TP ICAP Group plc (LON:TCAP) has announced its trading update for the nine months ended 30 September 2026
Constant currency Group revenue increased by 9 per cent to £1,912 million year-to-date (YTD), and by 11 per cent to £620 million in the third quarter (Q3).
| YTD | Q3 | |||
| Period ended 30 SeptemberYear-on-year growth | Constant currency | Actualrates | Constant currency | Actualrates |
| Global Broking | +12% | +12% | +16% | +16% |
| Energy & Commodities (E&C) | +3% | +1% | +7% | +9% |
| Liquidnet | +1% | 0% | -1% | -1% |
| Parameta Solutions | +4% | +1% | 0% | -2% |
| Group1 | +9% | +7% | +11% | +11% |
Highlights
· Global Broking has continued to see strong momentum, with growth in all asset classes YTD, with a notably strong contribution from Equities and continued good growth in Rates. This performance reflected strong strategic execution, increased franchise strength, and benefited from supportive market conditions.
· E&C remains well-positioned for a recovery in its markets. The division has delivered growth YTD despite depressed levels of activity in global Oil futures markets, which account for over half of revenue. This robust YTD performance and improvement in Q3 have been helped by strong growth in the Power segment, and our investments in new desks and brands.
· Liquidnet continued to execute well, maintaining its market position and delivering growth in its multi-asset business. The equities block trading market was subdued, as the Middle East conflict continued to weigh on market risk appetite and client trading behaviour. During Q3 we launched Meridian, uniting our algorithmic, liquidity, analytics, execution, and AI tools under a single proposition, and SuperBlock TI, for greater natural block liquidity.
· Parameta Solutions ended the YTD period with revenue +4 per cent. Annual recurring revenue was up 5 per cent year-on-year, and, against a backdrop of good client demand, has continued to deliver subscription growth, higher retention rates, and healthy renewal outcomes. Pipeline strength continues to build across the new logo, channel, and account management teams, and new products are continuing to gain traction. Underlying revenue growth was partly offset by a decline in inter-division revenues in Q3, reflecting a one-off benefit to the prior-year comparator. Subsequently, Parameta Solutions has closed its largest US buy-side new logo contract to date.
Outlook
The Board remains comfortable with full year 2026 market expectations2 for adjusted EBIT, subject to foreign exchange movements.
TP ICAP will publish its 2026 Preliminary Results on 11 March 2027.
