What COEX Partners does

COEX Partners is an agency execution broker providing institutional clients with multi-asset trade advisory, execution, and post-trade reporting services. Established in 2014 and operating as a brand within TP ICAP Group (LSE: TCAP), the firm offers 360-degree coverage across Equities, OTC Foreign Exchange, Futures Agency, Cleared Interest Rate Swaps, Relative Value, Soft Commodities, Credit, Equity Derivatives, and Quantitative Arbitrage, supplemented by FX strategy and European political analysis research. Its client base consists of hedge funds, asset managers, banks, and other institutional investors, served through a relationship-based direct sales motion. COEX employs a 100+ person global workforce recruited from blue-chip brokerages, hedge funds, and top-tier investment banks, with offices in London, Paris, New York, and Singapore providing 24-hour access to global financial markets.

The firm generates revenue entirely through transaction-based commissions on trade execution, with pricing negotiated on a relationship basis rather than publicly disclosed. There is no proprietary technology platform, no disclosed AI/ML capability, and no API or integration footprint in the source material. The operational model is relationship-driven, with a narrow institutional client segment and no SMB or retail exposure. The competitive position rests on the TP ICAP parent brand, multi-asset coverage breadth, global 24-hour desk coverage, and access to experienced talent. The key strategic vulnerabilities are concentration on a small number of institutional anchor clients, lack of disclosed technology differentiation, and the absence of recurring or annuity revenue streams outside of transaction flow.

Name

COEX Partners

Legal name

COEX Partners

Website

https://coexpartners.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

COEX Partners is an agency execution broker within TP ICAP Group, providing 360-degree multi-asset trade advisory, execution, and post-trade reporting to hedge funds, asset managers, and banks across London, Paris, New York, and Singapore.

Ownership category

akta.pro rank

Product category

Institutional Brokerage Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

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

akta.pro primary industry

Derivatives & Futures Brokerage (FSAEACAL)

akta.pro secondary industries

Fixed Income Brokerage (Bonds) (FSAEACAJ), Corporate Bond Trading Platforms (FSAFACAB)

Keywords

• Agency execution brokerage
• Institutional trade execution
• Multi-asset broking
• OTC foreign exchange
• Relative value trading

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Agency Brokerage Commissions: COEX Partners operates as an agency execution broker, earning commissions on trade execution for institutional clients. The firm generates revenue through transaction-based fees on OTC Foreign Exchange, Relative Value execution, Soft Commodities, and other financial instruments across their comprehensive product portfolio.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

COEX Partners operates as an Agency Execution broker providing institutional clients (hedge funds, asset managers, banks) with 360-degree coverage across a comprehensive multi-asset product portfolio. The firm generates trading ideas and supports trade structuring, execution, position monitoring, and post-trade reporting across the full trade lifecycle. Coverage spans Equities, OTC Foreign Exchange, Futures Agency, Cleared Interest Rate Swaps, Relative Value Execution, Soft Commodities, Complex FX Structuring, Credit, Equity Derivatives, and Quantitative Arbitrage, delivered through offices in London, Paris, New York, and Singapore.

Product overview

COEX Partners operates as an Agency Execution broker offering a unified multi-asset service platform. The portfolio combines Trade Advisory and Execution Services as the core offering, supported by specialized execution capabilities across Equities, OTC Foreign Exchange (with FX Strategy and European Political Analysis), Futures Agency, Interest Rate Swaps, Relative Value Execution, and Soft Commodities. Additional structured offerings include Complex FX Structuring, Credit, Equity Derivatives, and Quantitative Arbitrage strategies. Post Trade Reporting services complement the execution lifecycle. Together, these products provide institutional clients with 360-degree coverage from trade selection through post-trade reporting.

Differentiator

Problem solved

Functional benefit

Products and services

• Trade Advisory and Execution Services Core agency execution brokerage providing trade selection, structuring, execution, and position monitoring across the entire trade lifecycle from pre-trade through post-trade reporting, for institutional clients (hedge funds, asset managers, banks).
• OTC Foreign Exchange Over-the-counter foreign exchange trading services enabling clients to execute FX transactions with agency execution support.
• FX Strategy and European Political Analysis Currency strategy research combined with European political analysis to inform institutional clients' trading decisions and market positioning.
• Relative Value (RV) Execution Relative value trading execution services across multiple asset classes, including fixed income, derivatives, and cross-asset strategies.
• Soft Commodities Trading execution services for soft commodities including agricultural products and other non-energy commodity derivatives.
• Equities Equity trading and execution services across global markets for institutional clients.
• Futures Agency Agency execution services for futures contracts across major exchanges and commodity markets.
• Interest Rate Swaps Cleared interest rate swap execution services for institutional clients seeking to manage interest rate risk.
• Complex FX Structuring Structured foreign exchange solutions for institutional clients requiring customized FX instruments and hedging strategies.
• Credit Credit market execution and advisory services for institutional clients trading credit instruments.
• Equity Derivatives Derivatives trading services covering equity options, forwards, and other equity-linked instruments.
• Quantitative Arbitrage Quantitative trading strategies and arbitrage execution services leveraging algorithmic approaches.
• Post Trade Reporting Post-trade reporting and monitoring support that complements execution services, enabling institutional clients to track and manage positions after execution.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• TP ICAP GroupcoreOthersCOEX Partners is a brand within the TP ICAP Group, a global leader in market infrastructure and provider of specialist broking and data-led solutions. TP ICAP provides the parent company's institutional infrastructure, brand backing, and operational support across its portfolio of premium brands.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• TP ICAP (Tullett Prebon / ICAP): COEX's parent group and one of the world's largest interdealer brokers. Tullett Prebon and ICAP brands span rates, FX, credit, equities, and commodities, offering highly overlapping execution services to the same institutional client base as COEX.
• StoneX: Diversified financial services firm with execution, clearing, and market-making across FX, rates, commodities, equities, and securities. Targets institutional clients with a similar multi-asset agency/intermediation model.

Emerging players

• Tradeweb: Leading electronic fixed income, credit, and derivatives trading platform. Represents the electronification headwind COEX faces — competing with voice brokerage by aggregating institutional flow electronically.
• Liquidnet: Institutional equities execution network and a fellow TP ICAP brand. Overlaps with COEX's equities offering from the electronic/buy-side side, contrasting COEX's voice-brokerage model.
• MarketAxess: Electronic credit trading platform that has captured share from voice credit brokers like COEX in corporate bond and credit derivative execution.

Others

• GFI Securities (acquired by BGC): Historical interdealer broker in rates, FX, and credit — now part of BGC Group — that competed with COEX in voice brokerage across multiple asset classes.

Direct peers

• BGC Group: Global inter-dealer broker and FINTECH platform offering voice and hybrid brokerage across rates, FX, credit, equities, and commodities. BGC is COEX's closest direct peer, matching its multi-asset agency execution model and institutional client base.
• Cantor Fitzgerald: Independent broker-dealer operating voice and electronic markets across rates, FX, credit, and equities. Competes directly with COEX for institutional mandate business across asset classes.
• Compagnie Financière Tradition: Swiss-listed interdealer broker operating across cash and derivatives markets globally, serving institutional clients with voice and hybrid agency execution. Competes head-to-head with COEX in FX, rates, commodities, and equities intermediation.
• Marex: Publicly listed global broker providing execution, clearing, and market-making across commodities, FX, equities, fixed income, and listed derivatives. Overlaps materially with COEX's multi-asset institutional execution franchise.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/tp-icap

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about COEX Partners