TP ICAP Group plc (LON:TCAP) today provided a trading update for the three-month period to March 31, 2025.

Total revenue grew 10% from the year-ago period to £629 million, the best quarter ever registered by the Group, benefiting from a period of heightened market volatility which was driven by the uncertainty of U.S. trade policies.

Global Broking revenue increased 14%, with the division performing strongly across all asset classes, capitalising on the exceptionally favourable market conditions.

Liquidnet delivered another strong quarter, with revenue up 16%.

Energy & Commodities (E&C) revenue was unchanged, in line with Group expectations, reflecting a competitive hiring market for brokers in 2024.

Following a record performance in Q1 2024, including one-off revenue, Parameta Solutions revenue increased by 6% in Q1 2025.

The Board remains comfortable with current market expectations for 2025 adjusted EBIT, following a strong first quarter performance and despite the recent weakening of the U.S. Dollar.

Approximately 60% of Group revenues and 40% of Group costs are USD-denominated.

At TP ICAP’s full year 2024 results, announced on 11 March 2025, the Group stated that should it proceed with a potential minority listing of Parameta Solutions, this could occur as early as Q2 2025.

Following the recent market turbulence, the Board will now keep under review the appropriate timing for any potential minority listing.