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Founded 2017
Key People Nicolas Breteau, Chief Executive
Employees 3,500
Products inderdealer brokerage

TP ICAP is the name given to the brokerage formed when Tullett Prebon acquired its rival ICAP’s voice-broking and information business in December of 2016. The all-stock deal, worth £1.28bn, created the industry's largest interdealer brokerage.[1]

The company's 3,425 brokers run competing desks, trading under the Tullett Prebon and ICAP brands.[2]

TP ICAP has offices in 28 countries.

In August 2020 TP ICAP completed its acquisition of the European equities and fixed income private brokerage Louis Capital Markets and MidCap Partners. TP ICAP first announced those acquisition plans in December 2020 for $21 million in cash. The company plans to integrate Louis Capital with TP ICAP global broking division, which offers interdealer broking to large banks.[3]


See the History sections of Tullett Prebon and ICAP.


TP ICAP uses Trading Technologies' X_TRADER platform and TTNET hosting services. In July 2020, TP ICAP entered into a multi-year agreement with Trading Technologies to implement its order management system (OMS) in 85 trading systems in London, Paris and New York.[4]

Products and Services

TP ICAP is the parent company to four broking brands — Tullett Prebon and ICAP, which remain as separate, competing desks; PVM, an oil specialist broker; and Mirexa Capital.

The company has 5 divisions: Global Broking, Energy & Commodities, Institutional Services, Data & Analytics, and Corporate Services.[5]

  • The Global Broking division services markets in Rates, FX and Money Markets, Emerging Markets, Equities and Credit products.
  • Energy & Commodities operates markets in oil, gas, power, renewables, ferrous metals, base metals, precious metals, soft commodities and coal.
  • Institutional Services provides broking and execution services to a range of institutions.
  • Data & Analytics provides data sets of OTC pricing products to enable clients to analyse, record, trade and risk manage their portfolios.
  • Corporate Services provides support staff and infrastructure.

In September 2020, TP ICAP launched a foreign exchange options platform, FXOhub.[6]

Key People


  1. Newly created TP ICAP looks to dominate voice-broking industry. The Financial Times.
  2. Tullett completes Icap deal to create world's biggest broker.
  3. TP ICAP completes Louis Capital acquisition. The Trade News.
  4. TP ICAP installs OMS from Trading Technologies in multi-year deal. The Trade.
  5. 2017 Annual Report. TP ICAP.
  6. TP ICAP launches innovative FX options platform. TP ICAP.