Shares in TP ICAP PLC (LSE:TCAP) fell 4% to 250p after the world’s largest interdealer broker reported mixed trading for the first nine months of 2025, with strength in its core broking arm offset by weakness in energy markets.
Group revenue rose 7% to £1.78 billion on a constant-currency basis, driven by a 10% rise in Global Broking, which continued to benefit from volatile markets across asset classes.
However, the Energy & Commodities division saw revenue fall 3%, reflecting what the company described as “competition for broking talent”, though it said new hires should boost performance from 2026.
Liquidnet, TP ICAP’s electronic trading network, grew 9% over the nine-month period but slipped 2% in the third quarter compared with a strong performance last year. Data division Parameta Solutions posted steady growth, up 5% year to date.
The group said it remains “comfortable” with full-year earnings expectations, while warning that results remain sensitive to currency swings, particularly the US dollar, which accounts for most of its revenue.
Management also reiterated that it continues to assess the right timing for a potential minority US listing of Parameta Solutions, its high-margin data and analytics business.
Despite ongoing progress in core trading operations, investors appeared to focus on the decline in energy and commodities activity, pulling the shares lower.
Broker Peel Hunt maintained its 'buy' call and 337p target price, describing trading as 'solid' given the tough comparatives TP ICAP was up against.