TP ICAP Posts 12% Yearly Increase in Global Broking Revenue During Q3 2022

TP ICAP, a leading global markets infrastructure and data solutions provider, released a trading update today for the nine months ended 30 September 2022, reporting a total Group revenue of £1,588 million, up 10% compared with the same period in 2021. Excluding Liquidnet, revenue increased by 7%.

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At the divisional level, Global Broking revenue was up 9%. In Energy & Commodities (E&C), revenue declined by 3%. Agency Execution revenue, including Liquidnet, was up 34%. Liquidnet revenue, on a proforma basis, declined by 9%.

In Europe, there was a decline in larger block market trading activity. In the US, there was a shift in mix towards lower rate client segments. Liquidnet's market share in the US and Europe was broadly unchanged. Parameta Solutions revenue grew by 6%, with Data & Analytics (D&A) up 9%.

During the third quarter of 2022, total Group revenue was £508m, up 5% compared with the same period in 2021.

Global Broking revenue was up 12%. All asset classes generated high single digit to double digit growth, reflecting the continued strong performance. E&C revenue declined by 12%. In Agency Execution, including Liquidnet, revenue declined by 1%. Liquidnet revenue declined by 22%.

In addition, US Agency Alternative Trading System (ATS) volumes, a key contributor for Liquidnet, were subdued, compared with exchanges and OTC venues. Parameta Solutions revenue grew by 6%, while D&A revenue was up 7%.