TP ICAP Group announced record first quarter revenue of £689 million today (Wednesday) in a trading update, up 13% in constant currency, as the London-listed broker benefited from volatile markets and higher trading volume across rates, credit and energy products.
Singapore Summit: Meet the top APAC brokers you know (and those you don’t know yet!)
The group’s global broking arm, the largest revenue contributor, led the quarter with a 15% gain, while the energy and commodities division rose 13%. Together, the two units accounted for the bulk of the year-over-year improvement TB ICAP Saying that implementation has stalled across asset classes and regions against the backdrop of macroeconomic and geopolitical uncertainty.
The result extends a string of record quarters at the world’s largest inter-dealer broker. in In the first quarter of 2025, TP ICAP recorded what was then a record £629 million in revenue, with growth of 10% in constant currency, largely driven by trading activity related to U.S. trade policy turmoil.
First quarter of 2026
Printing press
This standard is pushed to a higher level once again, through broader contributions across the group’s four divisions.
Global brokerage and commodities carry a quarter
Global Broking’s 15% gain reflects continued activity in rates, foreign exchange and credit, as traders relied on TP ICAP for execution as central bank policy paths in the US, UK and Eurozone remain in flux.
The energy and commodities sectors, which struggled through late 2025 amid the exodus of brokers to rivals, returned to steadier ground in the first quarter, with revenue rising 13%.
This recovery comes after a period in which the commodity unit fell by 3% during the first nine months of 2025, affected by employee losses. Management has identified a pipeline of replacement appointments expected to contribute from 2026 onwards.
E-competitors set a higher growth barrier
The TP ICAP result falls against a backdrop in which electronic trading venues are recording steeper growth rates than the traditional audio broking model.
Tradeweb Markets reported a 21.2% rise in first-quarter revenue
to $617.8 million in late April, as average daily volume surpassed $3 trillion for the first time and rates revenue alone rose nearly 30%. Net income at the Nasdaq-listed platform rose 38.5% to $233 million in the same period.
MarketAxess also reported double-digit ADV growth in its credit and rates businesses through 2026, underscoring the move of OTC flow to electronic venues.
Compression has been a structural concern for years, leading TP ICAP to acquire Liquidnet for $700 million in 2021 and, more recently, to acquire Liquidnet. Liquidnet integration with Neptune Networks bond data platform In a deal, nine major investment banks were given a 30% stake.
Rival BGC Group has delved deeper into the field of data and standardized services.
In January,
BGC’s UK subsidiary has been licensed by the Financial Conduct Authority (FCA) as a Registered Reference Manager For EUR/GBP interest rate swaps and inflation products, which puts the company in direct competition with TP ICAP’s Parameta Solutions, which holds nine benchmarks managed by the Financial Conduct Authority (FCA).
Liquidnet builds, Parameta lags
Liquidnet reported a 9% increase in revenue in the first quarter, as the company said its core equity platform and multi-asset agency execution business expanded.
The platform has been one of TP ICAP’s biggest growth bets since the acquisition in 2021, although the 9% pace lags the double-digit expansion of Tradeweb and MarketAxess in similar quarters.
Parameta Solutions, the group’s OTC data and analytics arm, added 4% in the first quarter. Recently hired sales representatives have begun contributing, the company said, with the unit focusing on buy-side engagement, new logos, upsell and retention.
This pace is slower than the 9-10% growth Parameta has achieved in some recent quarters and much lower than Tradeweb’s international revenue growth of more than 29%.
The Board continued to evaluate Parameta Solutions’ potential minority public listing in the US, although no timeline was disclosed and the matter was not addressed in the first quarter update.
TP ICAP said the board “remains comfortable with the outlook for the rest of the year at current foreign exchange rates”, with approximately 60% of the group’s revenues and 40% of costs denominated in US dollars.
The company will report interim results for the six months ending June 30 on August 6, 2026.
TP ICAP Group announced record first quarter revenue of £689 million today (Wednesday) in a trading update, up 13% in constant currency, as the London-listed broker benefited from volatile markets and higher trading volume across rates, credit and energy products.
Singapore Summit: Meet the top APAC brokers you know (and those you don’t know yet!)
The group’s global broking arm, the largest revenue contributor, led the quarter with a 15% gain, while the energy and commodities division rose 13%. Together, the two units accounted for the bulk of the year-over-year improvement TB ICAP Saying that implementation has stalled across asset classes and regions against the backdrop of macroeconomic and geopolitical uncertainty.
The result extends a string of record quarters at the world’s largest inter-dealer broker. in In the first quarter of 2025, TP ICAP recorded what was then a record £629 million in revenue, with growth of 10% in constant currency, largely driven by trading activity related to U.S. trade policy turmoil.
First quarter of 2026
Printing press
This standard is pushed to a higher level once again, through broader contributions across the group’s four divisions.
Global brokerage and commodities carry a quarter
Global Broking’s 15% gain reflects continued activity in rates, foreign exchange and credit, as traders relied on TP ICAP for execution as central bank policy paths in the US, UK and Eurozone remain in flux.
The energy and commodities sectors, which struggled through late 2025 amid the exodus of brokers to rivals, returned to steadier ground in the first quarter, with revenue rising 13%.
This recovery comes after a period in which the commodity unit fell by 3% during the first nine months of 2025, affected by employee losses. Management has identified a pipeline of replacement appointments expected to contribute from 2026 onwards.
E-competitors set a higher growth barrier
The TP ICAP result falls against a backdrop in which electronic trading venues are recording steeper growth rates than the traditional audio broking model.
Tradeweb Markets reported a 21.2% rise in first-quarter revenue
to $617.8 million in late April, as average daily volume surpassed $3 trillion for the first time and rates revenue alone rose nearly 30%. Net income at the Nasdaq-listed platform rose 38.5% to $233 million in the same period.
MarketAxess also reported double-digit ADV growth in its credit and rates businesses through 2026, underscoring the move of OTC flow to electronic venues.
Compression has been a structural concern for years, leading TP ICAP to acquire Liquidnet for $700 million in 2021 and, more recently, to acquire Liquidnet. Liquidnet integration with Neptune Networks bond data platform In a deal, nine major investment banks were given a 30% stake.
Rival BGC Group has delved deeper into the field of data and standardized services.
In January,
BGC’s UK subsidiary has been licensed by the Financial Conduct Authority (FCA) as a Registered Reference Manager For EUR/GBP interest rate swaps and inflation products, which puts the company in direct competition with TP ICAP’s Parameta Solutions, which holds nine benchmarks managed by the Financial Conduct Authority (FCA).
Liquidnet builds, Parameta lags
Liquidnet reported a 9% increase in revenue in the first quarter, as the company said its core equity platform and multi-asset agency execution business expanded.
The platform has been one of TP ICAP’s biggest growth bets since the acquisition in 2021, although the 9% pace lags the double-digit expansion of Tradeweb and MarketAxess in similar quarters.
Parameta Solutions, the group’s OTC data and analytics arm, added 4% in the first quarter. Recently hired sales representatives have begun contributing, the company said, with the unit focusing on buy-side engagement, new logos, upsell and retention.
This pace is slower than the 9-10% growth Parameta has achieved in some recent quarters and much lower than Tradeweb’s international revenue growth of more than 29%.
The Board continued to evaluate Parameta Solutions’ potential minority public listing in the US, although no timeline was disclosed and the matter was not addressed in the first quarter update.
TP ICAP said the board “remains comfortable with the outlook for the rest of the year at current foreign exchange rates”, with approximately 60% of the group’s revenues and 40% of costs denominated in US dollars.
The company will report interim results for the six months ending June 30 on August 6, 2026.
