TP ICAP, the world's largest interdealer broker, announced a seven-year strategic collaboration with Amazon Web Services (AWS) to accelerate its digital transformation and expand its electronic trading capabilities.

TP ICAP's $1B Cloud Gamble with Amazon

The partnership will focus on developing Fusion, TP ICAP's cloud-based digital platform, with 45 AWS Professional Services engineers joining TP ICAP's technology teams. The initiative aims to slash new product development times by more than 50% and increase TP ICAP's AWS Cloud workload to over 80% by 2026.

“This strategic collaboration with AWS positions TP ICAP as a leader in digital transformation within our industry,” said Nicolas Breteau, Group CEO of TP ICAP. “We will be able to develop new functionality, faster, to enhance our electronic platform, Fusion.”

AWS will help establish an AI and Innovation Lab at TP ICAP, building on existing projects that include regulatory governance automation using Amazon Bedrock and client engagement analysis through chatbot technology.

“Leveraging AWS generative AI capabilities like Amazon Bedrock, TP ICAP will be able to rapidly deliver innovative services, gain predictive insights, increase productivity, and better respond to customer needs,” commented Scott Mullins, Managing Director of Financial Services at AWS. “This collaboration underscores AWS's leadership in wholesale markets and our ability to deliver secure, compliant, and AI-enabled solutions that drive tangible business value.”

TP Icap to migrate 80% of technology infrastructure to Amazon Web Services https://t.co/Pe5mWSfv1u

— Finextra (@Finextra) December 3, 2024

The partnership includes plans to co-develop sustainability-focused trading solutions, supporting Amazon's goal of achieving net-zero carbon emissions by 2040. This builds on TP ICAP's existing success in reducing IT carbon emissions by 31% year-over-year through AWS adoption.

“We are excited to embark on this transformative journey with TP ICAP,” added Tanuja Randery, VP & Managing Director AWS EMEA. “TP ICAP’s ‘All in on Cloud’ strategy aims to migrate over 80% of its technology infrastructure to AWS by the end of 2026. This will reduce TP ICAP’s reliance on physical data centers and legacy systems, delivering millions in annual savings and cutting carbon emissions.”

Liquidnet Expansion

In related news, TP ICAP's Liquidnet division announced key appointments to strengthen its European execution capabilities. Prashanth Manoharan joins as Head of Execution Consulting in EMEA from BNP Paribas, while Oliver Ekers and Henry Baugniet join as Execution Trader and Execution Analyst, respectively.

“As our members navigate a fragmented and complex liquidity landscape, they need a comprehensive service model from their agency partner to guide them,” said Gareth Exton, Head of Execution and Quantitative Services, EMEA at Liquidnet. “At Liquidnet, we are committed to meeting this need, offering high-touch, portfolio, and algorithmic trading channels through our trading desk, along with our robust Execution Consulting capabilities.”

Liquidnet has recently made several other strategic hires to bolster its global operations. In October 2024, the company appointed Eric Blake as Head of Latin America, tasking him with expanding Liquidnet's presence in the region by identifying new liquidity sources and delivering tailored technology solutions.

In August 2024, Liquidnet introduced a multi-asset services division to consolidate operations across various markets and provide clients with access to diverse financial instruments. To lead this initiative, the company appointed Balraj Briah as Head of Multi-Asset Services. Briah, a financial industry veteran with over 25 years of experience, previously held a trader roles for BNY Mellon, Nomura, and Citi, and was associated with BTIG for the past seven years.

Additionally, in July 2024, Liquidnet named Jeffrey Crane as Head of International for the Americas.

In the meantime, TP ICAP expanded its MENA footprint with a new office in Dubai's International Financial Centre (DIFC), tripling its physical presence in the region.