LONDON, March 13, 2026, 19:27 GMT
TP ICAP shares soared 10.7% on Thursday, easily outpacing the rest of London’s FTSE 250 after the broker posted record results for 2025 and rolled out an £80 million share buyback. It was a rare bright spot, with the mid-cap index slipping 0.9% as an oil-price shock rattled UK equities. 1
Pressure weighed on the broader market. Danni Hewson at AJ Bell flagged that “the longer the disruption goes on, the greater the impact on energy prices,” adding inflation and interest rates to the list of worries. Still, TP ICAP is one of those firms that stands to gain when markets turn choppy—hedging and client activity tend to spike. The company noted it had rolled out business continuity plans and continued serving clients as trading volumes and volatility pushed higher. 1
Revenue climbed to £2.353 billion for 2025, up from £2.253 billion. Reported pretax profit landed at £230 million, edging higher from £214 million. Adjusted EBIT, which strips out interest and tax, reached £348 million—topping the company’s own consensus. “Another year of strong revenue and profit growth,” Chief Executive Nicolas Breteau said, as TP ICAP turned in solid numbers.
Global Broking, which accounts for the bulk of group earnings, posted a 10% revenue increase on a constant currency basis. Liquidnet edged up by 4%, while Parameta Solutions, the data division, managed a 5% rise. Energy & Commodities lagged, slipping 2%. TP ICAP put forward a final dividend of 11.6 pence per share, lifting the total payout for the year to 16.8 pence. Over the past three years, the company said it’s delivered or announced close to £600 million in dividends and buybacks.
Management stuck by its 2026 outlook, reiterating that adjusted EBIT is still expected to come in around £361 million, matching market consensus—even with a £9 million to £10 million hit from currency translation. The company pointed out roughly 60% of its revenue and 40% of its costs are in U.S. dollars. For 2026 and 2027, TP ICAP anticipates having about £150 million in surplus cash for investments and shareholder payouts. 2
Parameta is still drawing interest from investors. TP ICAP hasn’t ruled out a minority listing, though it says conditions for an IPO remain tough. The business pulled in £202 million in revenue last year, with subscriptions accounting for a hefty 97%. 2
The valuation story has been around for a while. Last year, when TP ICAP floated the idea of listing Parameta in the U.S., Shore Capital’s Vivek Raja told investors, “data analytics businesses are better understood by the U.S. market.” He suggested the move could help the company fetch a higher growth multiple than it might get in London. 3
TP ICAP isn’t alone catching a lift from surging volatility. Marex, also based in London, booked a 39% jump in pretax profit for 2025 last week, crediting the boost to sharp market swings fueling more business across its execution, clearing, and hedging operations. 4
Still, not everything is tied up. Energy & Commodities numbers dipped last year, dollar exposure has flipped from boost to burden, and if markets settle down, the action fueling TP ICAP’s broking desks could taper off. Any fresh holdup to Parameta’s listing leaves investors guessing just how much value the market really puts on the group’s data business.
TP ICAP stands as the world’s biggest inter-dealer broker, both by its own account and according to Reuters, serving as a key intermediary for banks and institutional clients trading rates, currencies, credit, and commodities. In calm markets, the model looks stable enough—but a surge in volatility can make its business swing sharply with trading volumes. 5
