TP ICAP Group plc (LON:TCAP) released an update on its trading performance for the quarter ending 31 March 2023.
Total revenue for the group was £606 million, an increase of 2% from the same period last year. Global Broking revenue rose by 3% (+9%), with all asset classes seeing low to mid-single-digit growth.
Energy & Commodities revenue was up 3% (+10%) in line with exchange volumes. European Gas & Power revenue increased due to improved market conditions and liquidity. Oil revenue stayed the same. Last year Global Broking and E&C had a strong period.
Parameta Solutions’ revenue increased by 7% compared to last year. The division is striving to achieve double-digit growth in adjusted earnings before interest and taxes (EBIT). The Liquidnet division’s revenue decreased by 3%, but the relative value business had a strong performance. Cash equities revenue went down in the same way as block market volumes.
TP ICAP has given approval to Parameta Solutions as an authorized benchmark administrator from ESMA, the first data provider to administer OTC benchmarks and indices in Europe and the UK.
The Group issued a new £250 million bond on 5 April to replace an existing bond that was due to expire in January 2024. This new bond was very popular and attracted more than five times the number of investors than were needed.
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