TP ICAP
A London-headquartered global intermediary, execution-services provider and market-data business serving wholesale financial markets.
Last updated October 16, 2026
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Overview
TP ICAP Group plc is a United Kingdom-based financial-services group whose businesses connect banks, asset managers, hedge funds, corporates, commodity participants and other professional-market users in wholesale financial markets. The group is best known for inter-dealer and institutional broking, where brokers help clients discover prices, communicate trading interest and execute transactions across products that may be less transparent or less centrally traded than listed securities. Its activities span rates, credit, foreign exchange, equities, energy, commodities, treasury products, property and specialist markets. The business traces its origins to 1971, when Derek Tullett established a foreign-exchange brokerage trading as Tullett & Riley. During the following decades the firm expanded internationally and developed technology and analytical capabilities for financial futures, options and foreign-exchange markets. A 1999 merger with Liberty Brokerage created Tullett Liberty. The company was subsequently acquired by Collins Stewart in 2003, forming Collins Stewart Tullett, and enlarged its broking presence through the 2004 acquisition of Prebon Yamane. The group separated its stockbroking and moneybroking activities in 2006, leaving the moneybroking business under the Tullett Prebon name. Further expansion included the 2007 acquisition of United States broker Chapdelaine. A major strategic change occurred in 2015, when Tullett Prebon agreed to acquire ICAP's global hybrid voice-broking and information businesses. The transaction completed in stages and the company adopted the TP ICAP name on 30 December 2016. The combination broadened the group beyond its Tullett Prebon franchise and created a multi-brand platform covering voice broking, electronic and hybrid execution, market information and analytics. In 2021, TP ICAP completed its acquisition of Liquidnet, adding a technology-enabled institutional trading network and strengthening its execution-services offering. The group operates through several businesses. Tullett Prebon provides intermediary services across rates, credit, volatility, treasury, foreign exchange, non-bank financial institutions, energy, equities and property. ICAP covers a broad range of wholesale markets, including interest rates, credit, foreign exchange, derivatives and selected specialist activities. PVM Oil focuses on over-the-counter and exchange-traded oil and refined-products markets, while COEX Partners provides advisory and execution services in listed derivatives, fixed income, interest-rate swaps and over-the-counter foreign exchange. Parameta Solutions is the group's data and analytics division, distributing over-the-counter market data, indices and related analytics derived from the group's brokerage activities. TP ICAP's positioning combines human intermediation, specialist market expertise, execution technology and information services. Its clients commonly require access to fragmented liquidity, institutional-sized transactions, complex derivatives or market intelligence. The group is therefore not primarily a consumer-facing financial brand; its customers are professional institutions and market participants. The company remains headquartered in London, is listed on the London Stock Exchange under the symbol TCAP and has been described as a constituent of the FTSE 250 Index. Its business is subject to extensive financial-market conduct, transparency, benchmark and prudential regulation.
History
TP ICAP originated in London's foreign-exchange broking market. Derek Tullett founded the business in 1971 under the name Tullett & Riley. During the 1970s and 1980s, it expanded outside the United Kingdom and developed a computer-based graphical analysis business, Futrend Ltd, focused on financial futures, options and foreign-exchange rates. These early activities established the combination of specialist human brokerage and financial-market information that later became central to the group. In 1999, Tullett & Riley merged with Liberty Brokerage to form Tullett Liberty. The business was acquired in early 2003 by Collins Stewart plc, creating Collins Stewart Tullett. The enlarged group then pursued a larger position in wholesale money broking. In October 2004 it acquired Prebon Yamane, a brokerage business formed through the combination of several London money-broking operations and associated with Japan's Yamane Group. The transaction materially broadened the firm's institutional broking franchise. In December 2006, the group separated its stockbroking and moneybroking operations. The moneybroking business became Tullett Prebon, while the stockbroking activities remained associated with Collins Stewart. Tullett Prebon continued to expand internationally, including through the January 2007 acquisition of Chapdelaine, a United States broker that was integrated into its existing operations. The company's development took place during a period of increasing regulatory scrutiny of wholesale financial markets. In 2012, Tullett Prebon was reported to have assisted the Financial Services Authority with inquiries into alleged City-market malpractice, with particular attention to possible LIBOR-rate manipulation. The reference material identifies the investigation and request for assistance but does not establish a final finding against TP ICAP itself. In 2014, chief executive Terry Smith left the brokerage to focus on the asset-management firm he had founded. John Phizackerley succeeded him in September of that year. A defining strategic transaction was announced in November 2015, when Tullett Prebon agreed terms to acquire ICAP's global hybrid voice-broking and information businesses. The deal expanded the company into a broader multi-brand intermediary and information group. After the transaction, Tullett Prebon changed its corporate name to TP ICAP on 30 December 2016. The new identity reflected the combination of the Tullett Prebon and ICAP businesses while preserving distinct operating brands. On 10 July 2018, Nicolas Breteau was appointed group chief executive officer. Under the TP ICAP structure, the group operated across a wide selection of wholesale markets, including rates, credit, volatility, foreign exchange, treasury, energy, equities, property and specialist non-bank financial markets. Its ICAP business also included selected specialist activities such as patent brokerage and relative-value trading support. PVM Oil extended the group's commodity presence through broking of crude oil, refined products and related derivatives, while Parameta Solutions developed the information-services side of the business by packaging market data, indices and analytics. TP ICAP completed its acquisition of Liquidnet on 24 March 2021. Liquidnet added a technology-oriented institutional trading network and broadened the group's execution proposition beyond traditional inter-dealer broking. In 2022, the Financial Times reported that activist investor Phase 2 Partners was urging the board to find a buyer to unlock shareholder value. The group remains a London-headquartered, publicly listed financial-services company serving professional participants in global wholesale markets.
- 2021
Liquidnet acquisition completed
[1]The acquisition added institutional execution and trading-network capabilities.
- 2018
Nicolas Breteau becomes group chief executive
[1]Breteau was appointed to lead the enlarged group.
- 2016
Adoption of the TP ICAP name
[1]Tullett Prebon plc changed its name to TP ICAP plc on 30 December.
- 2015
Agreement to acquire ICAP's global hybrid broking and information businesses
[1]The transaction created the basis for the later TP ICAP group structure.
- 2007
Chapdelaine acquisition
[1]Tullett Prebon acquired the US broker Chapdelaine and integrated it into its operations.
- 2006
Separation of stockbroking and moneybroking operations
[1]The group separated into Collins Stewart and Tullett Prebon businesses.
- 2004
Prebon Yamane acquisition
[1]The acquisition strengthened the group's money-broking and institutional-market presence.
- 2003
Acquisition by Collins Stewart
[1]Collins Stewart acquired the company, creating Collins Stewart Tullett.
- 1999
Merger with Liberty Brokerage
[1]The merger created Tullett Liberty and expanded the firm's brokerage platform.
- 1971
Derek Tullett establishes Tullett & Riley
[1]The business that ultimately became TP ICAP was founded as a foreign-exchange brokerage.
Products and positioning
A global intermediary and execution platform connecting professional participants in fragmented and wholesale financial markets through specialist broking, technology-enabled execution, data and analytics.
Inter-dealer and wholesale broking
Tullett Prebon
Tullett Prebon intermediates transactions for professional participants across volatility, rates, credit, treasury, non-bank financial markets, energy, equities and property. Its services include voice and hybrid brokerage, price discovery and specialist execution in markets where institutional liquidity can be fragmented or highly relationship-driven. The business also supports specialist areas such as insurance-linked securities, including catastrophe-bond secondary trading and selected primary or private-market transactions.
Wholesale broking and execution
ICAP
ICAP provides brokerage and execution services in interest rates, credit, credit derivatives, foreign exchange, swaps, equity derivatives and other institutional markets. Its activities include specialist desks such as ICAP Relative Value, which supports complex multi-leg synthetic strategies, particularly in US Treasury and futures markets. The business operates from major financial centres including London, New York and Tokyo.
Market data and analytics
Parameta Solutions
Parameta Solutions is TP ICAP's data and analytics division. It packages over-the-counter market information, indices and analytics sourced from the group's brokerage franchises, including ICAP, Tullett Prebon and PVM. Coverage includes interest-rate derivatives, money markets, foreign exchange, energy and commodities, as well as specialist risk and credit datasets.
Energy and oil broking
PVM Oil
PVM Oil brokers over-the-counter swaps, forwards and physical transactions in crude oil and refined products. It also provides exchange broking for contracts linked to markets such as WTI, Brent and gasoil, giving professional energy-market participants access to both bilateral and listed-market execution.
Advisory and execution
COEX Partners
COEX Partners provides trade-advisory and execution services in listed derivatives, fixed income, interest-rate swaps and over-the-counter foreign exchange. It complements the group's larger brokerage franchises with specialist market advice and execution support for institutional clients.
Institutional trading network
Liquidnet
Liquidnet is an institutional trading network acquired by TP ICAP in 2021. Its technology-enabled model broadens the group's execution offering, particularly for institutional investors seeking access to liquidity and trading workflows beyond traditional voice-based inter-dealer brokerage.
Controversies
2019
FCA fines TP ICAP £15.4 million
The Financial Conduct Authority fined TP ICAP £15.4 million over improper broker conduct involving lavish client entertainment and wash trades. The regulator also said that Tullett Prebon had failed to be open and cooperative with the watchdog.
2012
Assistance with LIBOR-related market investigation
Tullett Prebon was reported to have been asked by the Financial Services Authority to assist inquiries into alleged malpractice in London's financial markets, including possible manipulation associated with LIBOR. The available reference describes regulatory assistance and investigation, but does not provide evidence of a final finding that TP ICAP itself committed misconduct.
Brand decisions
2021
Complete the acquisition of LiquidnetM&ABackground
TP ICAP aimed to diversify its execution model and strengthen its technology-enabled institutional trading capabilities.
Action taken
The group completed its acquisition of Liquidnet on 24 March 2021.
Aftermath
Liquidnet became part of TP ICAP's broader execution and institutional-market offering.
2016
Adopt the TP ICAP corporate identityStrategyBackground
The company had completed the combination of the Tullett Prebon and ICAP businesses acquired in the preceding transaction.
Action taken
Tullett Prebon plc changed its name to TP ICAP plc on 30 December 2016.
Aftermath
The new name represented the combined group while the operating businesses continued to use established brands such as Tullett Prebon and ICAP.
2015
Acquire ICAP's global hybrid broking and information businessesM&ABackground
Tullett Prebon sought to expand its international broking scale and add information capabilities through a combination with ICAP's global hybrid voice-broking and information operations.
Action taken
The company agreed terms for the acquisition and subsequently integrated the acquired activities into the enlarged group.
Aftermath
The transaction led to the adoption of the TP ICAP name in December 2016 and created a broader multi-brand broking and market-information platform.
Recent events
Reported
TP ICAP launches energy broking business in Brazil[3]
TP ICAP announced that it had launched its energy broking business in Brazil, opening its full-service energy trading platform to institutional market participants.
Reported
TP ICAP announces wholesale cryptoasset trading platform[4]
TP ICAP announced a wholesale spot cryptoasset trading platform, which it said would launch to the market in the second half of 2021. The platform had started onboarding clients and was subject to registration with the UK Financial Conduct Authority.
Reported
FCA fines TP Icap £15.4 million[2]
The Financial Conduct Authority fined TP Icap £15.4 million over improper broker conduct involving lavish client entertainment and wash trades, and said Tullett Prebon had failed to be open and cooperative with the watchdog.
Sources4 sources
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