TP ICAP Group plc is a financial services firm headquartered in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

, United Kingdom. Its stock is listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

and is a constituent of the

FTSE 250 Index The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, Septemb ...

History

The company was founded by Derek Tullett in 1971 as a

foreign exchange The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all as ...

broker trading as Tullett & Riley. During the 1970s and 1980s it opened a number of overseas offices and started its own computer graphical analysis company of financial futures, options and FX rates (Futrend Ltd). In 1999 the Company merged with Liberty Brokerage to create Tullett Liberty. In early 2003, the company was bought by Collins Stewart plc, a financial services company, creating Collins Stewart Tullett plc. In October 2004, the company acquired Prebon Yamane, a broking business formed in 1990 following the

merger Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

of three leading London-based money broking businesses (Babcock & Brown, Kirkland-Whittaker and Fulton Prebon) and had adopted that name in acknowledgement of the firm's close business alliance with the Tokyo-based Yamane Group. In December 2006, the group separated into two separate entities: Collins Stewart (stockbroking) and Tullett Prebon (moneybroking). The company acquired Chapdelaine, a US broker, in January 2007 and integrated the business into its existing operations. In September 2012, the company was asked to help the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...

's investigation into malpractice across the City of London, with particular interest in the LIBOR interest rate fixing. In 2014, Terry Smith, chief executive of Tullett Prebon PLC, left the London-based brokerage firm to work full-time at the privately owned asset-management firm that he started in 2010. He was succeeded by John Phizackerley in September 2014. Phizackerley, who prefers to be called "Phiz", started out as a mining engineer with Anglo American and is a former Lehman Brothers and then Nomura executive. In November 2015, the company agreed to terms with ICAP (now known as

NEX Group NEX Group plc, formerly known as ICAP plc, is a UK-based business focused on electronic financial markets and post trade business for other financial institutions rather than private individuals. They are known as an inter-broker dealer. The ...

) to acquire their global hybrid voice broking and information business. Using the name of the acquired business the company changed its name from Tullett Prebon plc to TP ICAP plc on 30 December 2016. On 10 July 2018, Nicolas Breteau was appointed as Group Chief Executive Officer of TP ICAP. On 24 March 2021, TP ICAP announced the completion of its acquisition of

Liquidnet Liquidnet is a global institutional investment network that connects asset managers with liquidity. Liquidnet trades in 46 equity markets for over 1000 institutional investment firms who collectively manage US$33 trillion in equity and fixed incom ...

. In March 2022, the

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...

reported that an activist investor and hedge fund, Phase 2 Partners, was urging the board to find a buyer for the company in order to unlock shareholder value.

Operations

* Tullett Prebon: The company operates as an intermediary in wholesale financial markets. Many of its clients are commercial and investment banks. It operates in eight product areas: Volatility, Rates, Credit, Treasury, Non Banking, Energy, Equities and Property. The company also has specialist trading desks including, for example, Insurance Linked Securities where it facilitates Catastrophe Bond secondary market trading and provides a broking service to arrange Primary and Private Market transactions. It also provides data information services for financial institutions, covering areas such as Solvency II risk data, Credit Default Swaps data and FX Options data. *ICAP: The company trades in a number of areas, including interest rates, credit,

credit derivative In finance, a credit derivative refers to any one of "various instruments and techniques designed to separate and then transfer the ''credit risk''"The Economist ''Passing on the risks'' 2 November 1996 or the risk of an event of default of a cor ...

interest rate swap In finance, an interest rate swap (IRS) is an interest rate derivative (IRD). It involves exchange of interest rates between two parties. In particular it is a "linear" IRD and one of the most liquid, benchmark products. It has associations wit ...

s, intellectual property (patents, via ICAP Patent Brokerage), and

equity derivative In finance, an equity derivative is a class of derivatives whose value is at least partly ''derived'' from one or more underlying equity securities. Options and futures are by far the most common equity derivatives, however there are many other ty ...

s. It operates from London, New York and Tokyo with offices in a further 30 smaller financial centres such as Hong Kong, Madrid, Sydney and Singapore. The average daily transaction volume exceeds US$1.5 trillion. * PVM Oil: This company covers over the counter broking of

swap Swap or SWAP may refer to: Finance * Swap (finance), a derivative in which two parties agree to exchange one stream of cash flows against another * Barter Science and technology * Swap (computer programming), exchanging two variables in t ...

s, forwards and physical

crude oil Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...

and refined products together with exchange broking of WTI, Brent and Gasoil futures contracts. * COEX Partners: Offers trade advisory and execution services in listed

derivative In mathematics, the derivative of a function of a real variable measures the sensitivity to change of the function value (output value) with respect to a change in its argument (input value). Derivatives are a fundamental tool of calculus. F ...

fixed income Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the prin ...

, IRS markets and OTC

References

External links

Official website
{{Authority control Financial services companies based in the City of London Companies listed on the London Stock Exchange Multinational companies based in the City of London Financial services companies established in 1971 Foreign exchange companies British companies established in 1971