TP Icap buys Neptune to create dealer-to-client credit business

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Co-owned by some of the world’s leading investment banks, Neptune delivers real-time pre-trade bond market data from many sell-side banks to buy-side clients. TP Icap will bring Neptune’s proprietary data network together with its Liquidnet electronic credit trading platform, creating a full service, global deal-to-client credit business.

At launch, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, JP Morgan, Morgan Stanley and UBS will own a 30% stake in the new business. This, says TP Icap will ensure that Liquidnet and the banks are resourced and incentivised to grow the business.

Nicolas Breteau, CEO, TP Icap, says: “By combining Liquidnet’s extensive client reach with leading liquidity providers, we can seamlessly and discreetly connect the sell-side and buy-side to unlock exciting potential, positioning us well to drive a step-change in fixed income markets and liquidity.”

Peter Rafferty, global head, secondary credit, BNP Paribas, adds: “As a supporter of innovation and market digitalisation, BNP Paribas welcomes the combination of these two platforms to deliver a more connected, efficient, and data driven ecosystem for institutional credit clients.”