Activity

TP ICAP Group, a leading provider of financial markets infrastructure, has acquired Neptune Networks and is partnering with nine global investment banks to establish a new dealer-to-client (D2C) credit business. This strategic move aims to transform fixed income markets by combining real-time pre-trade bond data with electronic trading capabilities.
Key aspects of this development:
* Acquisition of Neptune Networks: TP ICAP has acquired Neptune Networks, a platform that provides real-time pre-trade bond market data, including “axes” (dealer interests to buy or sell specific bonds) and inventory, from a large number of sell-side banks directly to buy-side clients. Neptune was previously co-owned by a consortium of leading investment banks.
* Integration with Liquidnet: The acquired Neptune platform will be integrated with Liquidnet, TP ICAP’s electronic credit trading business. This integration will create a comprehensive, full-service global D2C credit offering, connecting buy-side and sell-side participants seamlessly.
* Partnership with Nine Global Investment Banks: A consortium of nine major investment banks – Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley, and UBS – will collectively retain a 30% stake in the new business. This partnership is designed to ensure alignment with both the dealer community and institutional investors, fostering competition and innovation.
* Enhanced Transparency and Efficiency: The combined entity is expected to enhance transparency, efficiency, and liquidity across fixed income markets. By bringing together Neptune’s deep expertise in high-quality, real-time bond data with Liquidnet’s extensive client network and trading capabilities, the new venture aims to provide clients with improved choice, greater efficiency, and enhanced value.
* Addressing Market Trends: This move comes amid the accelerating electronification of corporate bond trading. The combined offering addresses the increasing demand for solutions that unite pre-trade analytics with execution capabilities, supporting the development of a more connected, data-driven ecosystem for institutional clients.
* Leadership: The new business will be run by David Johnsen, currently Head of Fixed Income at Liquidnet, while Byron Cooper-Fogarty, CEO of Neptune Networks, will continue to play a key role.
TP ICAP’s acquisition of Neptune and the formation of this new D2C credit business with the backing of major banks represent a significant step in the evolution and digitalization of credit markets, aiming to provide a more robust and integrated solution for fixed income trading.

Video courtesy of StockInvestorDaily

Video courtesy of StockInvestorDaily