We would like to inform you of an important update regarding the Trade Venue Transaction Identification Code (TVTIC) for Securities transactions executed on TP ICAP venues.

From the end of January 2026, we are updating the TVTIC field for all transactions in Securities with a new standardised format across TP ICAP venues. For transactions in Securities contracts, the TP ICAP TVTIC will be constructed by the following fields:

Trade Date + System ID + Segment MIC + TradelinkID: e.g.20251117300TSGI000000000003039215V0

TP ICAP Solutions Delivery will be contacting clients’ Technology teams who connect to our proprietary post trade service Post:Marker to discuss the impact and testing schedule. They will also provide assistance to clients who wish to validate the changes made by the third-party vendors (e.g. Bloomberg) who supply post trade services. Any questions you may have can be directed to the Solutions Delivery team.

The respective updates to the format of the Securities TVTIC are scheduled to be released into production on the 31st January 2026, post any year-end change freezes.

As a reminder, following the EMIR Refit changes implemented in April 2024, for transactions in Derivative contracts, the TP ICAP TVTIC is constructed by the following fields (Global UTI):

LEI of the generating entity + unique code: e.g. 213800R54EFFINMY1P0220251118031100000000000008476111

For any queries relating to TP ICAP’s changes for Securities TVTIC, please reach out to the respective teams:

TP ICAP Venue Governance Contact: ukvenuegovernance@tpicap.com and/or euvenuegovernance@tpicap.com 

TP ICAP Solutions Delivery Team: solutionsdeliveryemea@tpicap.com

iSwap Euro Limited will be closed for business at 12:30 (UK) on 24th December and also 31st December 2025

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

iSwap Euro BV will be closed for business on 24th December and 31st December 2025.

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

“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”

“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”

“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”

“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”

“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”

“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”

“In “PS24/14: Improving transparency for bond and derivatives markets”, the FCA set out changes to requirements for disclosure of orders and trades in bond and derivative markets in the UK. One of those changes was to grant trading venue operators, such as TP ICAP, discretion to set transparency parameters, such as the large in scale (LIS) threshold, at the venue level. This discretion applies in respect of instruments within the FCA’s “category 2”, which includes non-standardised derivatives. The change comes into force on 1 December 2025. For all category 2 instruments on TP ICAP venues in the UK, until further notice TP ICAP will maintain the same parameters as had been set by the FCA prior to 1 December.”

The agency broker strengthens its multi-asset execution capabilities with two senior hires. 

New York, 14 October 2025 - Liquidnet, a leading technology-driven agency execution specialist, today announced the launch of its US Equity Options business, a strategic expansion that supports its multi-asset ambitions.

To lead this initiative, Liquidnet has appointed Andrew Arnold as Senior Execution Trader, High Touch US Equity Options, and Jason Lichten as Senior Execution Trader, Low Touch US Equity Options.

Arnold joins with more than 20 years of experience in equity derivatives, having held senior sales trading roles at Credit Suisse, Cantor Fitzgerald, Baycrest, Tullett Prebon and GFI. He will oversee the buildout of Liquidnet’s high-touch US Equity Options offering.

Lichten brings over 25 years of industry experience from Wolverine Execution Services, RBC Capital Markets, BT Radianz and Merrill Lynch, and will focus on developing Liquidnet’s low-touch electronic options capabilities.

Chris Blackburn, Global Head of Multi-Asset at Liquidnet, said: 

“Expanding into US Equity Options is a logical next step in our multi-asset strategy. The market has seen sustained growth over the past several years and we see clear opportunities to deliver value to our Members by extending our execution expertise into this space. With Andrew and Jason’s depth of experience, we’re well-positioned to build a differentiated offering that complements our existing capabilities across equities, fixed income and listed derivatives.”

Andrew Arnold, Senior Execution Trader, High Touch US Equities Options at Liquidnet, added: 

“This is a rare opportunity to build something new within an established global network. The US options market is evolving quickly, with growing demand for high-quality, agency-driven execution. Building this business within Liquidnet gives us the opportunity to bring the same trusted model and Member-first approach that have long defined our success in equities.”

Jason Lichten, Senior Execution Trader, Low Touch US Equities Options at Liquidnet, commented: 

“The continued electronification of the US options market presents real opportunities for innovation. Liquidnet’s technology-driven approach and global network provide a strong foundation for developing advanced low-touch solutions tailored to institutional needs."

ENDS

About Liquidnet    
Liquidnet is a leading technology-driven, agency execution specialist that intelligently connects the world’s investors to the world’s investments. Since our founding in 1999, our network has grown to include more than 1,000 institutional investors and spans 57 markets across six continents. We built Liquidnet to make global capital markets more efficient and continue to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that our customers need. For more information, visit www.liquidnet.com and follow us on X @Liquidnet. 

About TP ICAP Group plc   
TP ICAP is a world-leading markets infrastructure and data solutions provider. The Group connects buyers and sellers in wholesale financial, energy and commodities markets. We are the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, trade execution, data & analytics, and market intelligence.   

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

LONDON, 10 October 2025 – Fusion Digital Assets, TP ICAP Group's FCA-registered crypto asset exchange, today announced it has surpassed $1 billion in notional traded volume across its spot Bitcoin and Ether order books in the month of September. This significant milestone underscores the growing demand from institutional clients for regulated, secure, and reliable access to the digital asset market.

Simon Forster, Managing Director, Global Co-Head of Digital Assets: 

"The digital asset landscape is at a critical inflection point, evolving from a niche asset class into a core component of the global financial ecosystem. This transition driven by more sophisticated trading participants requires institutional-grade infrastructure built on the foundations of liquidity, transparency, and trust – precisely what we've built with Fusion Digital Assets.

Looking ahead, we are uniquely positioned to scale by opening Fusion Digital Assets to TP ICAP's entire global client base as they come online to digital assets. Our APIs and operating model are designed to be asset-agnostic, ready to support on-chain assets like stable coins. We are focused on enhancing  our product, prioritising capital and operational efficiency, whilst preparing for the tokenisation of traditional assets – an area where we anticipate significant opportunity given TP ICAP’s existing footprint across markets."

The platform's success highlights the effectiveness of its design, which combines TP ICAP's established expertise in operating trading venues with institutional-grade custodial capabilities from independent third-party custodians. It provides diversified liquidity from top market makers and TP ICAP's global client base, all within a robust and compliant framework that mirrors traditional financial markets.

ENDS

About Fusion Digital Assets
Fusion Digital Assets is a wholesale crypto asset exchange from TP ICAP designed exclusively for institutional participants. Combining TP ICAP's expertise in venue operation and execution with segregated custodial capabilities, the platform offers an FCA-registered environment that meets the stringent regulatory standards demanded by institutional clients.
The exchange provides deep, anonymous liquidity for trading spot Bitcoin and Ether against USD, with plans to expand its asset and custodian support. It features a low-latency matching engine and a new post-trade solution, FusionClear, offering direct connectivity into a network of custodians for settlement services. By mirroring the structure and safeguards of traditional financial markets, Fusion Digital Assets addresses key concerns around counterparty risk, security, and market integrity.

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