TP ICAP Group’s revenue rose 11% at constant currency to £620 million in the third quarter, the London-listed broker said today (Tuesday). Its broking arm grew fastest.
Global Broking revenue climbed 16% in the quarter. Its agency execution business, Liquidnet, slipped 1%, and data unit Parameta Solutions was flat.
Revenue for the first nine months of 2026 reached £1,912 million, up 9% at constant currency and 7% at actual rates. That leaves TP ICAP’s gains concentrated in its core interdealer broking business rather than the agency and data units it has built up.
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Two Divisions Lost Their First-Quarter Pace
Third-quarter revenue topped the £603 million implied for the second quarter by the company’s figures. It did not match the first quarter.
The year started faster across the board. In the first quarter, TP ICAP reported record revenue of £689 million, up 13%, with Energy and Commodities up 13% and Liquidnet up 9%.
Nine months in, Energy and Commodities growth stands at 3% and Liquidnet at 1%. Global Broking held its pace, at 15% in the first quarter and 12% for the nine months.
Liquidnet’s slowdown comes against a high base, after the unit grew 15% in the first half of last year.
Taken together, the broking arm grew four times as fast as Energy and Commodities over nine months, and 12 times as fast as Liquidnet.
Revenue Growth by Division
Source: TP ICAP trading update, November 3, 2026
Oil Futures and Block Trading Held Back
Global Broking grew in every asset class, the company said, led by Equities and Rates. In Energy and Commodities, oil futures, which make up more than half of the division’s revenue, were subdued, while Power grew.
Liquidnet blamed lower block trading in equities, which it said was hit by the conflict in the Middle East. The unit launched two products in the third quarter, Meridian and SuperBlock TI.
Liquidnet’s Canadian arm also drew regulatory attention this year, when it was fined about $600,000 by Ontario’s securities regulator after staff abroad could see client orders.
Parameta’s annual recurring revenue rose 5%, and the unit signed what TP ICAP called its largest new US buy-side client.
Board Backs £367 Million Profit Forecast
The board said it is comfortable with analysts’ consensus for 2026 adjusted earnings before interest and taxes (EBIT) of £367 million. The seven forecasts compiled by the company as of October 30 range from £357 million to £378 million.
TP ICAP is also moving Liquidnet’s COEX business, Listed Derivatives and the Energy and Commodities digital assets desk into Global Broking. The company said the change will not have a material impact on reported results, which are due on March 11, 2027.
This article was written by Damian Chmiel at www.financemagnates.com.
