View source for TP ICAP

{{short description|UK financial services firm}}
{{Infobox company
| name     = TP ICAP Group plc
| logo     = TP ICAP logo.svg
| logo_size = 160px
| slogan   =
| vector_logo      =
| type     = Public
| traded_as = {{ubl|{{lse|TCAP}}|[[FTSE 250 Index|FTSE 250]] component}}
| genre            =
| foundation       = 1971
| founder          = [[Derek Tullett]]<ref name=minster>{{cite news|url=https://www.telegraph.co.uk/news/politics/9520858/Michael-Fallon-becomes-business-minister.html|title= Michael Fallon becomes business minister|newspaper=The Telegraph|date=5 September 2012|access-date=14 March 2023}}</ref>
| location         = [[London]], [[England]], [[United Kingdom|UK]]
| origins          =
| key_people       = Richard Berliand ([[Chairman]])<br>Nicolas Breteau ([[CEO]])
| area_served      =
| industry         = Banking
| products         =
| revenue          = {{increase}} [[British Pound|£]]2,191 million (2023)<ref name=results>{{cite web|url=https://tpicap.com/tpicap/sites/g/files/escbpb106/files/2024-03/TP%20ICAP%20FY%202023%20Results_0.pdf|title=Preliminary Results 2023|publisher=TP ICAP|access-date=12 March 2024}}</ref>
| operating_income = {{decrease}} [[British Pound|£]]128 million (2023)<ref name=results/>
| net_income       = {{decrease}} [[British Pound|£]]76 million (2023)<ref name=results/>
| num_employees    = 5,300 (2023)<ref>{{cite web|url=https://tpicap.com/tpicap/careers/work-with-us|title=Careers|publisher=TP ICAP|access-date=18 February 2023}}</ref>
| parent           =
| subsid           =
| owner            =
| homepage         = {{URL|https://tpicap.com/tpicap/}}
| footnotes        =
}}
'''TP ICAP Group plc''' is a financial services firm headquartered in [[London]], United Kingdom. Its stock is listed on the [[London Stock Exchange]] and is a constituent of the [[FTSE 250 Index]].
== History ==
[[File:Outside 155 Bishopsgate - geograph.org.uk - 1163607.jpg|thumb|Tullett Prebon's offices in [[Bishopsgate]]]]
The company was founded by Derek Tullett in 1971 as a [[foreign exchange market|foreign exchange]] broker trading as Tullett & Riley.<ref name=history>{{cite web|url=http://www.tullettprebon.com/investor_about.aspx|title=Tullett Prebon Interdealer Broking History|work=tullettprebon.com|access-date=3 April 2015|url-status=dead|archive-url=https://web.archive.org/web/20080809025742/http://www.tullettprebon.com/investor_about.aspx|archive-date=9 August 2008}}</ref> During the 1970s and 1980s, it opened a number of overseas offices and started its own computer graphical analysis company of financial futures, options and FX rates (Futrend Ltd). In 1999 the Company merged with Liberty Brokerage to create Tullett Liberty.<ref name=history/>
In early 2003, the company was bought by Collins Stewart plc, a financial services company, creating Collins Stewart Tullett plc.<ref name=history/> In October 2004, the company acquired Prebon Yamane, a broking business formed in 1990 following the [[merger]] of three leading London-based money broking businesses (Babcock & Brown, Kirkland-Whittaker and Fulton Prebon)<ref name=history/> and had adopted that name in acknowledgement of the firm's close business alliance with the [[Tokyo]]-based Yamane Group.<ref name=history/> In December 2006, the group separated into two separate entities: Collins Stewart (stockbroking) and Tullett Prebon (moneybroking).<ref>{{cite web|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article743386.ece|archive-url=https://web.archive.org/web/20110612080506/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article743386.ece|url-status=dead|archive-date=June 12, 2011|title=Login|work=[[The Times]]|access-date=3 April 2015}}</ref> The company acquired Chapdelaine, a US broker, in January 2007 and integrated the business into its existing operations.<ref>{{cite web|url=http://www.marketwatch.com/news/story/tullett-prebon-profit-halves-sees/story.aspx?guid=%7B9AA06AD8-2FD7-452B-8CF0-55BB94BBE612%7D&dateid=39335.0979228241-904734668|title=Tullett Prebon profit halves, sees current market as ideal|author=Simon Kennedy|work=MarketWatch|access-date=3 April 2015}}</ref>
In September 2012, the company was asked to help the [[Financial Services Authority]]'s investigation into malpractice across the City of London, with particular interest in the [[LIBOR scandal|LIBOR interest rate fixing]].<ref name=minster /> In 2014, [[Terry Smith (businessman)|Terry Smith]], chief executive of Tullett Prebon PLC, left the London-based brokerage firm to work full-time at the privately owned asset-management firm that he started in 2010.<ref>{{cite web|url=https://online.wsj.com/articles/tullett-prebon-ceo-plans-to-leave-firm-as-soon-as-this-month-1401792804|title=Tullett Prebon CEO Plans to Leave Firm As Soon As This Month|author=Jenny Strasburg|date=3 June 2014|work=WSJ|access-date=3 April 2015}}</ref> He was succeeded by [[John Phizackerley]] in September 2014. Phizackerley, who preferred to be called "Phiz", started out as a mining engineer with Anglo American and was a former Lehman Brothers and then Nomura executive.<ref>{{cite web|url=http://uk.reuters.com/article/uk-tullett-prbn-ceo-idUKKBN0FM10C20140717|archive-url=https://web.archive.org/web/20170817035918/http://uk.reuters.com/article/uk-tullett-prbn-ceo-idUKKBN0FM10C20140717|url-status=dead|archive-date=August 17, 2017|title=Tullett Prebon names Phizackerley as chief executive officer|work=Reuters UK|access-date=3 April 2015}}</ref> In November 2015, the company agreed to terms with [[NEX Group|ICAP]] (now known as [[NEX Group]]) to acquire their global hybrid voice broking and information business.<ref>{{cite web|title=Tullett to Acquire ICAP's Global Hybrid Voice Broking Business|url=https://www.bloomberg.com/news/articles/2015-11-11/tullett-to-buy-icap-s-global-hybrid-voice-broking-business|publisher=Bloomberg|access-date=2015-11-11}}</ref> Using the name of the acquired business the company changed its name from Tullett Prebon plc to TP ICAP plc on 30 December 2016.<ref>{{cite web|url=http://www.mondovisione.com/media-and-resources/news/tullett-prebon-change-of-name-to-tp-icap/|title=Tullett Prebon Change Of Name To TP ICAP|publisher=Mondo Visione|access-date=3 January 2017}}</ref> On 10 July 2018, Nicolas Breteau was appointed as group chief executive officer of TP ICAP.<ref>{{cite web|url=http://otp.tools.investis.com/clients/uk/tp_icap/rns/regulatory-story.aspx?cid=1997&newsid=1109409|title=Trading Update and Directorate Change|work=TP ICAP|access-date=10 July 2018}}</ref>
On 24 March 2021, TP ICAP announced the completion of its acquisition of [[Liquidnet]].<ref>{{Cite web|title= ICAP plc to acquire Liquidnet for up to £537 million|url=https://www.digitalmarketnews.com/tp-icap-plc-to-acquire-liquidnet-for-up-to-537-million/|date=9 October 2020|publisher=Digital Market News}}</ref>
In March 2022, the [[Financial Times]] reported that an activist investor and hedge fund, Phase 2 Partners, was urging the board to find a buyer for the company in order to unlock shareholder value.<ref>{{Cite news |last=Stafford |first=Philip |date=2022-03-23 |title=US activist urges TP ICAP to sell |work=Financial Times |url=https://www.ft.com/content/eda6edd3-f51a-4e7a-8450-2d7be455a755 |access-date=2022-04-26}}</ref>
==Operations==
* '''Tullett Prebon''': The company operates as an intermediary in wholesale financial markets. Many of its clients are commercial and investment banks. It operates in eight product areas: Volatility, Rates, Credit, Treasury, Non Banking, Energy, Equities and Property.<ref>{{cite web|url=http://www.tullettprebon.com/index.aspx|title=Tullett Prebon Electronic And Voice Interdealer Broker|work=tullettprebon.com|access-date=3 April 2015|url-status=dead|archive-url=https://web.archive.org/web/20130915142042/http://www.tullettprebon.com/index.aspx|archive-date=15 September 2013}}</ref> The company also has specialist trading desks including, for example, Insurance Linked Securities where it facilitates Catastrophe Bond secondary market trading and provides a broking service to arrange Primary and Private Market transactions. It also provides data information services for financial institutions, covering areas such as Solvency II risk data, Credit Default Swaps data and FX Options data.<ref>{{cite web|url=http://www.tpinformation.com/|title=OTC Data - Financial Information Services - Tullett Prebon|work=tpinformation.com|access-date=3 April 2015}}</ref>
*'''ICAP''': The company trades in a number of areas, including interest rates, credit, [[credit derivative]]s, [[Foreign exchange service (finance)|foreign exchange]], [[interest rate swap]]s, intellectual property (patents, via ICAP Patent Brokerage), and [[equity derivative]]s.<ref name="ARp1">{{cite web|url=http://miranda.hemscott.com/ir/iap/ar_2007/ar.jsp?page=2 |title=ICAP plc 2007 Annual Report p2 ''ICAP and the OTC markets'' |publisher=Miranda.hemscott.com |access-date=18 April 2011}}</ref> It operates from London, New York and Tokyo with offices in a further 30 smaller financial centres such as Hong Kong, Madrid, Sydney and Singapore. The average daily transaction volume exceeds US$1.5 trillion.<ref>{{cite book|url=https://books.google.com/books?id=6cYkmXkMwBoC&dq=icap+transaction+volume&pg=PA57|title=Derivatives and Risk Management|first= R. |last=Madhumathi|page=57|isbn=978-8131759936|publisher=Pearson|year=2012}}</ref>
* '''PVM Oil''': This company covers over the counter broking of [[swap (finance)|swap]]s, forwards and physical [[crude oil]] and refined products together with exchange broking of WTI, Brent and Gasoil futures contracts.<ref>{{cite web|url=http://www.cityam.com/blog/1399617258/tullet-prebon-snaps-pvm-oil|title=Tullett Prebon snaps up PVM Oil|work=pvmoil.co.uk|access-date=9 May 2014}}</ref>
* '''COEX Partners''': Offers trade advisory and execution services in listed [[derivative (finance)|derivative]]s, [[fixed income]], IRS markets and OTC [[foreign exchange market|foreign exchange]].<ref>{{cite web|url=http://www.cityam.com/276691/worlds-largest-interdealer-broker-tp-icap-grabs-rival-coex|title=World's largest interdealer broker TP Icap grabs rival Coex Partners|work=coexpartners.com|access-date=30 November 2017}}</ref>
== References ==
{{reflist|30em}}
==External links==
*[https://tpicap.com/tpicap/ Official website]
{{FTSE 250 Index constituents}}
{{Authority control}}
[[Category:Financial services companies based in the City of London]]
[[Category:Companies listed on the London Stock Exchange]]
[[Category:Multinational companies based in the City of London]]
[[Category:Financial services companies established in 1971]]
[[Category:Foreign exchange companies]]
[[Category:British companies established in 1971]]