TP ICAP posts record third-quarter revenue

Interdealer broker TP ICAP reported record third-quarter revenue on Tuesday following strong performances in its Global Broking and Liquidnet businesses.

In the three months to the end of September, group revenue rose 10% to £557m.

Revenue in Global Broking was 9% higher, maintaining the good second quarter momentum, it said. TP ICAP said that Rates, the largest and most profitable asset class, grew 14%, benefitting from interest rate volatility.

In the Liquidnet segment, revenue rose 28%, delivering a "very strong" third quarter.

Liquidnet Equities recorded a 24% increase, against a backdrop of continued institutional block market activity. Multi-asset agency brokerage revenue was up 33%, driven by strong growth in Relative Value strategies.

TP ICAP had said in its interim results in August that it was exploring strategic options for its data and analytics business Parameta Solutions. It said on Tuesday that it was "progressing" strategic options in relation to the unit.

"They include a potential offering, which might entail a listing in the United States, with the group maintaining a majority stake," it said, adding that there is no certainty about either a public offering, or its location.

At 0830 GMT, the shares were up 2.7% at 233.68p.