TP ICAP Acquires Neptune Networks to Revolutionize Dealer-to-Client Credit Trading
In a groundbreaking move set to redefine the fixed income markets, TP ICAP Group PLC, a global leader in financial markets infrastructure, has announced the acquisition of Neptune Networks, an independent financial data company co-owned by some of the world’s largest investment banks. This strategic acquisition combines Neptune’s robust pre-trade bond market data capabilities with Liquidnet’s electronic credit trading platform, creating a transformative Dealer-to-Client (D2C) credit business.
At launch, nine leading global investment banks—Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley, and UBS—will hold a 30% stake in the new entity. This partnership is designed to align incentives and resources, ensuring sustainable growth for the business while delivering enhanced value to both buy-side and sell-side clients.
Strengthening Connectivity in Fixed Income Markets
Neptune Networks is renowned for its high-quality, real-time pre-trade bond market data, sourced from a wide network of sell-side banks and delivered directly to buy-side clients. By integrating Neptune’s proprietary data network with Liquidnet’s advanced electronic trading capabilities, TP ICAP aims to create a seamless, full-service D2C credit platform that bridges the gap between dealers and institutional investors.
According to Nicolas Breteau, CEO of TP ICAP Group, this acquisition represents a pivotal moment for fixed income markets. “Neptune is an exceptional platform with deep connectivity on both the sell-side and buy-side,” Breteau stated. “By combining Neptune’s data expertise with Liquidnet’s extensive client reach and liquidity provision, we can unlock exciting potential and drive a step-change in market efficiency, transparency, and liquidity.”
A Natural Synergy Between Neptune and Liquidnet
The acquisition also marks a significant milestone for Neptune Networks, which has long been at the forefront of pre-trade data innovation. Byron Cooper-Fogarty, CEO of Neptune Networks, expressed enthusiasm about the opportunities ahead. “The resources, talent, and experience of Liquidnet’s Fixed Income business will complement Neptune’s strengths in real-time, high-quality bond data,” he said. “This natural fit, along with the continued commitment of major banks, positions us to deliver unparalleled value to clients on both sides of the market.”
Industry leaders have echoed this sentiment, highlighting the transformative potential of the combined offering. Nick Adragna, Co-Head of Global Investment Grade and Macro Credit Trading at J.P. Morgan, emphasized the importance of fostering competition and enhancing market efficiency. “The strategic integration of Neptune and Liquidnet Credit offerings is poised to improve liquidity while delivering increased choice and value to both the buy-side and sell-side,” Adragna noted.
Similarly, Jonathan Moore, Head of European Credit Trading at Deutsche Bank, praised the collaboration as a catalyst for innovation. “Together, Neptune and Liquidnet are uniquely positioned to develop competitive alternatives to current data and execution offerings,” Moore explained. “Strong alignment with the dealer community and close ties to the buy-side will set this business apart, enhancing transparency, efficiency, and liquidity.”
Driving Market Evolution Through Innovation
As the credit markets continue to evolve, electronification is playing an increasingly critical role. According to recent data, as of November 2024, 43% of total volume traded in U.S. investment-grade (IG) and high-yield (HY) bonds was executed electronically, a sharp increase from just 19% and 2%, respectively, in 2015. This trend underscores growing demand for solutions that combine pre-trade analytics with seamless execution—a need that the new TP ICAP-Liquidnet-Neptune partnership is uniquely equipped to address.
Peter Rafferty, Global Head of Secondary Credit at BNP Paribas, highlighted the significance of this development. “Bringing together Neptune and Liquidnet marks a significant step in the evolution of the credit markets,” Rafferty stated. “This combination delivers a more connected, efficient, and data-driven ecosystem for institutional credit clients, supporting the ongoing digital transformation of the industry.”
For Crédit Agricole CIB, a founding shareholder of Neptune Networks, the acquisition reinforces its commitment to advancing market structure and liquidity. “As market electronification intensifies, clients are increasingly looking for integrated solutions,” said Pierre Scemla, Deputy Head of Global Markets Trading at Crédit Agricole CIB. “We are pleased to continue supporting this evolving landscape and delivering value to buy-side entities through this innovative initiative.”
Unlocking New Opportunities for Clients
The newly formed D2C credit business is expected to benefit a wide range of stakeholders, including asset managers, hedge funds, pension funds, and other institutional investors. By leveraging Neptune’s real-time data insights and Liquidnet’s cutting-edge trading technology, the platform will provide clients with access to deeper liquidity pools, improved pricing, and enhanced execution quality.
Moreover, the ownership structure—featuring a coalition of top-tier banks—ensures that the business remains closely aligned with the needs of the dealer community while prioritizing the interests of buy-side participants. This collaborative approach is designed to foster trust, drive adoption, and ultimately reshape how credit markets operate.
About TP ICAP Group PLC
Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets. We are a world-leading provider of OTC liquidity and data solutions, with a portfolio of industry-leading brands that include ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions. These businesses provide broking services, data & analytics, and market intelligence that are trusted by clients globally. We operate from more than 60 offices across 28 countries. www.tpicap.com
About Liquidnet
Liquidnet is a leading technology-driven, agency execution specialist that intelligently connects the world’s investors to the world’s investments. Since its founding in 1999, Liquidnet’s network has grown to include more than 1,000 institutional investors and spans 57 markets across six continents. Liquidnet was built to make global capital markets more efficient and continues to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that its customers need. For more information, visit www.liquidnet.com and follow on X @Liquidnet.
About Neptune Networks
Neptune supplies high-quality bond pre-trade data (axes and inventory) from 34 sell-side firms direct to the buy-side. Data accessed via Neptune is clean, standardised, and real-time from sell-side trading systems, rather than periodic runs or manual spreadsheets. Neptune is integrated with buy-side core workflow tools such as OMS or EMS, and also available through FIX, REST API, SFTP and our functionally rich user interface.
The platform carries over 250,000 axe & inventory items daily, $1.2tn+ in gross notional liquidity, across asset classes such as Credit, Rates and Emerging Markets. Neptune is used globally by buy-side firms with more than $55 trillion in aggregate AUM.
