TP ICAP reports 1% revenue decline in H1 2021

TP ICAP has published a trading update for the first half of 2021. The London-based interdealer broker reported a decline in revenue, mostly resulting from the Covid-19 effects on the global economy.

The overall revenue of the company for the first half of the year stood at £936 million, a 1% lower than the first half of last year.

Nicolas Breteau, Chief Executive Officer, TP ICAP, commented:

Nicolas Breteau, TP ICAP

Nicolas Breteau

Our revenue performance reflects challenging trading conditions caused by the combination of very quiet secondary markets and the ongoing disruption from COVID-19.  Against this market backdrop, we have focused on those areas that we can control: namely, executing on our strategy and managing costs.

TP ICAP distinguishes four divisions in its revenue report: global broking, energy & commodities, agency executions (including Liquidnet) and Parameta Solutions (the Data & Analytics business). Global Broking registered a 7% decline and energy & commodities fell 9% in the first half of the year. Agency executions, on the other hand, jumped 84% on constant currency basis on Parameta Solutions rose 11%.


In March 2021, TP ICAP completed the acquisition of Liquidnet and in the second quarter of the year its revenue was fully considered. In the first half of this year, Liquidnet generated £55 million revenue. Excluding this number, TP ICAP’s revenue declined 7% in H1 on a constant currency basis.

Not counting Liquidnet’s contribution, the company expects to close the year with overall revenue, broadly in line with 2020.

Breteau added:

In terms of corporate development, this has been a busy and successful period. In February we completed the redomicile of our holding company from the UK to Jersey and realised tangible capital benefits as a result.  We also completed the Liquidnet acquisition in March and the subsequent integration is successfully progressing at pace.  We have continued to execute our organic strategy to electronify our business to improve margins over time, connect clients with liquidity more efficiently and diversify our revenue mix.  In addition, we have continued to innovate, going live with a new fully automated Spot FX matching platform and announcing the launch of a pioneering wholesale trading platform for spot crypto-assets.

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