TP ICAP Launches RealQ to Improve Institutional Credit Trading
TP ICAP has launched RealQ, a new credit trading and data platform. It is built to improve how liquidity is found, accessed, and traded in bond markets. The launch follows TP ICAP’s acquisition of Neptune Networks in partnership with nine global banks in 2025. RealQ merges Neptune’s proprietary data network with Liquidnet Fixed Income’s electronic credit trading platform.
Longstanding Challenges in Credit Markets
Credit trading has become more electronic over the years. But the market still faces several problems. Trading workflows remain fragmented, data quality can vary, and market participants often worry about information leakage. These issues can lead to wider spreads, slower execution, and missed trading opportunities for both dealers and investors.
RealQ aims to tackle these challenges by combining Neptune’s dealer axe and inventory data with Liquidnet’s established institutional network and buy-side workflows. The platform helps market participants access liquidity more directly while maintaining greater control over how trading interest is shared.
More about the Platform
RealQ lets users choose execution methods based on trade size, market conditions, and the sensitivity of the information involved. The platform supports both primary and secondary credit markets.
Its current trading protocols include targeted dealer-to-client negotiations for block trades, anonymous all-to-all liquidity interactions, dealer-to-dealer internal crossing and balance sheet workflows, and electronic access to primary issuance and new issue trading.
Alongside its trading capabilities, RealQ will continue expanding its data distribution services by building on Neptune’s network. It now includes 34 global banks.
Industry Leaders’ Insights
David Johnsen, Chief Executive Officer of RealQ, said the launch represents an important step after the Neptune Networks acquisition. His comments suggest that combining dealer data with institutional trading workflows will help participants connect with potential counterparties in a more focused and controlled way. It will make the trading process more strategic.
James Wilson, Co-Head of EMEA Investment Grade Cash Trading at J.P. Morgan, highlighted the platform’s ability to give dealers greater control over sharing trading axes. According to his remarks, engaging only when genuine interest exists can reduce information leakage and improve trading efficiency.
Jason Recordon, Head of European Fixed Income Trading at Janus Henderson, focused on the quality of data and liquidity sourcing. His comments indicate that bringing together reliable market data and client-focused workflows could help solve common industry issues. They include outdated information, inconsistent terminology, and unwanted exposure of trading intentions.
About TP ICAP
TP ICAP is an inter-dealer broker. It connects buyers and sellers in global financial, energy, and commodities markets. Derek Tullett founded it in 1971. It has become the world's largest inter-dealer broker, with a revenue market share of 46% among its listed peers. The company aims to connect clients to superior liquidity and data solutions through its people and technology.
Wrapping Up
TP ICAP is combining trading technology and market data into a single platform with this launch. The company aims to create a more efficient environment where dealers and investors can discover and access liquidity with greater precision and control.
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