TP ICAP Acquires Neptune Networks

On June 2, TP ICAP Acquired Neptune Networks to Build an Integrated Electronic Bond Trading and Data Business 

TP ICAP, a major global provider of financial markets infrastructure, announced its acquisition of Neptune Networks, a pre-trade bond data network co-owned by nine leading investment banks. Neptune delivers high-quality, real-time pre-trade corporate bond data from sell-side dealers to the buy side. TP ICAP plans to merge Neptune with its Liquidnet platform, an electronic credit trading venue used by buy-side traders, to form a full-service, global dealer-to-client credit business. 

Neptune’s clients are primarily buy-side asset managers, pensions, and hedge funds looking for timely, accurate pricing from multiple dealers. Liquidnet’s clients are often the same firms, but using the platform for electronic execution, placing and managing actual trades.  

Historically, even sophisticated institutional investors have had to juggle separate platforms for viewing dealer quotes, chatting with counterparties, and executing trades. The Neptune–Liquidnet integration, however, offers these clients centralized, real-time pre-trade data, seamless execution capabilities and more control over who they trade with, when, and how. 

This move couldn’t come at a more important moment. The U.S. is at “Peak 65,” with the largest-ever wave of retirees shifting portfolios toward income. Fixed income demand is rising sharply, and advisors are under pressure to deliver personalized bond solutions, whether through ETFs, SMAs, or custom ladders. The Neptune–Liquidnet combination lays the groundwork for delivering those solutions more efficiently. It supports the broader shift toward tailored, transparent, and tech-enabled fixed income strategies that meet the needs of a retiring generation looking for stability, yield, and tax-aware planning.