader in connecting buyers and sellers across financial, energy, and commodities markets. Leveraging our expertise and cutting-edge technology, we provide unparalleled OTC liquidity and data solutions. Our portfolio includes renowned brands such as ICAP, Tullett Prebon, PVM, Liquidnet, and Parameta Solutions. These brands deliver trusted broking services, comprehensive data & analytics, and insightful market intelligence to clients worldwide. With a presence in over 60 offices across 28 countries, TP ICAP is committed to driving market efficiency and innovation.

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