TP ICAP

TP ICAP Group plc is a London-headquartered financial-services group whose businesses provide intermediary, execution, information and analytics services across wholesale financial markets. The group serves commercial banks, investment banks, asset managers, corporations, commodity firms and other professional-market participants. Its activities span rates, credit, foreign exchange, treasury products, energy, equities, property, derivatives and other over-the-counter markets. The business traces its origins to 1971, when Derek Tullett established a foreign-exchange brokerage trading as Tullett & Riley. During the 1970s and 1980s the company expanded internationally and developed Futrend, a computer-based graphical-analysis business focused on financial futures, options and foreign-exchange rates. In 1999, a merger with Liberty Brokerage created Tullett Liberty. The business was acquired by Collins Stewart plc in early 2003, creating Collins Stewart Tullett. A major expansion followed in 2004, when the group acquired Prebon Yamane. Prebon Yamane had been created in 1990 through the combination of several London money-broking businesses and had adopted its name to reflect its relationship with Japan’s Yamane Group. In December 2006, the wider group separated its stockbroking and moneybroking activities, leaving Tullett Prebon as the principal moneybroking business. The company subsequently acquired the US broker Chapdelaine in 2007 and integrated it into its operations. The group’s modern identity was established through its 2015 agreement to acquire ICAP’s global hybrid voice-broking and information business. Following completion and integration, the company changed its name from Tullett Prebon plc to TP ICAP plc on 30 December 2016. The transaction broadened the group’s product coverage and combined the Tullett Prebon and ICAP franchises with other specialist operations. TP ICAP later expanded its electronic and institutional-market capabilities through the acquisition of Liquidnet, completed in March 2021. TP ICAP’s operating model combines voice broking, hybrid execution, electronic trading, trade-advisory services and market-data products. Tullett Prebon remains a major brokerage brand within the group, covering areas such as volatility, rates, credit, treasury, non-bank financial markets, energy, equities and property. Specialist desks support markets including insurance-linked securities, catastrophe bonds and private or primary transactions. Other group businesses include ICAP, PVM Oil and COEX Partners, while Parameta Solutions supplies over-the-counter market data, indices and analytics derived from the group’s brokerage activities. The supplied subject label refers to Tullett Prebon Europe’s organised trading facility, or OTF, but the authoritative Wikipedia entity is the wider TP ICAP group. An OTF is a regulated multilateral trading venue for eligible financial instruments, particularly in non-equity markets. The OTF designation therefore describes a regulated service or venue within the group rather than a separate globally independent company. TP ICAP is active across major financial centres and maintains a broad international wholesale-markets presence.

TP ICAP’s history begins with Derek Tullett’s establishment of Tullett & Riley in 1971. The original business operated as a foreign-exchange broker and gradually broadened its international reach. During the 1970s and 1980s it opened overseas offices and developed Futrend Ltd, a computer graphical-analysis company serving markets in financial futures, options and foreign-exchange rates. In 1999, Tullett & Riley merged with Liberty Brokerage to form Tullett Liberty. The business then entered a new ownership phase when Collins Stewart plc acquired it in early 2003. The combined financial-services group became Collins Stewart Tullett. In October 2004, it acquired Prebon Yamane, a London money-broking business formed in 1990 through the merger of several established broking operations, including Babcock & Brown, Kirkland-Whittaker and Fulton Prebon. The Prebon Yamane name reflected the firm’s close relationship with Japan’s Yamane Group. The group separated its stockbroking and moneybroking operations in December 2006. The stockbroking activities remained with Collins Stewart, while the moneybroking business operated as Tullett Prebon. In January 2007, Tullett Prebon acquired US broker Chapdelaine and integrated it into its existing operations, supporting the group’s international expansion. The company operated in a regulatory environment that came under intense scrutiny following the global financial crisis. In 2012, the UK Financial Services Authority asked Tullett Prebon to assist its investigation into suspected malpractice in the City of London, with particular attention to the alleged manipulation of LIBOR. The reference material identifies the investigation request but does not establish a final finding against the company. Leadership changed in 2014 when Terry Smith left the chief executive position to work full-time at the asset-management business he had founded. John Phizackerley succeeded him in September of that year. A transformational strategic step followed in November 2015, when Tullett Prebon agreed terms to acquire ICAP’s global hybrid voice-broking and information business. The transaction expanded the group’s market footprint and product capabilities. On 30 December 2016, the company formally changed its name from Tullett Prebon plc to TP ICAP plc. Nicolas Breteau became group chief executive officer in July 2018. Under the TP ICAP structure, the group continued to operate several specialist brands and divisions. Tullett Prebon focused on intermediary services across volatility, rates, credit, treasury, non-bank financial markets, energy, equities and property. ICAP covered rates, credit, foreign exchange, interest-rate swaps, derivatives and other specialist activities. PVM Oil focused on OTC and exchange-traded oil markets, while COEX Partners offered advisory and execution services across listed derivatives, fixed income, interest-rate swaps and OTC foreign exchange. The group also developed a data and analytics activity through Parameta Solutions. That division provides OTC market data, indices and analytics based on information from TP ICAP’s brokerage businesses, covering areas such as interest-rate derivatives, money markets, foreign exchange, energy and commodities. In March 2022, the Financial Times reported that activist investor Phase 2 Partners was urging the board to find a buyer for the company, presenting the proposal as a way to unlock shareholder value. The supplied label, Tullett Prebon Europe - OTF, describes a European organised trading facility associated with the Tullett Prebon business. The authoritative encyclopedia subject is TP ICAP, the listed group that owns and operates the relevant businesses and brands. The OTF should therefore be understood as a regulated venue or service within the broader group rather than as a separate replacement for TP ICAP.

• 2021

  Liquidnet acquisition completed

  [1]TP ICAPen.wikipedia.org

  TP ICAP completed the acquisition of Liquidnet.

• 2016

  TP ICAP name adopted

  [1]TP ICAPen.wikipedia.org

  The company changed its name from Tullett Prebon plc to TP ICAP plc on 30 December.

• 2015

  ICAP transaction agreed

  [1]TP ICAPen.wikipedia.org

  Tullett Prebon agreed terms to acquire ICAP’s global hybrid voice-broking and information business.

• 2007

  Chapdelaine acquired

  [1]TP ICAPen.wikipedia.org

  Tullett Prebon acquired the US broker Chapdelaine and integrated it into its operations.

• 2006

  Separation of stockbroking and moneybroking

  [1]TP ICAPen.wikipedia.org

  The wider group separated into Collins Stewart’s stockbroking activities and Tullett Prebon’s moneybroking business.

• 2004

  Prebon Yamane acquired

  [1]TP ICAPen.wikipedia.org

  The acquisition expanded the group’s money-broking operations and added the Prebon franchise.

• 2003

  Acquisition by Collins Stewart

  [1]TP ICAPen.wikipedia.org

  Collins Stewart acquired the business, creating Collins Stewart Tullett.

• 1999

  Merger with Liberty Brokerage

  [1]TP ICAPen.wikipedia.org

  The merger created Tullett Liberty.

• 1971

  Tullett & Riley founded

  [1]TP ICAPen.wikipedia.org

  Derek Tullett founded the foreign-exchange brokerage that became the starting point of the modern TP ICAP group.

• 1970

  International expansion and Futrend development

  [1]TP ICAPen.wikipedia.org

  During the 1970s and 1980s the business opened overseas offices and developed Futrend, a computer graphical-analysis company for futures, options and foreign-exchange markets.

A global wholesale-markets intermediary combining established voice-broking franchises with hybrid and electronic execution, specialist market expertise, and OTC data and analytics.

• Wholesale broking · 1971

  Tullett Prebon

  Tullett Prebon is the group’s principal traditional broking brand. It intermediates transactions for professional clients across volatility, rates, credit, treasury, non-bank financial markets, energy, equities and property. Its specialist activities include insurance-linked securities, catastrophe-bond secondary-market trading and arrangements for primary and private-market transactions. The brand also supports related information services, including risk and derivatives data.

• Wholesale markets and broking · 2016

  ICAP

  ICAP is a major TP ICAP trading and broking brand acquired through the 2015 transaction. Its activities cover interest rates, credit, credit derivatives, foreign exchange, interest-rate swaps, equity derivatives and specialist markets. The business operates across major financial centres and includes specialist capabilities such as relative-value trading in US Treasuries and futures, as well as intellectual-property brokerage.

• Energy brokerage

  PVM Oil

  PVM Oil provides brokerage in crude oil and refined products. Its coverage includes over-the-counter swaps, forwards and physical transactions, together with exchange broking in contracts linked to WTI, Brent and gasoil futures. The business gives TP ICAP specialist reach in energy markets alongside its financial-products franchises.

• Trading advisory and execution

  COEX Partners

  COEX Partners offers trade-advisory and execution services in listed derivatives, fixed income, interest-rate-swap markets and over-the-counter foreign exchange. It complements the group’s broking network with more focused execution and advisory capabilities for institutional and professional clients.

• Market data and analytics

  Parameta Solutions

  Parameta Solutions is TP ICAP’s data and analytics division. It supplies over-the-counter market data, indices and analytical services sourced from the group’s brokerage brands, including Tullett Prebon, ICAP and PVM. Its coverage includes interest-rate derivatives, money markets, foreign exchange, energy and commodities, as well as risk and credit-related information.

• Organised Trading Facility

  Tullett Prebon Europe OTF

  Tullett Prebon Europe OTF is a regulated organised trading facility associated with the group’s European operations. An OTF provides a multilateral venue for eligible professional-market transactions, particularly in non-equity financial instruments. The supplied subject label identifies this regulated service, while the authoritative encyclopedia entity is the broader TP ICAP group.

• 2012

  Assistance with LIBOR-related market-malpractice investigation

  The UK Financial Services Authority asked Tullett Prebon to assist an investigation into suspected malpractice in the City of London, including possible misconduct connected with LIBOR rate fixing. The supplied reference does not provide a final finding against the company.

  Source

Read more

• 2021

  Completion of Liquidnet acquisitionM&A

  Background

  TP ICAP pursued Liquidnet to strengthen its institutional execution and electronic-market capabilities.

  Action taken

  The group announced completion of the acquisition in March 2021.

  Aftermath

  Liquidnet became part of the enlarged TP ICAP group, complementing its established broking and information activities.

  Source

• 2016

  Rebranding as TP ICAPStrategy

  Background

  The name change followed the completion and integration of the ICAP transaction.

  Action taken

  Tullett Prebon plc changed its corporate name to TP ICAP plc on 30 December 2016.

  Aftermath

  The new identity represented the combined group while retaining Tullett Prebon and ICAP as important operating brands.

  Source

• 2015

  Agreement to acquire ICAP’s hybrid broking and information businessM&A

  Background

  Tullett Prebon sought to broaden its global wholesale-markets franchise by combining with ICAP’s global hybrid voice-broking and information operations.

  Action taken

  The company agreed terms for the acquisition and subsequently integrated the acquired business into the enlarged group.

  Aftermath

  The transaction led to the adoption of the TP ICAP name in December 2016 and expanded the group’s product and geographic coverage.

  Source

1. 1TP ICAPen.wikipedia.org
2. 2Tullett Prebon official websitetullettprebon.com