Commentary on year-on-year performance is on a reported and constant currency basis. Despite the unprecedented macroeconomic backdrop, characterised by the emergence of the COVID-19 pandemic, the Group took rapid and effective action to safeguard its staff and operations. In so doing, the Group delivered continuous service to its clients, essential liquidity to the markets and strong revenue growth.
 
Nicolas Breteau, CEO of TP ICAP plc, said: 
"Against the COVID-19 backdrop, our primary focus has been to protect the wellbeing of our staff and ensure continuity of service excellence for our clients. We achieved this by deploying new technology and workflows that enabled the majority of our staff to work from home while maintaining seamless, global client coverage.

Despite the challenges posed by the pandemic, we have grown revenues and underlying profitability whilst advancing our strategic priorities of aggregating liquidity across our brands, increasing electronification and diversifying our revenue streams. We paid our full year dividend and have declared an interim dividend. Our performance is a testament to our operational strength, scale and diversified business portfolio, as well as the hard work and dedication of our teams.

We will update the market on our strategic priorities and medium-term growth plan at our Investor Update on 8 October 2020."

Response to COVID-19 pandemic

• The Group fundamentally re-engineered its operations during lockdown to maintain continuous global client service and liquidity across all asset classes and desks. 
• Tactical deployment of new digital solutions and new workflows enabled the vast majority of the Group's employees to work from home effectively.
• Re-engineering the business presented significant technological, management and regulatory challenges, coming as it did during a period of extremely high volatility and a sharp increase in volumes.  The Group demonstrated readiness and resilience to continue to serve clients and provide essential liquidity in the markets.
• The Group has not furloughed or reduced its permanent workforce as a consequence of COVID-19, nor has it requested any government aid in any of its global locations.
• The Group paid its final 2019 dividend and has declared an interim dividend for 2020.

The Group increased its underlying profits in the period, despite incurring a £10m charge due to an increase in unused annual leave as at 30 June ("impact from unused annual leave"), as employees chose not to use their annual leave due to the lockdown enforced in most jurisdictions where the Company operates. This charge will reverse in H2 2020 in line with Group policy on holiday carry-forward.

Financial highlights

Underlying (before acquisition, disposal and integration costs, and exceptional items)

Statutory (after acquisition, disposal and integration costs, and exceptional items)

A table showing Underlying and Statutory figures for each period, detailing acquisition, disposal and integration costs, and exceptional items is included in the Financial Review.

The average number of shares used for the basic H1 2020 EPS calculation for the period is 557.3m (H1 2019: 560m).

Operational highlights

• The Group's performance reflected our operational and technological resilience and the benefits of a diversified portfolio.
• Revenue of £990m grew 7% on a reported basis (7% at constant currency).
• Underlying operating profitability was 1% higher (7% higher excluding the impact of unused annual leave, 6% lower on a statutory basis) on higher revenues and tight cost discipline, offset by measured strategic investments.
• Global Broking revenue increased 2% on a reported basis (2% at constant currency), as stronger Rates were partially offset by weaker FX & Money Markets and Emerging Markets businesses.
• Energy & Commodities revenue increased 15% on a reported basis (15% at constant currency) with strong organic growth in oil and non-oil products, boosted by strategic hires and favourable markets.
• Institutional Services revenue increased 50% on a reported basis (50% at constant currency),  as the division benefited from increased client appetite, increased capacity to service new accounts, and strategic hires.
• Data & Analytics revenue increased 9% on a reported basis (8% at constant currency), against a strong prior year comparative period as the business continued to benefit from strategic initiatives to launch new, higher-value products and deeper client relationships.  The minor slowdown reflects some COVID-19-driven reduction in clients' overall spend appetite.

Strategic highlights

• Provided continuous global client service, whilst maintaining strong financial position and liquidity.
• Furthered earnings diversification through continued strong growth in non-Global Broking businesses.
• Expanded our customer base, range of services and geographic profile, especially in our newest divisions.
• Enhanced the synergies and links between our business divisions to maximise cross-selling opportunities.
• Modernised our technology infrastructure by investing in cloud capabilities, enabling the majority of our front-office employees to maintain full working capability remotely. The Group expects that this agility could lead to future property footprint savings, as it will require a smaller number of recovery sites.
• Continued the measured execution of our strategy, investing in core long-term projects aligned to our three defined strategic themes of electronification, liquidity aggregation and diversification.

Dividend

A 5.6p per share interim dividend (2019: 5.6p) will be paid on 6 November 2020 to shareholders on the register at close of business on 2 October 2020.

2020 full year guidance and outlook

• July trading activity has slowed down and is materially lower than 2019 levels. Consequently our full year guidance of low single-digit revenue growth remains unchanged.  We will continue to monitor the impact of the COVID-19 pandemic on TP ICAP and its customers through the remainder of the year.
• The targeted investment spend we guided to in March will be partially deferred as we manage resources prudently in response to the ongoing uncertainty caused by COVID-19. We will prioritise investment projects based on business needs. We aim to invest c£15m of cash  in 2020, of which c£7m will be expensed.

Investor update and redomiciling timetable

• The Group plans to host its Investor Update on 8 October 2020.
• The Group maintains its intention to incorporate a new holding Company in Jersey and the Group is currently in the process of seeking the relevant regulatory approvals.  This has taken longer than originally anticipated due to COVID-19.  The Group will in due course seek shareholder approval and currently expects to post shareholder documentation by the end of 2020 with completion following shortly thereafter.

TP ICAP plc ("TP ICAP") today announces that it has acquired Louis Capital Markets and MidCap Partners (collectively "Louis Capital"), a private brokerage group specialising in equities and fixed income, primarily based in Europe.

From today, Louis Capital joins TP ICAP’s Global Broking division, which provides high value inter-dealer broking services to top-tier banks. The purchase builds on the successful acquisition track record of TP ICAP and reinforces its position in cash equities and equity derivatives, fixed income and small cap advisory services.

The initial consideration for the acquisition is $21 million in cash payable with a deferred non-contingent consideration of $6 million that will be paid over two years. There is a further $17 million of deferred contingent consideration that may be payable dependent upon the performance of the business over three to five years.

Louis Capital’s 80 front-office employees operate primarily out of London and Paris, with smaller offices in New York and Hong Kong. Michael Benhamou and Patrice Cohen who founded and led Louis Capital will continue in senior management roles.

Nicolas Breteau, CEO of TP ICAP, said: "The acquisition of Louis Capital demonstrates our growing appetite to complement our existing offering with high quality brands. Louis Capital’s breadth of equity, equity derivatives and fixed income products will strengthen TP ICAP’s position in Continental Europe."

Michael Benhamou and Patrice Cohen, co-CEOs of Louis Capital said: "Louis Capital is an excellent cultural fit with TP ICAP Group. The deal also offers us real opportunities to benefit from the significant strengths TP ICAP offers so that we can develop Louis Capital further, meeting more needs of more clients over time.”

TP ICAP expects the acquisition to be earnings accretive from the first year of acquisition on an underlying basis and from the second year on a reported basis.

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 tpicap.com

About TP ICAP
TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact

TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 (0) 20 3933 3012

TP ICAP has acquired Louis Capital Markets and MidCap Partners (collectively "Louis Capital"), a private brokerage group specialising in equities and fixed income, primarily based in Europe.

Louis Capital joins TP ICAP’s Global Broking division, which provides high value inter-dealer broking services to top-tier banks. The purchase builds on the successful acquisition track record of TP ICAP and reinforces its position in cash equities and equity derivatives, fixed income and small cap advisory services.

The initial consideration for the acquisition is $21 million in cash payable with a deferred non-contingent consideration of $6 million that will be paid over two years. There is a further $17 million of deferred contingent consideration that may be payable dependent upon the performance of the business over three to five years.

Louis Capital’s 80 front-office employees operate primarily out of London and Paris, with smaller offices in New York and Hong Kong. Michael Benhamou and Patrice Cohen who founded and led Louis Capital will continue in senior management roles.

Nicolas Breteau, CEO of TP ICAP, said:

"The acquisition of Louis Capital demonstrates our growing appetite to complement our existing offering with high quality brands. Louis Capital’s breadth of equity, equity derivatives and fixed income products will strengthen TP ICAP’s position in Continental Europe."

Michael Benhamou and Patrice Cohen, co-CEOs of Louis Capital said:

"Louis Capital is an excellent cultural fit with TP ICAP Group. The deal also offers us real opportunities to benefit from the significant strengths TP ICAP offers so that we can develop Louis Capital further, meeting more needs of more clients over time.”

TP ICAP expects the acquisition to be earnings accretive from the first year of acquisition on an underlying basis and from the second year on a reported basis.

TP ICAP Group, the world’s largest interdealer broker, today announces that its Data & Analytics division has signed an extension to its agreement with leading Japanese information vendor QUICK Corp.

This extension allows QUICK Corp. to continue to provide its customers with market-leading OTC Market data from Tullett Prebon, a subsidiary of TP ICAP. The move extends the longstanding partnership between the two organisations and highlights the important role that TP ICAP’s Data & Analytics plays in this region.

Data sets will expand to cover money markets, derivatives, fixed income and foreign exchange, and will be accessible over the QUICK terminal service. This agreement includes innovation around risk-free rates and supports the growing consumption of Tullett Prebon data in middle and back office applications – such as risk management, compliance and analytics – by QUICK’s customer base.

Andrew Reeve, Global Head of Channel Partners at TP ICAP Data & Analytics division, said: “One of TP ICAP’s major advantages is that it reaches into all markets. This important collaboration with QUICK Corp. highlights our role as a key regional operator in Japan and reflects our understanding of the unique complexities and fragmented nature of the Asian market.”

Hideki Minoji, Director at QUICK Corp. said: “QUICK Corp. is pleased with the extension of its partnership with TP ICAP and the longstanding partnership we’ve built. The breadth and depth of TP ICAP datasets allow QUICK wide flexibility to offer QUICK customers comprehensive datasets. QUICK believes the extension of the distribution agreement will certainly benefit users and clients of QUICK and continue to meet their requirements.”

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 
tpicap.com

About TP ICAP
TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: 44 20 3933 3012

A unique NDF feed capturing data from electronic and voice liquidity pools

TP ICAP, the world’s largest interdealer broker, announces that its Data & Analytics division has launched NDF Premium. This first of its kind product offers an anonymised Non-Deliverable Forward (“NDF”) feed of orders and matches from FUSION, ICAP’s hybrid electronic platform, capturing both electronic and voice liquidity pools.

To date, services in this space have focused solely on data from either electronic platforms or indicative data from voice, providing only a one-dimensional view of the market. In contrast, by merging both voice and electronic liquidity pools, NDF Premium provides a data feed for a more comprehensive view of the NDF market. The service affords clients greater transparency and price discovery from one of the market’s deepest liquidity pools.

Clients receive intra-day executable rates, full depth of book, mid-market auctions and trade activity captured all in one consolidated feed. Tradable instruments supported by NDF Premium include: Outrights, Liquidity Swaps and Fixings with a number of Asian and Latin American currencies. Data can be retrieved instantly, in flat files via SFTP or a live direct data feed by SURFIX and these easily accessible data instruments can be plugged directly into clients existing applications. Comprehensive historical order and trade tick data for NDFs is also available, with the time series going back to the inception of the FUSION electronic platform also being accessible.

The feed complements the existing NDF products from Data & Analytics’ FX Market data packages. Providing greater insight into the market microstructure will enable both sell and buy-side market participants to perform more detailed quantitative analysis, which in turn should lead to better hedging, risk management and alpha generating strategies.

Eric Sinclair, CEO of Data & Analytics TP ICAP said: “With more dealers streaming NDF prices comes the opportunity to create a more effective NDF data feed, which we feel will appeal to both sell and buy-side clients. Capturing voice and electronic liquidity pools and with an order book as deep as 25 individual market maker stacks, we are confident that NDF Premium will equip clients with vital insight into market activity to help meet their individual needs.”

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678

tpicap.com

About TP ICAP
TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 (0) 20 3933 3012

TP ICAP’s Data & Analytics division has launched NDF Premium. This first of its kind product offers an anonymised Non-Deliverable Forward (“NDF”) feed of orders and matches from FUSION, ICAP’s hybrid electronic platform, capturing both electronic and voice liquidity pools.

To date, services in this space have focused solely on data from either electronic platforms or indicative data from voice, providing only a one-dimensional view of the market. In contrast, by merging both voice and electronic liquidity pools, NDF Premium provides a data feed for a more comprehensive view of the NDF market. The service affords clients greater transparency and price discovery from one of the market’s deepest liquidity pools.

Clients receive intra-day executable rates, full depth of book, mid-market auctions and trade activity captured all in one consolidated feed. Tradable instruments supported by NDF Premium include: Outrights, Liquidity Swaps and Fixings with a number of Asian and Latin American currencies. Data can be retrieved instantly, in flat files via SFTP or a live direct data feed by SURFIX and these easily accessible data instruments can be plugged directly into clients existing applications. Comprehensive historical order and trade tick data for NDFs is also available, with the time series going back to the inception of the FUSION electronic platform also being accessible.

The feed complements the existing NDF products from Data & Analytics’ FX Market data packages. Providing greater insight into the market microstructure will enable both sell and buy-side market participants to perform more detailed quantitative analysis, which in turn should lead to better hedging, risk management and alpha generating strategies.

Eric Sinclair, CEO of Data & Analytics TP ICAP said:

“With more dealers streaming NDF prices comes the opportunity to create a more effective NDF data feed, which we feel will appeal to both sell and buy-side clients. Capturing voice and electronic liquidity pools and with an order book as deep as 25 individual market maker stacks, we are confident that NDF Premium will equip clients with vital insight into market activity to help meet their individual needs.”

TP ICAP, the world’s largest interdealer broker, today announces the appointment of Holden Sibley as Managing Director and Head of FX Hub, with an ambition in the medium term to provide a single seamless offering for clients to access the full suite of TP ICAP’s FX solutions.

In what is a newly-created role, Holden will be responsible for growing the pipeline of electronic solutions and coordinating their delivery to enhance the firm’s overall FX capabilities across voice, hybrid, and pure electronic channels. Based in New York, Holden’s remit is global and covers both the Tullett Prebon and ICAP brands.

Holden joins TP ICAP from Barclays Investment Bank, where he spent the last 17 years working in various electronic product and distribution roles. His most recent position was as Managing Director and Head of Americas eFX distribution within the macro division.

Holden Sibley said: “What drew me to TP ICAP was the combination of the firm’s deep liquidity, strong relationships and the opportunity to participate in driving further evolution in FX markets. The firm has an established foundation in delivering technology platforms and operating venues, and I want to be part of its commitment to continue growing its electronic presence to deliver a range of solutions to meet client needs.”

John Abularrage, CEO of TP ICAP’s Global Broking business said: “Holden’s appointment reinforces the core strength and technical capabilities of our leadership team. Our electronification strategy will benefit our entire FX franchise across products and execution methods, and Holden will play an instrumental role in delivering this.”

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 
tpicap.com

About TP ICAP

TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 20 3933 3012

TP ICAP, the world’s largest interdealer broker, announces that its Data & Analytics division has launched its first-ever set of Evaluated Price solutions focused on Fixed Income securities. Labelled Bond Evaluated Price, this original service helps financial institutions with exposure to government, corporate or supranational bond risk to run internal market risk tasks and comply with regulatory requirements.

The new service provides accurate and transparent pricing of fixed income instruments. Bond Evaluated Price achieves this by using all available bond transactions from across the TP ICAP group and a proprietary model to offer clients more granular information than just the price of a bond at one point in time. Each snapshot includes analytics that enable the client to gain insight into the market microstructure, with clear rules setting out when and what data is taken into account and specific rules for the treatment of illiquid instruments. The methodology will be carefully documented and made available to clients and prospects.

Clients benefit from transparency on the price formation process, and greater choice on how to access the data, be it via cloud, web interface, enterprise file delivery or API.

Eric Sinclair, CEO, Data & Analytics, TP ICAP, commented: “Clients tell us that meaningful transparency in fixed income pricing is critical as global regulators increasingly require more detailed disclosure and stricter risk management. Responding to this need, Bond Evaluated Price is an original solution that augments transparency and helps clients to meet their priorities, whether that be quality, consistency or independence.”

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 
tpicap.com

About TP ICAP

TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact
TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 20 3933 3012

Tullett Prebon Energy Singapore, part of TP ICAP, the world’s largest interdealer broker, has settled its first European Energy Exchange (“EEX”) Japan Power futures deal on Monday 18th of May.

This trade coincided with the official launch of the newly listed product offered by EEX, making the Tullett Prebon deal one of the first ever transactions. The transaction completed was a June 2020 Japan Area Base Load contract between the Japanese utility Tohoku EPCO Energy Trading and the global commodity trader, Trafigura Pte Ltd.

Tullett Prebon continues to expand its global power offering into new markets and sees significant growth opportunities in the Japanese market. Leveraging its market leading LNG business in Asia, and recruiting experienced brokers in Japan, Tullett Prebon is creating a strong team to ensure the right resources are on the ground and able to deliver the best possible network and services for clients.

Tobias Davis, Head of Power & LNG Asia, Tullett Prebon said:

“We are proud to be involved in the development of the Japanese Power Market and see this first deal as an important milestone for our business. We are excited to work with existing and new entrants within this market as we continue to grow our offerings and reach across the APAC region.”

Steffen Koehler, Chief Operating Officer, EEX said:

“From the very beginning of this project, when we announced our intention to launch a clearing solution for Japanese Power Futures in 2018, Tullett Prebon were there for us. Over those past two years, EEX has continued to receive fantastic support and encouragement for which I am very grateful. I would like to offer my sincere thanks to the team and congratulate them on being one of the 1st brokerage firms to enter this exciting and dynamic market”.

TP ICAP plc
Level 3
155 Bishopsgate
London EC2M 3TQ
United Kingdom

Tel: +44 20 7200 7000
Fax: +44 20 7200 7678 tpicap.com

About TP ICAP

TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets.

Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance. By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

Media Contact

TP ICAP
Harriet Austerberry
Email: harriet.austerberry@tpicap.com
Tel: +44 20 3933 3012

On National Numeracy Day, new research shows that young women are discounting careers in financial services, due to a lack of confidence with numbers, amongst other factors.

Some 78% of young British women, aged 18-21 have said they would not consider a career in financial services, with 43% citing a lack of confidence using numbers as a reason, according to new research carried out by YouGov and commissioned by TP ICAP, the global inter-dealer broker, to mark National Numeracy Day.

The study highlights this lack of confidence working with numbers amongst women born just after the turn of the century. Among the group, only 28% said they were very confident working out a numerical problem, which fell to 10% when it came to confidence making financial decisions.

Although Maths is the most popular A Level subject, Department for Education statistics have shown that there is a gender discrepancy in take up: only 19% of female students take it up, as opposed to 37% of male students. And, despite there being no requirement for degree level maths in financial services jobs, 78% of young women surveyed by YouGov said they would not consider working in the sector.

Other factors cited included a lack of interest in the sector, a belief that working in the industry would be “too stressful” and wouldn’t provide a good work-life balance.

As a strategic partner of the charity National Numeracy, TP ICAP is supporting National Numeracy Day on Wednesday 13 May. The company launched its ‘Everybody Counts’ numeracy campaign in mid- 2018, and by working with National Numeracy, is aiming to engage 250,000 people in the UK to improve their numeracy skills and build their confidence with numbers by the end of 2021.

The research launched today builds on the findings of the report ‘Building a Numerate Nation: Confidence, Belief and Skills’, published jointly by TP ICAP and National Numeracy in November 2019. This report found that a lack of confidence with numbers is the main barrier to UK adults improving their skills, which was more prevalent in women than men.

This new research details the extent to which this is a particular issue for young women when choosing a career path and is a concern for sectors, such as financial services, which are actively trying to address gender imbalance.

Nicolas Breteau, Group CEO of TP ICAP plc said:

“This new research shows how some young women are ruling out a career in financial services due to a lack of confidence in working with numbers. As an industry, we need to help change that if we are to improve gender diversity.

Through TP ICAP’s partnership with the charity National Numeracy, we have seen how equipping people with core numbers skills can change lives for the better. This research will help inform our ongoing work to remove the barriers that prevent talented young people from entering the financial services sector.”

Belinda Vernon, Chair, National Numeracy, said:

“This new research, which builds on our report into numeracy and confidence last year, demonstrates more clearly the relationship between numeracy confidence and financial careers choices. Working with partners such as TP ICAP enables us to reach more people and empower them to improve their numeracy skills and job prospects. Everyone can do this by taking the Challenge, National Numeracy’s free online tool to help learners build their confidence and skills with numbers,”

Notes to editors:

For further information, please contact Harriet Austerberry, Communications Manager, TP ICAP on harriet.austerberry@tpicap.com
The full research was based on modelling carried out by YouGov on 1000 representative GB women aged 18-21 and can be downloaded here. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1001 GB women aged 18-21. Fieldwork was undertaken between 1st - 5th May 2020. The survey was carried out online. The figures have been weighted and are representative of all GB women (aged 18-21).
Building a Numerate Nation report, November 2019, can be found here.
Department for Education statistics on A Level results 2018-19, available to download here.
Link to the challenge, NN Day virtual festival here.
Further information and high-resolution images are available on request.

About TP ICAP

TP ICAP is a global firm of professional intermediaries that plays a pivotal role in the world’s financial, energy and commodities markets. Operating through our core businesses, Tullett Prebon, ICAP, PVM, Coex Partners, Tullett Prebon Information, ICAP Information Services and PVM Data Services, we create strong networks in person and through technology. We provide comprehensive analysis and insight into market conditions and long-term trends. We combine data, knowledge and intelligence into contextual insight and commercial guidance.

By engaging with our clients, and providing innovative products and services, we enable our clients to transact with confidence, facilitating the flow of capital and commodities around the world, enhancing investment and contributing to economic growth.

Our values of honesty, integrity, respect and excellence underpin everything we do.

About National Numeracy

National Numeracy is an independent organisation, founded in 2012, committed to transforming attitudes and achievement in numeracy across the age range. It particularly focuses on those with low levels of numeracy. Find out more: www.nationalnumeracy.org.uk.