ICAP Securities Limited

What ICAP Securities Limited does

ICAP Securities Limited is a wholly-owned subsidiary of TP ICAP Group, operating as a world-leading wholesale intermediary in financial, energy, and commodities markets. Headquartered in London with 1,001–5,000 employees across 33 locations in 22 countries, the company facilitates and executes trades between major financial institutions including investment banks, market makers, central and regional banks, corporates, money market funds, institutional investors, physical trading companies, and producers. Its customer base spans two main divisions: Financial Markets (Rates, FX, Credit, Equities, Fixed Income, Money Markets, Local Markets) and Energy & Commodities (oil derivatives, natural gas/LNG, electricity, base and precious metals, environmental products, coal, iron ore, and weather derivatives).

The company's core technology stack centers on the Fusion multi-asset electronic trading platform, which supports FX, fixed income, equity, and interest rate derivatives trading with real-time data, automated trade processing, and cloud-enabled architecture. The i-Swap electronic venue for Interest Rate Swaps operates as a joint venture between TP ICAP and eight top-tier IRS dealers, providing deep liquidity in IRS. ICRV (ICAP Relative Value) deploys 30 specialized professionals for around-the-clock execution of complex US Treasuries, futures, and options strategies without proprietary risk. Post-trade processing is supported by subsidiary Traiana, while Parameta Solutions provides energy and commodities market data and analytics. ICAP also operates a Swap Execution Facility and MiFID Venues across its regulatory footprint.

ICAP generates revenue through broking commissions on transactions executed across its voice, hybrid, and electronic channels. Pricing is not publicly disclosed and is negotiated on a per-transaction, quote-based basis typical of wholesale interdealer brokers. The company distributes services through direct broker relationships and electronic platforms (Fusion, i-Swap), targeting enterprise institutional clients globally. Its go-to-market is sales-led, leveraging its global office network and expert brokers to provide price discovery, liquidity, and anonymity for clients executing complex or sensitive transactions in OTC markets.

Name

ICAP Securities Limited

Legal name

ICAP Securities Limited

Website

https://icap.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

ICAP Securities Limited is a London-headquartered wholesale intermediary, wholly owned by TP ICAP Group, that facilitates trades in financial, energy, and commodities markets across 33 locations in 22 countries. It serves investment banks, market makers, central banks, corporates, and producers through voice broking and electronic platforms including Fusion and i-Swap.

Ownership category

akta.pro rank

Product category

Wholesale Financial Intermediation and Broking

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (52315), Commodity Contracts Intermediation (52316), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Interdealer Bond Broker (IDB) Platforms (FSAFACAF)

akta.pro secondary industries

Multi-Asset Electronic Trading Platforms (FSAFANAH), Electronic Bond Trading Networks (Dealer-to-Client / All-to-All) (FSAFACAE), Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB)

Keywords

• Wholesale broking services
• Interdealer brokerage
• Electronic trading platforms
• Energy commodities broking
• Interest rate swaps

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Broking Services: Facilitates and executes trades on behalf of wholesale financial institutions in financial, energy, and commodities markets. Revenue is generated through broking commissions on traded transactions across multiple asset classes.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

ICAP Securities Limited operates as a world-leading wholesale intermediary facilitating trade execution between financial institutions across multiple asset classes. It combines expert voice brokers with electronic trading platforms (Fusion and i-Swap) to deliver price discovery, liquidity, and anonymity in financial, energy, and commodities markets. Services cover Rates, FX, Credit, Equities, Fixed Income, Money Markets, Local Markets, plus energy and commodities products such as oil, gas, electricity, base and precious metals, coal, iron ore, and environmental products.

Product overview

ICAP is a world-leading intermediary in wholesale financial, energy, and commodities markets, operating as part of the TP ICAP Group. The company offers a platform-plus-services model combining electronic trading platforms with expert voice brokerage. Core electronic platforms include Fusion (multi-asset trading across FX, Rates, Equities, Fixed Income) and i-Swap (Interest Rate Swaps joint venture). These are complemented by voice broking services across Rates, FX, Credit, Equities, Money Markets, and Local Markets for Financial Markets, and across oil, gas, electricity, precious metals, and environmental products for Energy & Commodities. The company also offers ICAP Trading Venues (Swap Execution Facility and MiFID Venues) and End of Day Pricing services.

Differentiator

Problem solved

Functional benefit

Brands

• Fusion: Flagship electronic platform supporting multi-asset class trading across FX, fixed income, equity, and interest rate derivatives. Provides real-time data, automated trade processing, and settlement solutions.
• i-Swap
• ICAP Relative Value (ICRV)
• Parameta Solutions

Products and services

• Fusion Electronic Trading Platform ICAP's flagship multi-asset electronic trading platform supporting FX, fixed income, equity, and interest rate derivatives. Enables price discovery, electronic execution, real-time data, automated trade processing, and settlement solutions with a customizable interface and cloud-enabled architecture. Built for institutional financial clients.
• i-Swap Interest Rate Swaps Venue Leading global electronic trading venue for Interest Rate Swaps (IRS), operated as a joint venture between TP ICAP and eight top-tier IRS dealers. Offers deep liquidity and advanced IRS trading functionality for institutional clients.
• ICRV (ICAP Relative Value) Execution Service Global expert execution service for US Treasuries, Futures and Options markets. Specializes in executing complex multi-leg synthetic strategies including Basis, Curve, Flies, Teds and Calendar Rolls. Operates around the clock on behalf of clients, carrying no proprietary risk.
• Financial Markets Voice Broking Wholesale voice broking services across asset classes including Rates, FX, Emerging Markets, Credit, Equities, Fixed Income, Money Markets, and Local Markets. Provides intermediary services between financial institutions for price discovery and trade execution.
• Energy & Commodities Broking Broking solutions across energy and commodities markets covering oil derivatives, electricity, natural gas (including LNG), environmental products, weather derivatives, renewable fuels, precious metals, softs and ags, ethanol, energy futures, coal, iron ore, and commodity options. Serves physical trading companies, producers, banks, and buyside clients.
• ICAP Trading Venues (SEF and MiFID Venues) Multi-venue trading capability including Swap Execution Facility and MiFID Venues, operating in line with regulatory framework across 22 countries with 33 locations worldwide.
• End of Day Pricing Service End of day pricing form service for market participants, providing daily pricing reference data.

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• i-Swap Joint Venture Partners (Eight Top-tier IRS Dealers)coreStrategic or Co-development Partneri-Swap is established as a joint venture between TP ICAP and eight of the world's top-tier IRS dealers. The venture has operated for more than 15 years, providing deep liquidity and cutting-edge functionality for Interest Rate Swaps trading.

Scale indicators4 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• BGC Group: BGC Group (formerly BGC Partners) is a leading global interdealer broker operating across rates, credit, FX, equities, and commodities. It acquired GFI Group in 2018 and shares ICAP's core IDB business model, technology-enabled brokerage, and institutional client base.
• Compagnie Financière Tradition: Compagnie Financière Tradition is one of the largest independent interdealer brokers globally, with a presence across money markets, FX, derivatives, and commodities. It is a long-standing direct competitor to ICAP in voice and hybrid broking for institutional clients.
• Tullet Prebon: Tullett Prebon (now part of TP ICAP Group) is a long-established interdealer broker in voice and hybrid execution across rates, FX, and credit. Following the 2015 disposal from ICAP, it operates alongside ICAP Securities within the same parent group and is a direct competitor in legacy broking markets.

Broad incumbents

• TP ICAP Group: TP ICAP is the publicly-listed parent of ICAP Securities Limited and operates the broader Tullett Prebon and ICAP broking franchises. It is the most direct broad incumbent — ICAP Securities Limited is essentially its core operating subsidiary.
• Tradeweb Markets: Tradeweb is a leading global electronic trading platform for fixed income, derivatives, and ETFs, operated by major dealers. It represents the structural electronic-disintermediation competitor to ICAP's fixed income and IRS broking.
• MarketAxess: MarketAxess operates leading electronic trading platforms for fixed income, particularly corporate bonds and credit markets. It is a comparable electronic market infrastructure provider competing for the same institutional client workflows that ICAP's Fusion platform serves.
• CME Group: CME Group is the world's largest derivatives exchange operator, providing centralized execution for interest rate, FX, equity, and commodities derivatives. It represents the centralized exchange incumbent competing for flow that ICAP intermediates via Fusion and i-Swap.
• London Stock Exchange Group (LSEG): LSEG operates the London Stock Exchange, MTS (European fixed income trading), and Tradeweb post-IPO, alongside clearing and data services. It is a broad incumbent in the financial market infrastructure space relevant to ICAP's multi-asset trading activities.
• Euronext: Euronext operates regulated securities and derivatives exchanges across Europe, including fixed income cash markets. It represents an exchange incumbent in markets where ICAP provides over-the-counter and hybrid execution services.

Regional players

• Nasdaq: Nasdaq operates major U.S. equity and derivatives exchanges and increasingly expanded into fixed income and technology. While focused on North American listed markets, it competes with ICAP for institutional flow in equity derivatives and adjacent asset classes through platform partnerships like the BATS Exchange collaboration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/icapglobal
• Facebookfacebook.com/icapglobal
• LinkedInlinkedin.com/company/icap

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICAP Securities Limited