TP ICAP reports flat revenues for Q1 2023

abdelaziz Fathi

UK interdealer broker TP ICAP has reported a slight increase in revenue for the first quarter of 2023, saying it remains “well positioned” for the future.

The group reported £606 million in revenue for the January-March quarter, up 2 percent compared with the same period in 2022.

TP ICAP’s global broking division experienced a 3% revenue increase with all asset classes showing low to mid-single digit growth. In the Energy & Commodities (E&C) division, revenue also increased by 3% driven by improved market conditions and liquidity in its European gas and power business.

The London-listed interdealer brokerage posted higher revenues for the Parameta Solutions division, up 7 percent from Q1 2022. However, Liquidnet, an institutional trading and equities network that TP ICAP acquired in 2021, saw a 3% decrease in revenue with strong performance in the relative value business was offset by lower cash equities revenue. Despite this, TP remains optimistic about its prospects and the overall market conditions.

TP also expressed confidence in its future business, noting the expectation of elevated interest rates throughout the year and the moderating effect of the recent strong US Dollar.

The company plans to release its results for the six months ending June 30 on August 9. On Wednesday morning, shares in TP declined by 2.4% to 164.95 pence each in London.

TP ICAP, which earns its bread from making markets in different asset classes, employs thousands of brokers who negotiate trades in markets such as FX and commodities. The company’s broking customer base comprises mainly larger dealers, whereas exchange-traded volume reflects a more diverse participant mix.

TP ICAP was formed five years ago following Tullett Prebon’s acquisition of the voice-broking business from its former rival interdealer broker ICAP. TP ICAP’s data and analytics division is a provider of real-time price information from the global OTC financial and commodity markets, covering data from the wholesale inter-dealer brokered financial markets.

Recently, TP ICAP launched its first roster of cryptocurrency exchange-traded products (ETPs) with fresh digital asset exposures to its European clients. The expansion of TP ICAP’s crypto offering is intended to appeal to a wider range of investors and comes at a time when interest in cryptocurrencies is growing.

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