TP ICAP

TP ICAP plc
Public
Traded as LSE: TCAP
Industry Banking
Founded 1971
Founder Derek Tullett [1]
Headquarters London, England, UK
Key people
 Rupert Robson (Chairman)
Nicolas Breteau (CEO)
Revenue £1,757 million (2017)[2]
£263 million (2017)[2]
£(24) million (2017)[2]
Website www.tpicap.com

TP ICAP plc is a global firm of professional intermediaries that operates in the world's financial, energy and commodities markets. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

Tullett Prebon's offices in Bishopsgate

The company was founded by Derek Tullett in 1971 as a foreign exchange broker trading as Tullett & Riley.[3] 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.[3]

In early 2003, the company was bought by Collins Stewart plc, a financial services company, creating Collins Stewart Tullett plc.[3] 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)[3] and had adopted that name in acknowledgement of the firm's close business alliance with the Tokyo-based Yamane Group.[3] In December 2006, the group separated into two separate entities: Collins Stewart (stockbroking) and Tullett Prebon (moneybroking).[4] The company acquired Chapdelaine, a US broker, in January 2007 and integrated the business into its existing operations.[5]

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 interest rate fixing.[1] In 2014, 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.[6] He was succeeded by John Phizackerley in September 2014. Phizackerley, who prefers to be called "Phiz", started out as a mining engineer with Anglo American and is a former Lehman Brothers and then Nomura executive.[7] In November 2015, the company agreed to terms with ICAP (now known as NEX Group) to acquire their global hybrid voice broking and information business.[8] Using the name of the acquired business the company changed its name from Tullett Prebon plc to TP ICAP plc on 30 December 2016.[9]

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.[10] 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.[11]
  • ICAP: The company trades in a number of areas, including interest rates, credit, credit derivatives, foreign exchange, interest rate swaps, intellectual property (patents, via ICAP Patent Brokerage), and equity derivatives.[12] 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.[13]
  • PVM Oil: This company covers over the counter broking of swaps, forwards and physical crude oil and refined products together with exchange broking of WTI, Brent and Gasoil futures contracts.[14]
  • LiquidityChain: An information and crossing network for bonds that anonymously searches and mines client IOIs (Indications of Interest) to a pairing engine. Once an opposite match is lit, it is flagged to an execution desk whose aim is convert these matches into trades.[15]
  • COEX Partners: Offers trade advisory and execution services in listed derivatives, fixed income, IRS markets and OTC foreign exchange.[16]

References

  1. 1 2 Michael Fallon becomes business minister The Telegraph, 5 September 2012
  2. 1 2 3 "Preliminary Results 2017" (PDF). TP ICAP. Retrieved 30 March 2018.
  3. 1 2 3 4 5 "Tullett Prebon Interdealer Broking History". tullettprebon.com. Archived from the original on 9 August 2008. Retrieved 3 April 2015.
  4. ↑ "Login". timesonline.co.uk. Retrieved 3 April 2015.
  5. ↑ Simon Kennedy. "Tullett Prebon profit halves, sees current market as ideal". MarketWatch. Retrieved 3 April 2015.
  6. ↑ Jenny Strasburg (3 June 2014). "Tullett Prebon CEO Plans to Leave Firm As Soon As This Month". WSJ. Retrieved 3 April 2015.
  7. ↑ "Tullett Prebon names Phizackerley as chief executive officer". Reuters UK. Retrieved 3 April 2015.
  8. ↑ "Tullett to Acquire ICAP's Global Hybrid Voice Broking Business". Bloomberg. Retrieved 2015-11-11.
  9. ↑ "Tullett Prebon Change Of Name To TP ICAP". Mondo Visione. Retrieved 3 January 2017.
  10. ↑ "Tullett Prebon Electronic And Voice Interdealer Broker". tullettprebon.com. Archived from the original on 15 September 2013. Retrieved 3 April 2015.
  11. ↑ "OTC Data - Financial Information Services - Tullett Prebon". tpinformation.com. Retrieved 3 April 2015.
  12. ↑ "ICAP plc 2007 Annual Report p2 ''ICAP and the OTC markets''". Miranda.hemscott.com. Retrieved 18 April 2011.
  13. ↑ Madhumathi, R. (2012). "Derivatives and Risk Management". Pearson. p. 57. ISBN 978-8131759936.
  14. ↑ "Tullett Prebon snaps up PVM Oil". pvmoil.co.uk. Retrieved 9 May 2014.
  15. ↑ "TP ICAP invests in new FinTech start-up LiquidityChain". liquiditychain.com. Retrieved 16 June 2017.
  16. ↑ "World's largest interdealer broker TP Icap grabs rival Coex Partners". coexpartners.com. Retrieved 30 November 2017.
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