TP ICAP has launched an electronic alternative trading system for secondary market trading of US structured products, the first of its kind across the industry.
The new platform – Fusion Structured Products – will provide a centralised order book, real-time RFQs, available market prices and firm offerings for issuer banks, distributors, wholesales RIAs and broker-dealers, with the aim of addressing liquidity fragmentation across the markets.
Speaking to The TRADE, Robert Romano, head of structured products, Americas, said: “There is a structural gap in the structured notes market that has persisted for far too long.
“Over the past 10 years, the industry has invested heavily in improving primary issuance platforms and lifecycle management tools, yet the secondary market remains largely undeveloped – fragmented, opaque, and still operating with processes that haven’t meaningfully changed in as many years. Liquidity is sporadic, price discovery is inconsistent, and many market participants simply opt out because the infrastructure doesn’t meet the standards of modern electronic markets. This launch is designed to directly confront that problem.”
Specifically, the offering is expected to support market participants in accessing market visibility, enhanced liquidity, anonymous execution and functionality within US structured products in the secondary market.
Romano added: “Our goal is to introduce the first electronic, SEC‑regulated marketplace dedicated to structured notes, bringing transparency, standardised workflows, and institutional‑grade execution to a space that has historically lacked all three. By providing a centralised, regulated trading environment, we aim to restore confidence and unlock participation from banks, private wealth platforms, fintech issuers, and institutional buyers who were previously unable – or unwilling – to engage in the secondary market.
“Ultimately, we want to create a more dynamic, more liquid, and more accessible ecosystem, one that expands trading opportunities and helps the entire industry evolve.”
The news follows further significant moves for TP ICAP in recent months, and in January 2026, the firm announced that it had entered an agreement to acquire global brokerage, Vantage Capital Markets, to bolster its positioning in equity derivatives and fixed income markets, with a key focus on those in the APAC region.
Similarly, in June 2025, TP ICAP acquired Neptune Networks, in a bid to create a new dealer-to-client credit business.