Inter-dealer broker TP ICAP today released its financial results for the first quarter of 2023, reporting all that asset classes brought in low to mid-single digit growth. The inter-dealer broker recorded a 2% increase in its constant currencies and 9% in reported currencies.
The London-listed firm saw £606 million in revenue the three months between January and March, compared to the £556 million, generated in the same period 2022.
The official press release noted that the company’s global broking business increased 3%, while, on a reported currency basis, the growth was 9%.
Energy & Commodities activity increased 3% in the quarter. The numbers were driven by by the improvements in “market conditions, and liquidity, in European Gas & Power.”
Parameta Solutions, which offers data & analytics and post-trade solutions, registered a 7% growth (15% in reported currencies) in revenue. The announcement noted that the division’s goal is to achieve “double-digit” growth in adjusted EBIT in constant currency.
Liquidnet, which was acquired by TP ICAP in 2021 as a dark pool operator, experienced a 3% decrease in revenue. The trading update noted that the relative value business performed well, but the decline in cash equities revenue was in line with the drop in block market volumes, which contributed to the decrease in Liquidnet’s revenue.
TP ICAP said:
We remain well positioned and expect interest rates to remain at elevated levels throughout the year; at the same time, the benefit of the recent strong US Dollar is now moderating.
