TP ICAP Confirms Commitment to Continue EU Operations

Interdealer broker TP ICAP plc (LON: TCAP) has published an announcement confirming its commitment to complete the relocation of staff to the EU 27 and the local hiring of staff in the EU-based offices of TP ICAP Europe S.A. (TPIE) at the earliest opportunity. TP ICAP currently believes that such relocation and local hiring of staff is possible notwithstanding the continued disruption as a result of the COVID-19 pandemic.

Following the loss of the EU passporting rights, TP ICAP's UK-based authorised subsidiaries no longer have the full scope of necessary regulatory permissions to service all clients based in the EU 27. TP ICAP's UK-based authorised subsidiaries continue to service clients based in certain EU 27 member states where possible under available temporary permission regimes, existing third country access rights, or as otherwise permitted by applicable laws and regulations.

In those EU 27 member states where TP ICAP's existing operating model does not allow it to service clients under available temporary permission regimes, existing third country access rights, or applicable laws and regulations, TP ICAP intends to adjust its operating model as soon as practicable to ensure that it services clients in those jurisdictions in accordance with such temporary permission regimes, existing third country access rights, or applicable law and regulation. Such adjustments may include amongst other things obtaining additional third country permissions for its UK authorised firms and/or servicing clients from its EU establishments once the relocation of brokers to TPIE has been effected.

TP ICAP does not expect any material impact on the Group's global broking business or its financial results as a result of any of the matters disclosed above, including any temporary reduction of services provided to clients based in the EU 27.