This morning, TP ICAP published a 1Q26 trading update with revenues up 13% YoY to £689m for the quarter (covering c.29% of FY consensus). This was driven by strong revenue growth within Global Broking and Energy & Commodities up 15% and 13% YoY, respectively. Liquidnet saw revenues up 9% YoY given further expansion of core equities and the multi-asset execution business. Parameta Solutions saw relatively lower revenue growth of c.4% YoY, although noting that the business has seen contributions f ....
