The interdealer broker has launched a credit trading and data platform.
Interdealer broker TP ICAP Group, a provider of financial markets infrastructure and data, has launched RealQ, a credit trading and data platform intended to help market participants improve how liquidity is “discovered, accessed and transacted” in bond markets, officials say.
“Following the acquisition of Neptune Networks by TP ICAP in partnership with nine global banks in 2025, this marks the next milestone in building a combined dealer-to-client (D2C) credit business integrating Neptune’s proprietary data network with Liquidnet Fixed Income’s electronic credit trading platform,” officials say. “Despite ongoing electronification, credit markets remain challenged by fragmented workflows, uneven data quality, and the cost of information leakage. These frictions often result in wider spreads, delayed execution and missed liquidity for both dealers and investors.”
The RealQ platform brings together “Neptune Networks’ dealer axe and inventory data with Liquidnet’s long-established institutional connectivity and buy-side workflows to support more direct access to liquidity,” officials say. The goal is “a unified platform where trading interest can be shared and engaged with across multiple protocols, with greater precision, control, and confidence.”
Officials add that the RealQ platform helps market participants “match execution protocols to trade size, market conditions and the information sensitivity of trades across both primary and secondary credit markets.”
The platform’s range of protocols encompasses:
- Dealer-to-client targeted negotiation for block transactions;
- All-to-all anonymous liquidity interactions where discretion is required;
- Dealer-to-dealer internal crossing and balance sheet-driven workflows; and
- All-to-all electronic access to primary issuance and new issue trading.
The RealQ platform will “continue to develop its data distribution offering by building on the large and growing dealer network of Neptune, which now stands at 34 global banks,” officials add.
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