London, Feb 16, 2026, 13:45 GMT — Regular session
- TP ICAP edged up 0.4% in London, trading close to 256 pence.
- UK financials found their footing after last week’s AI-fueled selloff. Traders quickly shifted back to watching rate-cut expectations.
- UK inflation numbers land this week, with TP ICAP’s March results also on radar as investors hunt for the next real catalyst.
TP ICAP Group (TCAP.L) edged up 0.4% to 256 pence as of 1320 GMT, according to LSE data, after earlier hitting 258 pence. The interdealer broker, listed on the FTSE 250, closed Friday at 255 pence. 1
London’s FTSE indexes ticked up, with financials out in front, clawing back some ground after last week’s AI-driven hit to “traditional” business models. NatWest surged 4.3% and Barclays added 2.7% by mid-morning. As of 0925 GMT, the FTSE 100 was up 0.4%, the FTSE 250 not far behind at 0.36%. 2
Traders are zeroing in on rate moves again. Most economists in a Reuters survey out Monday expect the Bank of England to trim rates by 25 basis points to 3.50% on March 19. “We stick to our call for the next Bank Rate cut to come in March,” Deutsche Bank’s Sanjay Raja said, echoing the consensus in the poll. TD Securities’ James Rossiter flagged inflation as “more likely to sit around the 2.5% mark” for the rest of the year. 3
TP ICAP doesn’t just watch the macro backdrop—it’s exposed to it. The group is plugged into wholesale markets, linking big financial institutions and selling market data, which means changes in rate expectations can quickly ripple into hedging appetite and trading volumes. In a November trading update, the board said it’s still weighing when—or if—to push ahead with a minority U.S. listing for its Parameta Solutions data business. 4
On Monday, TP ICAP signaled a change for its venues. The company announced its EU MTF — a regulated European multilateral trading facility — has tweaked the term repo variable rate schedule in an updated rate card, effective Feb. 16. 5
Plenty fills the near-term calendar ahead of TP ICAP. UK January inflation drops Feb. 18, if the Office for National Statistics’ release schedule holds. 6
The ONS has scheduled the release of January retail sales for Feb. 20 at 0700 GMT. 7
The larger threat to the stock isn’t company-specific—it’s the broader market mood. European shares have been lurching between bouts of “AI-disruption” worries and sharp relief rallies, with “big sentiment swings will continue to be the order of the day,” Deutsche Bank’s Jim Reid and his team said Monday in a note picked up by Reuters. One hotter-than-expected inflation report, and rate-cut bets could get pushed out again, leaving financials exposed. 8
TP ICAP’s financial calendar points to March 12 for the release of its full-year 2025 results—a date investors are watching. 9
