TP ICAP Group plc has acquired Neptune Networks, a provider of real-time pre-trade bond market data, as part of its strategy to expand its presence in the electronic credit trading space. Neptune was previously owned by a consortium of leading investment banks.
The acquisition will bring together Neptune’s established data platform and Liquidnet’s electronic credit trading business to create a global dealer-to-client (D2C) credit offering. The combined entity is expected to strengthen connectivity across the sell-side and buy-side, providing clients with a seamless and discreet link between liquidity providers and institutional investors.
“The combination of Neptune and Liquidnet brings together two highly complementary capabilities: Neptune’s real-time axe and inventory data from over 30 dealers, and Liquidnet’s global electronic trading network and blotter sync technology serving 500+ buy-side clients,” David Johnsen, Head of Fixed Income at Liquidnet, tells TradingTech Insight. “Our focus is on creating a combined platform that delivers meaningful benefits to both dealers and clients.
“We’re not here to reinvent the wheel,” he adds. “Our goal is to build what’s been missing. That means evolving the ecosystem around legacy workflows to deliver innovation where it matters. Market participants want more than just access. They want choice, control, and the ability to engage on their terms. Whether through Neptune, Liquidnet, or the combined platform, we’re making that possible.”
By aligning Neptune’s deep expertise in high-quality, real-time bond data with Liquidnet’s extensive client network and trading capabilities, the new venture is positioned to enhance transparency, efficiency, and liquidity across the fixed income markets. The integration is viewed as a natural fit, complementing Neptune’s data strengths with the resources and experience of Liquidnet’s fixed income business.
The new structure will see nine major investment banks – Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley and UBS – collectively retain a 30% stake in the business. Their continued commitment is intended to ensure the venture remains closely aligned with both the dealer community and institutional investors, fostering competition and innovation in the market.
“We have nine dealers backing this initiative and they’re some of the largest banks,” says Johnsen. “They’re investing to own 30% of this new business. That says something. They recognise the gap we’re addressing and want to be part of the solution. Their role moving forward will be critical: helping shape a platform that reflects the evolving needs of both the dealer and buy-side communities, with a focus on long-term, sustainable growth. At the same time, this remains a client-led business. As always, we’ll continue to grow in partnership with Liquidnet and Neptune clients, guided by their feedback, priorities and ambitions.”
The combined offering aims to address increasing demand for solutions that unite pre-trade analytics with execution capabilities, offering buy-side and sell-side participants improved choice, greater efficiency, and enhanced value. The move is seen as a significant step in the evolution and digitalisation of the credit markets, supporting the development of a more connected, data-driven ecosystem for institutional clients.
This acquisition comes as the electronification of corporate bond trading accelerates. As of November 2024, 43% of U.S. investment-grade and high-yield bond volumes were traded electronically, up sharply from 19% and 2% respectively in 2015.
“Clients are demanding more than just access,” stated Johnsen. “They want control, quality liquidity over quantity and flexible workflows. That’s especially true for large or sensitive trades. That’s where we see demand evolving, and it’s exactly what the combination of Liquidnet and Neptune is designed to deliver. Together, we bring deep depth of connectivity and distribution together which makes this not just another entrant in the electronic trading space but a truly differentiated alternative. This venture is about driving real change in market structure and we believe the market has the appetite to embrace a change to the status quo.”
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