TP ICAP Group plc (LSE:TCAP) reported a 9% increase in group revenue at constant currency to £1.91 billion for the nine months ended 30 September 2026, supported by strong trading across its Global Broking division and improved activity in Energy & Commodities.
Third-quarter revenue increased 11% at constant exchange rates to £620 million, with Global Broking delivering particularly strong growth across its major asset classes.
At actual exchange rates, group revenue rose 7% over the nine-month period and 11% in the third quarter.
The interdealer broker and financial markets infrastructure provider maintained its full-year outlook, with the board remaining comfortable with market expectations for adjusted earnings before interest and tax (EBIT), subject to currency movements.
Global Broking Revenue Rises 12% Year to Date
TP ICAP’s Global Broking division delivered 12% revenue growth during the first nine months of 2026, with the increase consistent across both constant and actual exchange rates.
Third-quarter revenue growth accelerated to 16%, reflecting continued momentum across the division.
The company reported growth across all asset classes during the nine-month period, with equities making a particularly strong contribution.
Rates trading also continued to perform well, supported by market conditions and the division’s established client relationships.
Management attributed the performance to the execution of its commercial strategy, improvements in competitive positioning and supportive trading conditions.
Global Broking remained the group’s principal growth driver during the period, contributing to the acceleration in overall third-quarter revenue.
Energy & Commodities Growth Accelerates in Third Quarter
The Energy & Commodities division recorded revenue growth of 3% at constant currency during the nine months to September, equivalent to 1% at actual exchange rates.
Third-quarter performance improved, with revenue increasing 7% at constant currency and 9% at actual rates.
The division achieved growth despite continued weakness in global oil futures trading, which accounts for more than half of its revenue.
TP ICAP said depressed activity levels in oil futures markets had continued to affect the business, although performance in other segments helped offset the pressure.
Power trading delivered strong growth, while investment in new trading desks and brands contributed to the division’s performance.
The company believes Energy & Commodities remains positioned to benefit from a recovery in market activity, although the timing and extent of any improvement remain uncertain.
Liquidnet Revenue Broadly Stable Amid Subdued Equity Trading
Liquidnet reported a 1% increase in revenue at constant currency for the nine-month period, while revenue was unchanged at actual exchange rates.
In the third quarter, revenue declined 1% under both measures.
The business continued to expand its multi-asset activities, but conditions in the equities block trading market remained challenging.
TP ICAP said the ongoing Middle East conflict had affected market risk appetite and client trading behaviour, contributing to reduced activity in block trading.
Despite these conditions, Liquidnet maintained its market position and continued developing its trading technology and execution capabilities.
During the quarter, the division launched Meridian, a platform combining algorithmic trading, liquidity access, analytics, execution services and artificial intelligence tools.
Liquidnet also introduced SuperBlock TI, designed to improve access to natural block liquidity.
The company said these developments formed part of its efforts to strengthen Liquidnet’s product offering and support future growth.
Parameta Solutions Revenue Increases 4%
Parameta Solutions, TP ICAP’s data and analytics division, recorded revenue growth of 4% at constant currency during the first nine months of 2026.
At actual exchange rates, revenue increased 1%.
Third-quarter revenue was unchanged at constant currency and declined 2% at actual rates.
The division’s annual recurring revenue increased 5% year on year, supported by subscription growth, improved customer retention and contract renewals.
TP ICAP reported continued demand for Parameta’s products and services, alongside a growing commercial pipeline across new customer acquisition, distribution channels and existing accounts.
However, third-quarter performance was affected by lower inter-division revenue, reflecting a one-off benefit included in the prior-year comparative period.
The company said this partly offset growth in the underlying business.
Following the end of the reporting period, Parameta secured its largest new US buy-side customer contract to date.
The agreement represents a further development in the division’s efforts to expand its institutional client base.
Product Development Supports Long-Term Strategy
Across its divisions, TP ICAP continued investing in new products, technology and commercial capabilities during the period.
Global Broking benefited from its established market presence and broad asset-class coverage, while Energy & Commodities expanded its trading capabilities through investment in additional desks and brands.
At Liquidnet, the introduction of Meridian and SuperBlock TI was intended to improve execution services and strengthen its multi-asset proposition.
Parameta Solutions continued focusing on recurring subscription revenue, customer retention and new product development.
The company said these initiatives were supporting its commercial pipeline and contributing to the diversification of revenue across the group.
Full-Year Adjusted EBIT Expectations Maintained
TP ICAP confirmed that its board remains comfortable with current market expectations for adjusted EBIT for the full year ending December 2026.
The outlook remains subject to foreign exchange movements, which could affect reported results.
The company did not provide a specific adjusted EBIT forecast in the trading statement.
The nine-month performance reflected stronger revenue growth in Global Broking, an improvement in Energy & Commodities and continued subscription development at Parameta Solutions.
These contributions helped offset subdued equities block trading conditions at Liquidnet.
TP ICAP also confirmed that it will publish its preliminary results for the 2026 financial year on 11 March 2027.
Outlook
TP ICAP enters the final quarter of 2026 following 9% constant currency revenue growth over the first nine months, with third-quarter growth accelerating to 11%.
Global Broking continues to benefit from activity across equities and rates, while Energy & Commodities has shown improving momentum despite weakness in oil futures markets.
Liquidnet remains exposed to subdued institutional block trading activity, although recent product launches are intended to strengthen its competitive offering.
Parameta Solutions continues to develop its recurring revenue base and expand its institutional customer relationships.
The board has maintained its confidence in full-year adjusted EBIT market expectations, with currency movements remaining an important factor in the eventual reported outcome.
Leave a Reply