Byron Cooper-Fogarty, CEO of Neptune Networks, and David Johnsen, head of fixed income at Liquidnet, delve into their vision for this transformative partnership.
With TP ICAP’s acquisition of Neptune Networks and the creation of a full-service, global dealer-to-client credit business in partnership with nine major investment banks, the move is making waves across the credit trading landscape. This venture merges Neptune Networks, a pioneer in pre-trade bond data, with Liquidnet, a fixed income electronic block-trading platform, promising an important shift in the credit market landscape.
Building on shared strengths
For Neptune, the partnership with Liquidnet marks a strategic evolution. Over nearly a decade, the company has earned the trust of its buy-side and sell-side clients delivering real-time axe and inventory data from 34 of the world’s leading dealers to institutional buy-side clients.

“Neptune’s strength lies in our ability to deliver high-quality data without compromising its integrity,” explains Cooper-Fogarty. “But to keep driving value for our clients, we needed to take the next step. Adding execution capabilities was the obvious answer, and Liquidnet is the perfect partner to make that happen.”
For Liquidnet, it is an opportunity to leverage its established electronic trading expertise in credit markets and extend its innovative solution and blotter sync technology into a broader ecosystem.

“It’s a perfect match,” says Johnsen. “Together, the combined networks can address longstanding challenges in the credit market.”
Creating a marketplace for the future
By integrating Neptune’s real-time axe and inventory data services with Liquidnet’s advanced execution capabilities, the two firms aim to unlock new opportunities for both dealers and clients.
“One of our primary objectives is to elevate the fixed income market by delivering more actionable liquidity through deeper partnerships between dealers and clients, and a deep focus on quality, collaboration, and trust,” explains Johnsen.
Traditional platforms, Johnsen says, have typically prioritised scale. “We’re building something different: a marketplace where dealers and clients can engage more meaningfully, supported by robust, trusted data and workflows designed with both sides in mind.”
The road ahead
While the potential is there, Cooper-Fogarty and Johnsen acknowledge the work ahead to ensure that the strengths of both Neptune and Liquidnet are preserved while unlocking new synergies.
“For Neptune, our mission remains clear,” says Cooper-Fogarty. “We’ll continue to collaborate with our dealer and buy-side clients to refine and grow our offerings. At the same time, we’re working closely with Liquidnet on leveraging their technology to deliver an integrated solution that seamlessly combines data and execution.”
Johnsen emphasizes the tangible benefits clients can expect from day one. “We are going to make it easy for dealers and clients to extract value from the combined network. We’re not forcing a new workflow. We’re giving participants the flexibility to interact on their terms, supported by the highest-quality data and execution options. Neptune is well-integrated for dealers and Liquidnet is well-integrated for the buy-side. Rebalance, our D2D protocol, is the first area where this collaboration is set to deliver immediate impact. We’ve invested heavily in technical enhancements and with the combined strength of the network, we’re confident it will offer dealers a significantly enhanced experience. Client feedback so far has been great and with Neptune as part of the family, it will be really easy for dealers to access the new offering.”
Later in the year, the platform will continue to evolve, with the introduction of new protocols designed to be both easy to tap into and valuable for dealers and clients alike.
A shared vision of trust and innovation
At its core, this partnership is about trust—a value both see as fundamental to their success.
“Neptune is trusted with the most sensitive dealer information, and Liquidnet has built a reputation for integrity in how it operates,” says Cooper-Fogarty. “By partnering, we’re creating an ecosystem where dealers and clients can thrive together.”
Johnsen agrees. “It’s a great opportunity to improve how credit markets can work—collaborative, transparent, flexible and built to benefit all participants.”
As Liquidnet and Neptune take their first steps together, one thing is clear: this partnership has the potential to reshape the future of credit trading.
©Markets Media Europe 2025