TP ICAP Q3 Revenue Up 11% to £620 Million as Broking Outpaces Liquidnet

TP ICAP's revenue rose 11% at constant currency to £620 million in the third quarter, the London-listed interdealer broker said Tuesday, with Global Broking growing 16% while its agency execution unit Liquidnet slipped 1% and Parameta Solutions stood flat.

The nine-month picture tells the same story with sharper edges. Revenue reached £1,912 million, up 9% at constant currency and 7% at actual rates, according to the company's trading update dated November 3, 2026. The gains sit almost entirely in core interdealer broking, not in the agency and data businesses the group has spent years building.

Which divisions drove the £620 million?

• Global Broking: up 16% in Q3; growth in every asset class, led by Equities and Rates. Nine-month growth stands at 12%, against 15% in the first quarter.
• Energy and Commodities: oil futures, more than half of the division's revenue, were subdued; Power grew. Nine-month growth is 3%.
• Liquidnet: down 1% in Q3; nine-month growth of 1% against a 15% first-half expansion last year.
• Parameta Solutions: flat revenue, but annual recurring revenue rose 5%, and the unit signed what TP ICAP called its largest new US buy-side client.

Taken together, the broking arm grew four times as fast as Energy and Commodities over nine months, and 12 times as fast as Liquidnet. That is a decisive tilt in the group's internal balance of power.

Why did the pace slow from Q1?

The year started fast. Q1 delivered record revenue of £689 million, up 13%, with Energy and Commodities up 13% and Liquidnet up 9%. Q3's £620 million beat the £603 million implied for the second quarter by the company's figures, but fell short of the first quarter's record.

Liquidnet blamed lower block trading in equities, which it said was hit by the conflict in the Middle East. For buy-side desks, that matters: block liquidity thins, execution costs rise, and venue selection gets harder. The unit launched two products in the quarter, Meridian and SuperBlock TI, an attempt to answer that pressure with tooling.

Liquidnet's Canadian arm also drew regulatory attention this year, when Ontario's securities regulator fined it about $600,000 after staff abroad could see client orders — an information-control failure buy-side compliance teams will file away when assessing counterparties.

What did the board say about profit?

The board said it is comfortable with analysts' consensus for 2026 adjusted EBIT of £367 million. The seven forecasts the company compiled as of October 30 range from £357 million to £378 million. That is endorsement, not guidance — the number is the sell side's, not management's.

How is TP ICAP redrawing the org chart?

The company is moving Liquidnet's COEX business, Listed Derivatives and the Energy and Commodities digital assets desk into Global Broking. TP ICAP said the change will not have a material impact on reported results, which are due March 11, 2027.

The reorg is telling anyway. It consolidates flow-heavy businesses under the division that is growing fastest, and it dilutes Liquidnet's standalone footprint within the group. Watch whether the March 11 full-year results confirm that Global Broking can keep double-digit growth while the agency and data units recover their footing.