TP ICAP revenue rises 11% in third quarter as broking arm outpaces Liquidnet. Monday, 02/11/2026 | 23:36 GMT-8 by Damian Chmiel * Global Broking grew 16% in the three months to September as the agency unit slipped 1%. * The board stood by a £367 million profit consensus for 2026, with full-year results due in March. TP ICAP Group's revenue rose 11% at constant currency to £620 million in the third quarter, the London-listed broker said today (Tuesday). Its broking arm grew fastest. Global Broking revenue climbed 16% in the quarter. Its agency execution business, Liquidnet, slipped 1%, and data unit Parameta Solutions was flat. Revenue for the first nine months of 2026 reached £1,912 million, up 9% at constant currency and 7% at actual rates. That leaves TP ICAP's gains concentrated in its core interdealer broking business rather than the agency and data units it has built up. Two divisions lost their first-quarter pace. Third-quarter revenue topped the £603 million implied for the second quarter by the company's figures. It did not match the first quarter. The year started faster across the board. In the first quarter, TP ICAP reported record revenue of £689 million, up 13%, with Energy and Commodities up 13% and Liquidnet up 9%. Nine months in, Energy and Commodities growth stands at 3% and Liquidnet at 1%. Global Broking held its pace, at 15% in the first quarter and 12% for the nine months. Liquidnet's slowdown comes against a high base, after the unit grew 15% in the first half of last year. Taken together, the broking arm grew four times as fast as Energy and Commodities over nine months, and 12 times as fast as Liquidnet. Revenue growth by division. | Division | 9M 2026, constant currency | 9M 2026, actual rates | Q3 2026, constant currency | Q3 2026, actual rates | | Global Broking | +12% | +12% | +16% | +16% | | Energy & Commodities | +3% | +1% | +7% | +9% | | Liquidnet | +1% | 0% | -1% | -1% | | Parameta Solutions | +4% | +1% | 0% | -2% | | Group | +9% | +7% | +11% | +11% | Oil futures and block trading held back. Global Broking grew in every asset class, the company said, led by Equities and Rates. In Energy and Commodities, oil futures, which make up more than half of the division's revenue, were subdued, while Power grew. Liquidnet blamed lower block trading in equities, which it said was hit by the conflict in the Middle East. The unit launched two products in the third quarter, Meridian and SuperBlock TI. Liquidnet's Canadian arm also drew regulatory attention this year, when it was fined about $600,000 by Ontario's securities regulator after staff abroad could see client orders. Parameta's annual recurring revenue rose 5%, and the unit signed what TP ICAP called its largest new US buy-side client. Board backs £367 million profit forecast. The board said it is comfortable with analysts' consensus for 2026 adjusted earnings before interest and taxes (EBIT) of £367 million. The seven forecasts compiled by the company as of October 30 range from £357 million to £378 million. TP ICAP is also moving Liquidnet's COEX business, Listed Derivatives and the Energy and Commodities digital assets desk into Global Broking. The company said the change will not have a material impact on reported results, which are due on March 11, 2027. Damian Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia. His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates' quarterly industry benchmarking reports. Damian's reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch. Education: MA in Finance and Accounting, Cracow University of Economics * 4138 Articles * 119 Followers

TP Icap Turns to 4OTC for Connectivity. Posted by Colin Lambert. Last updated: October 5, 2026 Building on its launch of Matched Principal trading, announced earlier this year, TP Icap has integrated its Fusion Digital Assets exchange with 4OTC's Libre Liquidity Bridge, enabling liquidity providers to stream spot crypto pricing to the venue with ultra-low latency. TP Icap says it has partnered with 4OTC, owing to the connectivity firm's proven track record across both digital asset and FX market segments. Over the past two years the firm has connected to several other venues in crypto and FX, including LMAX Exchange, Laser Digital and liquidity provider B2C2. The firms say the connection provides market participants with a fast, resilient and streamlined route to Fusion Digital Assets, supporting efficient price distribution and execution through 4OTC's low latency technology. Fusion Digital Assets operates a matched principal model under which participants can trade without prefunding and face TP ICAP as an investment-grade intermediary. This improves capital efficiency, reduces counterparty and operational complexity, and brings spot crypto trading closer to the standards expected in traditional wholesale markets, TP Icap observes. "Our Libre Liquidity Bridge's connection to Fusion Digital Assets marks a significant milestone for 4OTC, and one we are very pleased to announce," says Alexis Atkinson, co-founder of 4OTC. "Working with TP ICap to bring liquidity providers onto the venue is exactly the kind of partnership 4OTC was built for. Digital asset trading is maturing fast, and our focus remains on ensuring institutional participants have the trusted and reliable connectivity infrastructure to keep pace." Chay Pollard, director, digital assets electronic broking, at TP Icap, adds, "Institutional adoption of digital assets requires trusted infrastructure and efficient connectivity. Through 4OTC's Libre service, liquidity providers can connect to Fusion Digital Assets without the need to undertake any exchange API development work, making access faster, simpler and more scalable. The partnership reflects our continued focus on bringing the standards, connectivity and market structure of traditional wholesale markets into digital assets."

TP ICAP secures "Global Interdealer Broker of the Year" title for a third consecutive year. 01 Oct 2026 LONDON, 1 October 2026: TP ICAP Group, a world-leading provider of market infrastructure and data, has been named Global Capital's "Global Interdealer Broker of the Year" for the third consecutive year. Operating through its client-facing brands ICAP and Tullett Prebon, TP ICAP was once again recognised for its consistent delivery of exceptional client service, deep market expertise and continued innovation across global financial markets. The award builds on a strong year of industry recognition for TP ICAP. The Group also retained Euromoney's 'Best Institutional FX Broker' title, underscoring its position as a trusted partner to clients navigating increasingly complex and volatile markets. Commenting on the achievement, Dan Fields, CEO of TP ICAP's Global Broking division, said: "Winning Global Interdealer Broker of the Year for a third consecutive year, while also retaining Euromoney's Best Institutional FX Broker award, is a fantastic achievement and a reflection of the expertise, dedication and teamwork of colleagues across its business. "In fast-moving and often volatile markets, our clients rely on us for liquidity, insight and execution, and these awards recognise the commitment of our teams around the world to delivering the high levels of service and support our clients expect. I would like to thank our colleagues for their hard work and our clients for their continued trust and partnership." As well as winning the global award, TP ICAP was also named GlobalCapital's "Americas IDB of the Year" and "EMEA & APAC IDB of the Year". About TP ICAP Group plc TP ICAP is the network at the centre of the world's most complex financial markets. TP ICAP Group connect market participants to liquidity, data and insight across global financial, energy and commodities markets. Through its portfolio of businesses, TP ICAP Group help clients discover prices, manage risk, execute transactions and make informed decisions. Sitting at the point where liquidity is formed, prices are discovered and transactions occur, TP ICAP plays a vital role in supporting well-functioning markets. The Group operates from more than 60 offices across 28 countries worldwide.