TP ICAP Group, a UK-based firm specialising in financial markets infrastructure, has announced the acquisition of Neptune Networks, a financial data company jointly owned by a group of global investment banks.
Based in the UK, Neptune offers real-time bond market data from sell-side banks to buy-side clients.
The firm provides pre-trade bond data, such as axes and inventory, from 34 sell-side firms directly to buy-side customers. The data is standardised and updated in real time, integrated with core workflow tools like OMS or EMS, and accessible through digital formats including FIX, REST API, SFTP, and a user interface.
The platform processes over 250,000 axe and inventory items daily and maintains more than $1.2 trillion in gross notional liquidity across asset classes including Credit, Rates, and Emerging Markets. It is said to be used globally by buy-side firms managing assets exceeding $55 trillion.
TP ICAP plans to combine Neptune’s data network with Liquidnet’s electronic credit trading platform to establish a global dealer-to-client credit business. Liquidnet connects investors with investment opportunities and has grown to involve more than 1,000 institutional investors across 57 markets worldwide since 1999.
TP ICAP CEO Nicolas Breteau said: “Neptune is an exceptional platform with deep connectivity on both the sell-side and buy-side. With our partners, we plan to enhance and grow Neptune’s core data business, strengthening its relevance to the buy-side via Liquidnet’s electronic credit trading platform.
“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.”
Initial stakeholders in the new venture will include banks such as Barclays, Citi, Crédit Agricole CIB, BNP Paribas, ING, Deutsche Bank, J.P. Morgan, Morgan Stanley, and UBS. These banks will hold a 30% share in the business to align resources for future growth.
Neptune CEO Byron Cooper-Fogarty said: “The resources, talent and experience of Liquidnet’s Fixed Income business will complement Neptune’s strengths in real-time, high quality bond data. There is a natural fit that, along with the continued commitment of the major banks, will create an entity that benefits buy-side and sell-side clients of both firms.”
