TP ICAP Group plc (LON:TCAP) today provided a trading update for the third quarter of 2024.

TP ICAP registered record Group revenue in the third quarter of £557 million, up 10% from the year-ago period.

Global Broking revenue increased 9%, maintaining the good second quarter momentum. Rates, the largest and most profitable asset class, grew 14%, benefitting from interest rate volatility.

Liquidnet delivered a very strong third quarter, with revenue up 28%. 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.

Energy & Commodities (E&C) revenue increased 3%, following a record third quarter last year.

Parameta Solutions, TP ICAP’s market-leading over-the-counter (OTC) data business, grew 9%.

As previously announced at the Group’s Interim Results in August, TP ICAP is progressing strategic options in relation to Parameta Solutions. They include a potential offering, which might entail a listing in the United States, with the Group maintaining a majority stake. There is no certainty about either a public offering, or its location.

The Board is comfortable with FY 2024 market expectations for adjusted EBIT, subject to the impact of FX movements, especially the US Dollar (USD) against sterling. Approximately 60% of Group revenues and 40% of Group costs are USD-denominated.

The Group is focused on delivering its three strategic priorities – Transformation, Diversification and Dynamic Capital Management – and will update on progress when it publishes, on 11 March 2025, its 2024 Preliminary Results.