TP ICAP Group plc (LON:TCAP) today provided a trading update for the three months to 30 September 2025.

Against a record comparative period, Group revenue for the third quarter was £560 million, up 3% year-on-year.

Global Broking revenue increased 7%. Following a strong first half, the division continued to capitalise on favourable market conditions across all asset classes

E&C revenue fell 7% in line with the Group’s expectations. This reflects previously reported competition for broking talent. The division has a strong hiring pipeline in place, with benefits expected to materialise from 2026 onwards

Liquidnet revenue was down 2% compared with Q3 2024, which saw very strong growth of 28%

Parameta Solutions revenue rose 4%.

During the first nine months of the year, Group revenue increased 7% to £1,783m (+5% in reported currency).

Global Broking revenue was up 10%, whereas Energy & Commodities (E&C) revenue was down 3%. Liquidnet revenue rose 9%, and Parameta Solutions revenue grew 5%.

The Board remains focused on Parameta’s sustainable growth and will continue to assess the appropriate timing for a potential minority US listing.

In terms of outlook, the Board remains comfortable with full year 2025 market expectations for adjusted EBIT, subject to foreign exchange movements, especially the US Dollar (USD) against Sterling. Approximately 60% of Group revenues and 40% of Group costs are USD-denominated.