TP ICAP

Overview

TP ICAP is a wholesale financial-markets intermediary and provider of market infrastructure and data, connecting institutional buyers and sellers across financial, energy and commodities markets. Its four businesses are Global Broking, Energy & Commodities, Liquidnet and Parameta Solutions, spanning brokerage, buy-side agency execution, and pricing data and analytics.[1][2]

The company states its purpose is to provide clients access to global financial, energy and commodities markets, supporting price discovery, liquidity and data distribution; its mission is to connect clients to liquidity and data solutions through its talent and technology.[3][4]

TP ICAP operates in 28 countries, with more than 60 offices. For 2025, it reported external revenue of £2,353 million and had 5,448 permanent employees across APAC, EMEA and the Americas.[5]+2 [1]+5

Products & services

TP ICAP’s Global Broking business intermediates trades across Rates, FX & Money Markets, Equities and Credit through voice, electronic and hybrid services, including the ICAP and Tullett Prebon brands. Its Fusion platform provides electronic access to liquidity across products, asset classes, brands and regions.[7]+2

Energy & Commodities brokerage covers markets including oil, gas and LNG, power, renewables and emissions-related products. The offering includes carbon credits, renewable energy certificates, biofuels, ethanol, RINs, LCFS and weather derivatives; examples of traded products include Australian Carbon Credit Unit futures and New Zealand Emissions Units.[10][11] Liquidnet provides agency execution and liquidity-seeking technology in equities and fixed income, and has expanded into listed derivatives, including US Equity Options. Its named SmartDark algorithm seeks liquidity in U.S. equities.[12]+2

Parameta Solutions supplies OTC pricing and liquidity data, analytics, benchmarks and indices. Its data spans rates, FX, money markets, energy and commodities, with real-time, intraday, end-of-day and historical offerings; named products and initiatives include Global LNG Basis Indices, real-time OTC oil pricing and EUR/USD swap-rate fixing indices.[15]+3

In FY2025, external revenue was reported as £1,351m from Global Broking (57.4% of total), £446m from Energy & Commodities (19.0%), £365m from Liquidnet (15.5%) and £191m from Parameta Solutions (8.1%). These percentages are calculated from the reported figures.[2] The Group also reported fee-type revenue of £1,455m from name-passing brokerage, £485m from matched-principal brokerage, £191m from data and analytics price-information fees, £142m from executing brokerage and £80m from introducing brokerage.[19] [7]+13

Geographic presence

TP ICAP operates through more than 60 offices in 28 countries. Its footprint spans the UK, the Americas and Asia-Pacific, with offices including London, New York, Singapore, Kuala Lumpur, Hong Kong, Shanghai and Tokyo.[9][20]

For FY2025, revenue was £2,353 million: £838 million (35.6%) from the UK and Channel Islands, £836 million (35.5%) from the United States, £155 million (6.6%) from Singapore, £147 million (6.2%) from France and £377 million (16.0%) from the rest of the world. Percentages are calculated from reported revenue; the disclosures do not provide a full regional revenue split.[21]

At year-end 2025, TP ICAP had 5,448 permanent employees: 2,598 (48%) in EMEA, 1,525 (28%) in the Americas and 1,325 (24%) in APAC. It also reported 146 temporary employees across those regions.[6] [21]+3

Business segments

TP ICAP reports four operating divisions: Global Broking, Energy & Commodities, Liquidnet and Parameta Solutions; these divisions remained in the company’s H1 2026 reporting [22]. Based on 2025 external revenue of £2,353m, Global Broking generated £1,351m (57.4%), broking wholesale markets, with rates and FX among its largest asset classes; Energy & Commodities generated £446m (19.0%), broking energy and commodity markets, including low-carbon and environmental asset classes [2]+2.

Liquidnet generated £365m (15.5%), providing institutional trading and agency execution solutions, including liquidity sourcing and algorithmic execution; Parameta Solutions generated £191m (8.1%), providing market data and analytics, including OTC pricing information [2]+2. Percentages are calculated from each division’s external revenue as a share of consolidated external revenue; the company also discloses revenue by product and service line as an alternative breakdown [2][19]. [2]+6

Company history

TP ICAP traces its origins to 1866, when London brokers Matthew Marshall Junior and Joseph Rich established Rich, Marshall & Co. The Marshall and Fulton businesses merged in 1999, and Collins Stewart Tullett completed its acquisition of Prebon in 2004, bringing together the Tullett and Prebon brokerages.[27][28]

Tullett Prebon expanded into oil brokerage by acquiring PVM Oil Associates in 2014. In 2015 it agreed to acquire ICAP’s global hybrid voice-broking and information business; the deal completed in 2016, when the company became TP ICAP.[29]+2 In 2018, acquisitions of SCS Commodities and Axiom expanded its energy and commodities broking business. In 2021, TP ICAP completed its acquisition of electronic execution business Liquidnet and launched Parameta Solutions as the brand for its data, analytics and post-trade business.[32]+2 [32]+7

Sources

• TP ICAP — Full financial report (2025 Y)
  11 citations

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• TP ICAP — Press release (2026 Q 1)[26]
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• TP ICAP — Full financial report (2018 Y)[32]
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