TP ICAP has acquired Neptune Networks as part the firm looks to create a new dealer-to-client credit business.
Nicolas Breteau
The move will see the firm combining and enhancing Neptune’s proprietary data network, which provides real-time pre-trade bond market data from sell-and buy-side clients, with Liquidnet’s electronic credit trading platform.
Nicolas Breteau, chief executive of the TP ICAP Group said: “By combining Liquidnet’s extensive client reach with leading liquidity providers, we can seamlessly and discreetly connect the sell-side and buy-side to unlock exciting potential, positioning us well to drive a step-change in fixed income markets and liquidity.”
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Neptune is co-owned by a consortium of investment banks, and upon close of the deal, Barclays, BNP Paribas, Citi, Crédit Agricole, Deutsche Bank, ING, JP Morgan, Morgan Stanley and UBS will hold a 30% stake in the new business.
“At JP Morgan, we are committed to promoting market competition and increasing liquidity, while also backing innovative initiatives like this one that enhance market efficiency,” said Nick Adragna, co-head of global investment grade and macro credit trading at JP Morgan.
“The strategic integration of the Neptune and Liquidnet Credit complementary offerings is poised to improve competition and liquidity while delivering increased choice and improved value to both the buy side and the sell side.”
The combined ownership is expected to provide incentivisation to help the business grow and enhance buy-side connections, according to the firms.
Peter Rafferty, global head of secondary credit at BNP Paribas said: “Bringing together Neptune and Liquidnet marks a significant step in the evolution of the credit markets. As a supporter of innovation and market digitalisation, BNP Paribas welcomes the combination of these two platforms to deliver a more connected, efficient, and data driven ecosystem for institutional credit clients.”
In March 2025, TP ICAP added Singapore-based digital asset platform Coinhako as a trading counterpart to its FCA registered wholesale spot cryptoasset exchange, Fusion Digital Assets to facilitate risk exchange and increase liquidity.
Prior to this, the firm also entered an agreement with Amazon Web Services (AWS) in December 2024 to streamline and scale TP ICAP’s technology infrastructure.