TP ICAP Group has acquired Neptune Networks the axe-streaming firm, co-owned by a consortium of investment banks. Neptune delivers real-time pre-trade bond market data, via axes, from many sell-side banks to buy-side clients.
TP ICAP will bring together Neptune’s proprietary data network with Liquidnet’s electronic credit trading platform, creating a global dealer-to-client (D2C) credit business. The deal was first reported on The DESK in November 2024. The business will be run by David Johnsen, currently head of fixed income.
Axes function as advertisements for banks’ ability to trade bonds for clients, and potentially allow clients to trade a block of bonds with a bank, without having to put other banks in competition (non-comp) to drive down the price. Liquidnet, as a block trading specialist, could combine the advertising of block trades with its own execution pool to deliver more effective non-comp trading.
At launch, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, JP Morgan, Morgan Stanley and UBS 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 said, “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 said, “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, JP Morgan, added, “At JP 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 for Deutsche Bank, said, “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 at BNP Paribas said, “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 noted, “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 US investment-grade (IG) and high-yield (HY) bonds was executed electronically, the firms reported. This compares with approximately 19% and 2% respectively in 2015.
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