Philip Price, group general counsel and an executive director of TP ICAP, is stepping down from both roles, the interdealer broker said today (Tuesday). Sarah Linstead, its general counsel for Europe, the Middle East and Africa, will succeed him.
The change takes effect on September 30. Price will then move into an advisory role on corporate transactions, which TP ICAP said is meant to ensure an orderly handover and continuity across several initiatives.
London's trading industry is coming home!
The London-listed company reported record first-quarter revenue of £689 million (about $923 million) in May, up 13% at constant currency, and operates from more than 60 offices in 28 countries.
Its deal activity is ongoing. In January, TP ICAP agreed to buy Vantage Capital Markets, a broker with offices in London, Hong Kong, Tokyo and Dubai, as part of a push in equity derivatives and fixed income in Asia-Pacific.
Ten Years on the Legal and Deal Side
Price joined in 2015 as general counsel and global head of compliance and was appointed to the board as an executive director in 2018.
Before TP ICAP, he worked at Dresdner Kleinwort Wasserstein and UBS, where he headed corporate legal services for EMEA, and later served as general counsel at hedge fund SRM Global, Candover Investments and Arle Capital.
The company credited him with a significant role in its governance framework, regulatory engagement and M&A activity over the past decade.
"It has been a privilege to work with outstanding colleagues across the Group," Price said.
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In November 2025, TP ICAP said it was still evaluating a possible US minority listing for its data business, Parameta Solutions, without setting a timeline. The company did not link Price's new role to any specific transaction.
Price's exit also comes months after TP ICAP reported record 2025 revenue and launched an £80 million share buyback in March, alongside a higher dividend.
A Successor From Inside the Legal Team
Board Chair Richard Berliand thanked Price for "his valued guidance, support and advice over the last 10 years."
Linstead joined TP ICAP in April 2024 after nearly 18 years at Societe Generale, where she was general counsel for London, according to her LinkedIn profile.
The profile describes her EMEA remit as covering corporate, commercial, regulatory, litigation and employment work. She will become group general counsel on September 30.
