TP ICAP has launched a new credit trading and data platform – RealQ – in a bid to enhance bond market liquidity.
David Johnsen
The new offering – which is expected to boost how liquidity is discovered, accessed and transacted – combines Neptune Networks’ dealer axe and inventory data with Liquidnet’s institutional connectivity and buy-side workflows to support direct access to fixed income liquidity.
The news comes a year after TP ICAP acquired Neptune Networks on 2 June 2025, and supports the firm’s goal to create a combined dealer-to-client (D2C) credit business spanning Neptune’s proprietary data network and Liquidnet’s fixed income electronic trading platform.
Read more – TP ICAP creates new dealer-to-client credit business with acquisition of Neptune
David Johnsen, chief executive at RealQ, said: “This marks an important milestone following the acquisition of Neptune Networks.
“By combining curated dealer data with institutional workflows, RealQ is designed to support targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic and deliberate way.”
Specifically, RealQ cover both primary and secondary credit markets, allowing market participants to match execution protocols to trade size, market conditions and trade information sensitivity.
The protocols include dealer-to-client targeted negotiation for block transactions, all-to-all anonymous liquidity interactions, dealer-to-dealer internal crossing and balance sheet driven workflows.
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Through this new offering, TP ICAP has confirmed that it is looking to address ongoing challenges in credit markets, including fragmented workflows, uneven data quality and the cost of information leakage, which often bring wider spreads, delayed execution and missed liquidity for market participants.
Jason Recordon, head of European fixed income trading at Janus Henderson, said: “We are always looking for safer and more efficient ways to source liquidity. We support RealQ’s ambition to bring together high-quality data and client-driven workflows, helping address longstanding challenges such as stale data, inconsistent terminology, and information leakage.”