Sectors & services

TP ICAP is formed of a portfolio of businesses that provide intermediary services, contextual insights and intelligence, trade execution, pre-trade and settlement services, and data-led solutions. 

Our structure is formed of four divisions: Global Broking, Energy & Commodities, Institutional Services and Data & Analytics.

Global Broking

Our Global Broking division services markets in Rates, FX & Money Markets, Emerging Markets, Equities and Credit products. 

As trusted partners with deep customer relationships, our brokers support trading strategies, identify potential trading interest, foster liquidity and facilitate price discovery. Market-leading technology platforms enable our brokers to incorporate large amounts of data and research into decisions. 

Using their market knowledge and experience to observe and interpret events, precedents and probabilities, our brokers act decisively on real-time information to deliver the desired outcomes for our clients.

Our two global broking businesses, Tullett Prebon and ICAP, operate independently and compete with one another for the benefit of our clients. Both are recognised as world leaders in the broking sector.

Energy & Commodities

Our global Energy & Commodities division operates in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals, soft commodities and coal. 

We offer our clients three distinct liquidity pools through three competing broking brands – Tullett Prebon, PVM and ICAP. 

Brokers assist across the value chain, from canvassing the market for expressions of interest, to intelligence gathering, negotiations and post-transaction processing. They also provide insights on the impact of unpredictable factors such as weather conditions, geopolitics and exchange rate movements.

Our businesses act solely as intermediaries – matching buyers and sellers – and focus on the quality of information, price discovery and trading liquidity they are able to bring to each client. 

Institutional Services

Our Institutional Services division covers a broad range of asset classes, serving a sophisticated client base of hedge funds, asset managers and asset owners. 

We offer trade advisory and agency execution services in Listed Derivatives, FX, Government Bonds, Cleared Interest Rate Swaps and Cash Equities.

Our professionals gather information, devise trading ideas, analyse potential trades, locate scarce assets, formulate pricing and execute trades in an efficient manner. By tailoring strategies to meet short and long-term goals, we enable our clients to manage their risk effectively. 

Operating under the COEX Partners brand, our high calibre team is drawn from blue-chip brokerages, hedge funds, and top-tier investment banks.

Data & Analytics

Our Data & Analytics division provides unbiased data products that facilitate trading, enhance transparency, reduce risk and improve operational efficiency. 

We help clients to make more efficient investment, portfolio analysis, valuation, risk management and compliance decisions. 

Rigorous quality assurance processes ensure the integrity and robustness of our products, which include pricing, reference data and analytical tools for major asset classes and markets. 

Through Tullett Prebon, we source independent real-time price information from the global OTC financial and commodity markets to deliver the highest-quality independent price data covering major markets including Rates, Fixed Income, FX and Money, Volatility, Energy, Inflation, Credit and Equities.

Through ICAP, we collect independent OTC market information for all key asset classes to offer innovative solutions for real-time, end-of-day and historical products. This data is the intelligence behind algorithmic trading, research models, risk and compliance applications and portfolio pricing. It is also a core source of mark-to-market data for the industry. 

We also provide market data to clients exposed to price movements in the oil market. Our raw data – aggregated from broking desks at our PVM Oil broking brand – provides valuable, accurate and timely data for research, back-testing and mark-to-market.

£990m

REVENUE

On 7 August 2020 we announced our interim results with record H1 revenues, up 7%, with growth across all four business divisions.

50%

GROWTH

Our Institutional Services division, which provides agency execution for our buy-side clients, grew its revenues by 50%.

19.9p

EPS

Growth in underlying Earnings Per Share up 3% year-on-year.

EXPERT INSIGHT & ANALYSIS

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