TP ICAP Acquires Neptune Networks and Partners with Nine Global Investment Banks to Create New Dealer-to-Client Credit Business

TP ICAP Group PLC (“TP ICAP”), a world-leading provider of financial markets infrastructure, today announced the acquisition of Neptune Networks (“Neptune”), an independent financial data company co-owned by a consortium of some of the world’s leading investment banks. Neptune delivers high-quality, real-time pre-trade bond market data from many sell-side banks to buy-side clients.

TP ICAP will bring together Neptune’s extensive proprietary data network with Liquidnet’s electronic credit trading platform, creating a unique, full service, global Dealer-to-Client (“D2C”) credit business.

At launch, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley and UBS (“Bank Shareholders”) will own a 30% stake in the new business. This ownership structure is intended to ensure that Liquidnet and the Bank Shareholders are resourced and incentivised to grow the business.

Nicolas Breteau, CEO, TP ICAP Group: “Neptune is an exceptional platform with deep connectivity on both the sell-side and buy-side. With our partners, we plan to enhance and grow Neptune’s core data business, strengthening its relevance to the buy-side via Liquidnet’s electronic credit trading platform. By combining Liquidnet’s extensive client reach with leading liquidity providers, we can seamlessly and discreetly connect the sell-side and buy-side to unlock exciting potential, positioning us well to drive a step-change in fixed income markets and liquidity.”

Byron Cooper-Fogarty, CEO, Neptune Networks Ltd.: “I am excited by the opportunities this acquisition creates. The resources, talent and experience of Liquidnet’s Fixed Income business will complement Neptune’s strengths in real-time, high quality bond data. There is a natural fit that, along with the continued commitment of the major banks, will create an entity that benefits buy-side and sell-side clients of both firms.”

Nick Adragna, Co-Head of Global Investment Grade and Macro Credit Trading, J.P. Morgan: “At J.P. Morgan, we are committed to promoting market competition and increasing liquidity, while also backing innovative initiatives like this one that enhance market efficiency. The strategic integration of the Neptune and Liquidnet Credit complementary offerings is poised to improve competition and liquidity while delivering increased choice and improved value to both the buy side and the sell side.”

Jonathan Moore, Head of European Credit Trading, Deutsche Bank: “Together, Neptune and Liquidnet are uniquely positioned to develop competitive alternatives to current data and execution offerings. Strong alignment with the dealer community and close ties to the buy-side will set this business apart. The combined offering will be well placed to enhance transparency, efficiency, and liquidity.”

Peter Rafferty, Global Head of Secondary Credit, BNP Paribas: “Bringing together Neptune and Liquidnet marks a significant step in the evolution of the credit markets. As a supporter of innovation and market digitalisation, BNP Paribas welcomes the combination of these two platforms to deliver a more connected, efficient, and data driven ecosystem for institutional credit clients.”

Pierre Scemla, Deputy Head of Global Markets Trading, Crédit Agricole CIB: “As market electronification intensifies, clients are increasingly looking for solutions to combine pre-trade analytics and data with seamless execution. As a founding shareholder of Neptune Networks, Crédit Agricole CIB is pleased to continue supporting the evolving market structure and liquidity and delivering value to buy-side entities thanks to this new business.”

The market for electronically traded corporate bonds is growing. As at the end of November 2024, 43% of total volume traded in both U.S. investment-grade (IG) and high-yield (HY) bonds was executed electronically.¹ This compares with approximately 19% and 2% respectively in 2015².

About TP ICAP Group PLC

Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets. We are a world-leading provider of OTC liquidity and data solutions, with a portfolio of industry-leading brands that include ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions. These businesses provide broking services, data & analytics, and market intelligence that are trusted by clients globally. We operate from more than 60 offices across 28 countries. www.tpicap.com

About Liquidnet

Liquidnet is a leading technology-driven, agency execution specialist that intelligently connects the world’s investors to the world’s investments. Since its founding in 1999, Liquidnet’s network has grown to include more than 1,000 institutional investors and spans 57 markets across six continents. Liquidnet was built to make global capital markets more efficient and continues to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that its customers need. For more information, visit www.liquidnet.com and follow on X @Liquidnet.

About Neptune Networks

Neptune supplies high-quality bond pre-trade data (axes and inventory) from 34 sell-side firms direct to the buy-side. Data accessed via Neptune is clean, standardised, and real-time from sell-side trading systems, rather than periodic runs or manual spreadsheets. Neptune is integrated with buy-side core workflow tools such as OMS or EMS, and also available through FIX, REST API, SFTP and our functionally rich user interface.

The platform carries over 250,000 axe & inventory items daily, $1.2tn+ in gross notional liquidity, across asset classes such as Credit, Rates and Emerging Markets. Neptune is used globally by buy-side firms with more than $55 trillion in aggregate AUM.

Note to Editor:

A FIX workflow refers to the process of using the Financial Information eXchange (FIX) protocol to facilitate the electronic communication of trading information. The FIX protocol is the global standard in the financial industry for real-time exchange of securities transactions and market data. It helps standardise communication, reduce errors, and increase the efficiency of trading operations.

1 Crisil Coalition Greenwich: December Spotlight: Corporate Bond Market Sees Liquidity Improve in Record Year | Coalition Greenwich

2 Crisil Coalition Greenwich: September Spotlight: Corporate Bond E-Trading on a Roll | Coalition Greenwich

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