The OTC liquidity provider acquired Neptune Networks and partnered with 9 banks to create a comprehensive dealer-to-client credit business.
The electronic bond trading now accounts for 43% of U.S. corporate bond volume compared to just 19% in 2015.
TP ICAP
Group has completed the acquisition of Neptune Networks, a bond market data
provider, while establishing a partnership with nine major investment banks
that will collectively hold a 30% stake in the combined business.
Nine Giants Back TP ICAP's
Bond Trading Revolution
The
transaction merges Neptune's real-time bond market data network with TP ICAP's Liquidnet
electronic trading platform, creating what the company describes as a
comprehensive dealer-to-client credit business.
Nicolas Breteau, CEO of TP ICAP
The nine
bank partners—Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche
Bank, ING, J.P. Morgan, Morgan Stanley and UBS—will maintain their ownership
stake to ensure continued growth and development of the platform.
“Neptune
is an exceptional platform with deep connectivity on both the sell-side and
buy-side,” said Nicolas Breteau, TP ICAP's chief
executive. “By combining Liquidnet's extensive client reach with leading
liquidity providers, we can seamlessly and discreetly connect the sell-side and
buy-side.”
Neptune
currently processes over 250,000 bond inventory items daily, representing more
than $1.2 trillion in gross notional liquidity across credit, rates and
emerging markets. The platform serves buy-side firms managing approximately $55
trillion in aggregate assets under management, delivering data from 34
sell-side institutions.
The
acquisition comes as electronic bond trading continues its rapid expansion. By
November 2024, electronic execution accounted for 43% of total volume in both
U.S. investment-grade and high-yield corporate bonds, a substantial increase
from approximately 19% and 2% respectively in 2015.
“Together,
Neptune and Liquidnet are uniquely positioned to develop competitive
alternatives to current data and execution offerings,” said Jonathan Moore,
Head of European Credit Trading at Deutsche Bank. “Strong alignment with the
dealer community and close ties to the buy-side will set this business apart.
The combined offering will be well placed to enhance transparency, efficiency,
and liquidity.”
The
participation of major banks as stakeholders reflects broader changes in fixed
income market structure. Byron Cooper-Fogarty, Neptune's chief executive, noted
that the combination would benefit clients of both firms through enhanced
resources and expertise.
“The
resources, talent and experience of Liquidnet's Fixed Income business will
complement Neptune's strengths in real-time, high quality bond data,”
Cooper-Fogarty said.
Bank
executives emphasized the deal's potential to increase market competition and
liquidity. Nick Adragna from J.P. Morgan highlighted the firm's commitment to
“promoting market competition and increasing liquidity” through such
initiatives.
Paribas's
Peter Rafferty characterized the merger as “a significant step in the
evolution of the credit markets.”
Technology Integration
Focus
The
combined platform will integrate Neptune's standardized, real-time data feeds
with Liquidnet's execution capabilities. Neptune's data comes directly from
sell-side trading systems rather than periodic updates or manual processes, and
can be accessed through various workflow tools including order management
systems and execution management systems.
TP ICAP,
which operates from more than 60 offices across 28 countries, previously
acquired Liquidnet for $700 million in
a deal completed in 2021. The firm provides over-the-counter liquidity and
data solutions across financial, energy and commodities markets through brands
including ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions.
The Neptune
acquisition represents TP ICAP's continued expansion in electronic trading
capabilities, building on Liquidnet's network of more than 1,000 institutional
investors spanning 57 markets across six continents.
TP ICAP
Group has completed the acquisition of Neptune Networks, a bond market data
provider, while establishing a partnership with nine major investment banks
that will collectively hold a 30% stake in the combined business.
Nine Giants Back TP ICAP's
Bond Trading Revolution
The
transaction merges Neptune's real-time bond market data network with TP ICAP's Liquidnet
electronic trading platform, creating what the company describes as a
comprehensive dealer-to-client credit business.
Nicolas Breteau, CEO of TP ICAP
The nine
bank partners—Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche
Bank, ING, J.P. Morgan, Morgan Stanley and UBS—will maintain their ownership
stake to ensure continued growth and development of the platform.
“Neptune
is an exceptional platform with deep connectivity on both the sell-side and
buy-side,” said Nicolas Breteau, TP ICAP's chief
executive. “By combining Liquidnet's extensive client reach with leading
liquidity providers, we can seamlessly and discreetly connect the sell-side and
buy-side.”
Neptune
currently processes over 250,000 bond inventory items daily, representing more
than $1.2 trillion in gross notional liquidity across credit, rates and
emerging markets. The platform serves buy-side firms managing approximately $55
trillion in aggregate assets under management, delivering data from 34
sell-side institutions.
The
acquisition comes as electronic bond trading continues its rapid expansion. By
November 2024, electronic execution accounted for 43% of total volume in both
U.S. investment-grade and high-yield corporate bonds, a substantial increase
from approximately 19% and 2% respectively in 2015.
“Together,
Neptune and Liquidnet are uniquely positioned to develop competitive
alternatives to current data and execution offerings,” said Jonathan Moore,
Head of European Credit Trading at Deutsche Bank. “Strong alignment with the
dealer community and close ties to the buy-side will set this business apart.
The combined offering will be well placed to enhance transparency, efficiency,
and liquidity.”
The
participation of major banks as stakeholders reflects broader changes in fixed
income market structure. Byron Cooper-Fogarty, Neptune's chief executive, noted
that the combination would benefit clients of both firms through enhanced
resources and expertise.
“The
resources, talent and experience of Liquidnet's Fixed Income business will
complement Neptune's strengths in real-time, high quality bond data,”
Cooper-Fogarty said.
Bank
executives emphasized the deal's potential to increase market competition and
liquidity. Nick Adragna from J.P. Morgan highlighted the firm's commitment to
“promoting market competition and increasing liquidity” through such
initiatives.
Paribas's
Peter Rafferty characterized the merger as “a significant step in the
evolution of the credit markets.”
Technology Integration
Focus
The
combined platform will integrate Neptune's standardized, real-time data feeds
with Liquidnet's execution capabilities. Neptune's data comes directly from
sell-side trading systems rather than periodic updates or manual processes, and
can be accessed through various workflow tools including order management
systems and execution management systems.
TP ICAP,
which operates from more than 60 offices across 28 countries, previously
acquired Liquidnet for $700 million in
a deal completed in 2021. The firm provides over-the-counter liquidity and
data solutions across financial, energy and commodities markets through brands
including ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions.
The Neptune
acquisition represents TP ICAP's continued expansion in electronic trading
capabilities, building on Liquidnet's network of more than 1,000 institutional
investors spanning 57 markets across six continents.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
ASX Faces $150M Capital Charge After Scathing Inquiry Finds Years of Neglect
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
