TP ICAP announced that it has acquired Neptune Networks and partnered with nine global investment banks to launch a new dealer-to-client (D2C) credit business.
TP ICAP Announces Neptune Networks Acquisition
In a press release Monday, the company said the move aims to transform fixed income markets through enhanced data and execution services.
The London-based markets infrastructure firm stated it would integrate Neptune’s real-time bond data platform with Liquidnet’s electronic credit trading capabilities.
The combined entity will provide a full-service D2C credit offering, connecting buy-side and sell-side participants.
At launch, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley and UBS will own a 30% stake in the new business.
“Neptune is an exceptional platform with deep connectivity on both the sell-side and buy-side,” said TP ICAP CEO Nicolas Breteau. “By combining Liquidnet’s extensive client reach with leading liquidity providers, we can seamlessly and discreetly connect the sell-side and buy-side to unlock exciting potential.”
The move comes amid rapid growth in electronic bond trading, with 43% of US investment-grade and high-yield bond volumes traded electronically as of November 2024, up from 19% and 2% respectively in 2015.
Bank representatives welcomed the merger, highlighting its potential to boost transparency, liquidity and competition in the credit markets through greater integration of data and execution tools.
