TP ICAP said revenue for the first nine months of 2025 rose to £1.783 billion, with gains in Global Broking and Liquidnet helping to counter a slower Energy & Commodities desk. The board said it remains “comfortable” with full-year adjusted EBIT expectations, while flagging the usual currency translation risk. The group will report preliminary 2025 results on 12 March 2026.

Global Broking — the voice and hybrid franchise across rates, credit and FX/money markets — grew 8%. Liquidnet, the buy-side block-trading network TP ICAP bought in 2020–21, also advanced 8% as equity and fixed-income agency execution held up. Parameta Solutions, the data and benchmarks unit, rose 3%, a slower pace but still accretive to margins. Energy & Commodities fell 5%, reflecting quieter oil and gas flows and the talent sensitivity of that market: when teams move, revenue tends to follow.

The headline number is less important than the mix. TP ICAP’s core broking engine throws off cash when volatility returns to rates and credit. But the multiple hinges on newer legs — Parameta and Liquidnet — that carry better margins and a cleaner, electronic wrapper. The data unit, now ring-fenced with its own leadership and FCA benchmark administrator status, has long been touted as a candidate for a minority listing to surface value. That option remains on the table, even if timing is hostage to markets.

The group itself is the product of a previous reinvention. Tullett Prebon’s 2016 purchase of ICAP’s global voice-broking arm created today’s TP ICAP, the largest interdealer broker by footprint. That deal stitched together deep client relationships across the street — banks, dealers, hedge funds — and gave the company scale to build out electronic tools on top of voice liquidity. Nicolas Breteau, who previously ran Global Broking and later Newedge, now steers the portfolio with an eye on blending high-touch price discovery with screen-based execution.

That is where Liquidnet matters. The venue’s anonymous block network remains a go-to for asset managers in some 40-plus equity markets and an expanding fixed-income lineup. Integrating that agency flow with TP ICAP’s dealer franchise and the Fusion platform gives the group a broader toolkit when volatility slips and block liquidity grows more valuable. The 8% year-to-date rise suggests the buy side continues to route size through that channel even in a cooler tape.

Parameta Solutions is the other leg. Its mandate is to turn OTC price discovery into licensing revenue — pricing, benchmarks, transaction cost analytics — now distributed through cloud partners and direct feeds. In May 2022, the FCA authorised Parameta as a benchmark administrator, an important checkbox in the post-LIBOR world where governance and methodology rule the roost. This is the kind of business investors assign higher multiples to, which explains the persistent “unlock Parameta” drumbeat.

The weak spot this year is Energy & Commodities. After two turbo-charged years, oil and gas derivatives have cooled. Desk moves across the street also bite: competitors can lift teams and with them a chunk of wallet. TP ICAP isn’t alone in feeling that pinch, and the minus-five print will focus attention on retention and selective hires into 2026.

Two macro levers sit above the quarter-to-quarter noise. First, FX translation: a strong dollar flatters sterling reporters on revenue but can cut the other way on costs and EBIT depending on hedges and footprint. Management flagged the risk, as usual. Second, rates volatility: even modest swings in government bond markets tend to goose broking volumes across swaps, options and repos — the plumbing where TP ICAP earns its keep.

Competition remains fierce. BGC pushes hard with Fenics; Tradition, Marex and exchange-owned data stacks all chase the same wallets. TP ICAP’s answer is a blend: keep the broking engine warm, scale Liquidnet’s network into fixed income and primary markets, and grow Parameta’s higher-margin feeds and indices.

Whether Parameta’s growth rate re-accelerates into year-end; if Energy & Commodities stabilises as winter demand and event risk return; and whether Liquidnet can keep printing mid-single-digit gains if equity volatility stays muted. The March print will also show how much of the revenue mix dropped to the bottom line once currency effects and incentive accruals wash through.