TP ICAP registers rise in revenues in Q1 2022
TP ICAP Group plc (LON:TCAP), a leading electronic market infrastructure and information provider, today posted a trading statement for the three months ended 31 March 2022.
Group revenue, excluding Liquidnet, was up 3% in constant currency during the period. Including Liquidnet, Group revenue was up 14%.
Global Broking revenue was up 3%, benefitting from increased market volatility. Revenue grew in Rates, Credit, FX & Money Markets and Emerging Markets, but was flat in Equities, resulting in an improved mix.
Energy & Commodities revenue rose 5% driven by growth in Oil and Power & Gas in the US, while in Europe, Power & Gas declined, as high prices and significant volatility led to lower volumes.
Agency Execution revenue amounted to £89 million in the first three months of 2022, marking an increase of 154%. Liquidnet revenue of £62 million was in line with market activity. Market share increased marginally in the US and was stable in Europe.
TP ICAP notes the varied market conditions, with higher level of volatility and trading activity in January / first half of March, and more subdued volumes in February and later in March.
Mark Govoni, former President of US Brokerage at Instinet, joined the Group on 2 May 2022 as the new CEO of Agency Execution, with a primary focus on driving the Liquidnet growth strategy.
Parameta Solutions became an FCA authorised benchmark administrator in May.