Puneet Varma (Editor)

TP ICAP

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Type
  
Public

Industry
  
Banking

Operating income
  
£107.9 million (2015)

Founder
  
Derek Tullett

Traded as
  
LSE: TCAP

Revenue
  
£796.0 million (2015)

Headquarters
  
London, United Kingdom

Founded
  
1971

TP ICAP cdn3ihitcscom186tullettprebonlogo76046jpg

Key people
  
Rupert Robson (Chairman) John Phizackerley (CEO) Angela Knight (Senior Non-Executive Director) Roger Perkin (Independent Non-executive Director) Stephen Pull (Independent Non-executive Director) David Shalders (Independent Non-executive Director)

Stock price
  
TCAP (LON) 448.30 GBX -1.90 (-0.42%)24 Mar, 5:14 PM GMT - Disclaimer

CEO
  
John Phizackerley (1 Sep 2014–)

Subsidiaries
  
Tullett Prebon (Europe) Ltd., Tullett Prebon Group Holdings plc, Tullett Prebon (Equities) Limited

Profiles

TP ICAP plc is a global firm of professional intermediaries that operates in the world's financial, energy and commodities markets. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Contents

History

The company was founded by Derek Tullett in 1971 as a foreign exchange broker trading as Tullett & Riley. During the 1970s and 1980s it opened a number of overseas offices and started its own computer graphical analysis company of financial futures, options and FX rates (Futrend Ltd). In 1999 the Company merged with Liberty Brokerage to create Tullett Liberty.

In early 2003, the company was bought by Collins Stewart plc, a financial services company, creating Collins Stewart Tullett plc.

In October 2004, the company acquired Prebon Yamane, a broking business formed in 1990 following the merger of three leading London-based money broking businesses (Babcock & Brown, Kirkland-Whittaker and Fulton Prebon) and had adopted that name in acknowledgement of the firm's close business alliance with the Tokyo-based Yamane Group.

In December 2006, the group separated into two separate entities: Collins Stewart (stockbroking) and Tullett Prebon (moneybroking).

The company acquired Chapdelaine, a US broker, in January 2007 and integrated the business into its existing operations.

In September 2012, the company was asked to help the Financial Services Authority's investigation into malpractice across the City of London, with particular interest in the LIBOR interest rate fixing.

In 2014, Terry Smith, chief executive of Tullett Prebon PLC, left the London-based brokerage firm to work full-time at the privately owned asset-management firm that he started in 2010.

He was succeeded by John Phizackerley in September 2014. Phizackerley, who prefers to be called "Phiz", started out as a mining engineer with Anglo American and is a former Lehman Brothers and then Nomura executive.

In November 2015, the company agreed terms with NEX Group to acquire their global hybrid voice broking and information business. The company changed its name from Tullett Prebon plc to TP ICAP plc on 30 December 2016.

Operations

  • Tullett Prebon: The company operates as an intermediary in wholesale financial markets. Many of its clients are commercial and investment banks. It operates in eight product areas: Volatility, Rates, Credit, Treasury, Non Banking, Energy, Equities and Property. The company also has specialist trading desks including, for example, Insurance Linked Securities where it facilitates Catastrophe Bond secondary market trading and provides a broking service to arrange Primary and Private Market transactions. It also provides data information services for financial institutions, covering areas such as Solvency II risk data, Credit Default Swaps data and FX Options data.
  • ICAP: The company trades in a number of areas, including interest rates, credit, credit derivatives, foreign exchange, interest rate swaps, intellectual property (patents, via ICAP Patent Brokerage), and equity derivatives. It operates from London, New York (Jersey City) and Tokyo with offices in a further 30 smaller financial centres such as Hong Kong, Madrid, Sydney and Singapore. The average daily transaction volume exceeds US$1.5 trillion.
  • Competition

  • RP Martin
  • BGC Partners (a subsidiary of Cantor Fitzgerald)
  • Tradition
  • GFI Group
  • Mint Partners
  • Tradeweb
  • References

    TP ICAP Wikipedia