TP ICAP Group, a world-leading provider of financial markets infrastructure, announced the acquisition of Neptune Networks, an independent financial data company co-owned by a consortium of some of the world’s leading investment banks. Neptune delivers high-quality, real-time pre-trade bond market data from many sell-side banks to buy-side clients.

TP ICAP will bring together Neptune’s extensive proprietary data network with Liquidnet’s electronic credit trading platform, creating a unique, full service, global Dealer-to-Client (“D2C”) credit business.

At launch, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley and UBS (“Bank Shareholders”) will own a 30% stake in the new business. This ownership structure is intended to ensure that Liquidnet and the Bank Shareholders are resourced and incentivised to grow the business.

Nicolas Breteau, CEO, TP ICAP Group: “Neptune is an exceptional platform with deep connectivity on both the sell-side and buy-side. With our partners, we plan to enhance and grow Neptune’s core data business, strengthening its relevance to the buy-side via Liquidnet’s electronic credit trading platform. 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.”

Byron Cooper-Fogarty, CEO, Neptune Networks Ltd.: “I am excited by the opportunities this acquisition creates. The resources, talent and experience of Liquidnet’s Fixed Income business will complement Neptune’s strengths in real-time, high quality bond data. There is a natural fit that, along with the continued commitment of the major banks, will create an entity that benefits buy-side and sell-side clients of both firms.”

Nick Adragna, Co-Head of Global Investment Grade and Macro Credit Trading, J.P. Morgan: “At J.P. Morgan, we are committed to promoting market competition and increasing liquidity, while also backing innovative initiatives like this one that enhance market efficiency. 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.”

Jonathan Moore, Head of European Credit Trading, Deutsche Bank: “Together, Neptune and Liquidnet are uniquely positioned to develop competitive alternatives to current data and execution offerings. Strong alignment with the dealer community and close ties to the buy-side will set this business apart. The combined offering will be well placed to enhance transparency, efficiency, and liquidity.”

Peter Rafferty, Global Head of Secondary Credit, BNP Paribas: “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.”

Pierre Scemla, Deputy Head of Global Markets Trading, Crédit Agricole CIB: “As market electronification intensifies, clients are increasingly looking for solutions to combine pre-trade analytics and data with seamless execution. As a founding shareholder of Neptune Networks, Crédit Agricole CIB is pleased to continue supporting the evolving market structure and liquidity and delivering value to buy-side entities thanks to this new business.”

The market for electronically traded corporate bonds is growing. As at the end of November 2024, 43% of total volume traded in both U.S. investment-grade (IG) and high-yield (HY) bonds was executed electronically.^[1] This compares with approximately 19% and 2% respectively in 2015.^[2]

Source: TP ICAP