Our Strategy
Our vision is to be the world’s most trusted, and innovative, liquidity and data solutions specialist. To achieve this, we are focused on the delivery of three strategic priorities:
Driving efficiency, modernisation, and scalable growth.
We are making strong progress in simplifying the Group and transforming our operating model. Through operational and technology excellence, we are building a more agile, scalable platform to support future growth while reducing structural costs.
Our transformation programme is centred on cloud migration, automation, enhanced vendor management, and optimisation of our property footprint. Together, these initiatives are improving capital efficiency, reducing complexity, and strengthening execution discipline across the Group.
2025 highlights:
- Simplified the Group’s legal entity structure, strengthening capital efficiency
- Streamlined processes and modernised technology and procurement to reduce operating costs
- Established a more agile operating platform to support growth initiatives
Building on this momentum, we remain confident in delivering at least £50m of annualised cost savings by 2027, reinforcing our commitment to disciplined execution, operational excellence and sustainable shareholder value.
Serving evolving client needs
Global financial market infrastructure continues to be reshaped by technology. Cloud, AI and data‑driven workflows are becoming embedded across trading and post‑trade environments, increasing client demand for real‑time data, global connectivity and automated processing.
Fusion, our cloud‑based digital platform, is central to meeting these needs. It combines the expertise of our brokers with electronic execution to support clients across the full transaction lifecycle, connecting buyers and sellers to deep pools of global liquidity.
Fusion also captures unique OTC pricing data generated through our Global Broking and Energy & Commodities businesses. This data is distributed via Parameta Solutions, our market‑leading data and analytics business, strengthening our proposition across the wholesale markets ecosystem.
Broadening revenues across clients, products and regions.
Diversification remains central to strengthening the quality and resilience of our earnings. Our strategy is focused on building a more balanced, higher‑margin business mix, supported by scalable platforms and deeper client relationships.
2025 highlights:
Full‑service credit platform
In June, we acquired Neptune Networks, a leading provider of pre‑trade bond data connected to 35 major sell‑side institutions. Combined with Liquidnet Fixed Income’s real‑time buy‑side trading interest from around 500 institutional clients, this creates the foundation for a new full‑service credit platform, co‑owned by nine leading banks. This structure delivers strong alignment with market participants, dealer‑backed liquidity and a differentiated market proposition.
Digital Assets
Through Fusion Digital Assets, we have established an FCA‑registered, institutional‑grade liquidity venue for digital assets trading. In the final quarter of the year, we processed over $2bn of notional trading volume, reflecting growing institutional adoption.
In March 2026, we transitioned Fusion Digital Assets to a matched principal model, supported by Standard Chartered as custodian and settlement agent. This enhances client capital efficiency and positions the platform to benefit from evolving regulation, tokenisation and increased institutional participation.
Liquidnet
Liquidnet continued to diversify beyond traditional block trading, expanding execution capabilities and use cases. We also co‑developed an AI‑enabled sales trading assistant with AWS to enhance client engagement and support improved order flow and matching over time.
Parameta Solutions
Parameta Solutions broadened its data and analytics offering with new real‑time oil price data and swap rate indices, alongside continued investment in its commercial platform, including a significant expansion of its sales organisation and new strategic partnerships to support future growth.
Strong cash generation enabling investment and sustainable returns
We remain disciplined in our approach to capital allocation, balancing investment for growth with returns to shareholders, while maintaining a strong balance sheet.
Our priorities
- Invest in organic growth and targeted M&A
- Sustain our dividend policy of paying 50% of adjusted post‑tax profit
- Maintain an appropriate level of debt
- Protect and strengthen our Fitch investment‑grade credit rating
- Return surplus capital to shareholders through dividends and share buybacks
Almost £600m has been delivered or announced to shareholders over the last three years through dividends and buybacks.
Surplus cash release
We are targeting the release of at least £200m of surplus cash by the end of 2027, supporting continued investment and further shareholder returns. Of this, £50m related to legal entity simplification has already been delivered ahead of plan, reflecting strong execution against our transformation objectives.
