TP ICAP launches RealQ to merge Neptune data with Liquidnet

TP ICAP has launched RealQ, a credit trading and data platform that combines Neptune Networks’ dealer axe and inventory data with Liquidnet Fixed Income’s electronic trading infrastructure. The platform follows TP ICAP’s 2025 acquisition of Neptune in partnership with nine global banks and is intended for use in primary and secondary bond markets.

RealQ lets participants select execution approaches based on trade size, market conditions and the sensitivity of information. It supports targeted dealer-to-client negotiation for block trades, anonymous all-to-all interaction where discretion is required, dealer-to-dealer internal crossing and workflows driven by dealers’ balance sheets, and electronic access to primary issuance and new issue trading.

The platform will build on Neptune’s dealer network, which now includes 34 global banks, and on Liquidnet’s institutional connectivity and buy-side order workflows. TP ICAP says the combined data and trading features are being developed as the platform integrates inputs from Neptune’s dealer network and Liquidnet’s electronic trading system.

Market participants and TP ICAP have cited continuing challenges in credit markets, including fragmented workflows, uneven data quality and the risk of information leakage. Those factors, market participants say, can lead to wider spreads, slower execution and missed liquidity for both dealers and investors.

David Johnsen, chief executive of RealQ, said the platform combines curated dealer data with institutional workflows to support targeted matching and controlled execution. James Wilson, co-head of EMEA IG Cash Trading at J.P. Morgan, added that RealQ allows sharing higher-quality axes with greater control and engaging only when there is genuine opposing interest, which can help reduce information leakage. Jason Recordon, head of European fixed income trading at Janus Henderson, noted that the platform could help address problems such as stale data and inconsistent terminology.

TP ICAP and its partners intend for RealQ to operate as a unified venue where trading interest can be shared and engaged across multiple protocols. The company says it will continue to expand RealQ’s data distribution and trading features as more dealer inputs are integrated.