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UK interdealer broker facilitating wholesale trading in fixed income, FX and commodities between banks.
UK interdealer broker facilitating wholesale trading in fixed income, FX and commodities between banks.
Earns commissions on trades it arranges between banks, many still done by phone, alongside electronic trading and a data unit that sells price information to subscribers. Created in 2016 when Tullett Prebon bought ICAP's voice broking arm, and later added Liquidnet, an institutional share-trading network.
In one line: A UK BGC Partners/Tradeweb-style interdealer broker.
Moat: narrow (network effects, scale, installed base). Deep liquidity network among banks built over decades of broking relationships.
Headquarters: London, UK
Size TP ICAP (TCAP.L) is a United Kingdom Financials company (Investment Banks/Brokers) with a market value of $2.97B, the 134th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £312.60 on 6 Nov 2026.
Performance Over six months the shares fell 0.6%, against -12.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +11.1%); the operating margin is 11.3% (peer median 28.2%).
Valuation It trades at 8.9× forward earnings against a peer median of 14.4× (2nd cheapest of 16).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.44B | £2.37B | £2.26B | £2.21B | £2.12B |
| Revenue growth | — | +5% | +3% | +4% | — |
| EBITDA | £394M | £385M | £378M | £352M | £293M |
| Net income | £191M | £186M | £167M | £74.0M | £103M |
| Free cash flow | £147M | £242M | £403M | £326M | £328M |
| Capital expenditure | £80.0M | £74.0M | £64.0M | £55.0M | £53.0M |
| Total debt | n/a | £1.00B | £974M | £1.09B | £1.07B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TP ICAP TCAP.L | $2.97B | -1% | +4% | 11% | 8.9× | n/a |
| Tradeweb Markets TW | $29.7B | +17% | +14% | 44% | 27.9× | n/a |
| Marex MRX | $4.76B | +17% | +25% | 32% | 10.1× | n/a |
| BGC BGC | $4.89B | -8% | +28% | 9% | 7.1× | n/a |
| MarketAxess MKTX | $5.83B | +12% | +3% | 39% | 19.5× | n/a |
| StoneX SNEX | $6.55B | -33% | +21% | 2% | 13.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TCAP.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.9% | -0.9% | 8th lowest of 21 |
| 6-month return | -0.6% | -12.4% | 6th highest of 20 |
| Distance from 52-week high | -11.9% | -27.1% | 4th highest of 21 |
| Revenue growth (TTM) | +3.9% | +11.1% | 10th lowest of 21 |
| Operating margin | 11.3% | 28.2% | lowest of 20 |
| Forward P/E | 8.9× | 14.4× | 2nd cheapest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TP ICAP TCAP.L | United Kingdom | $2.97B | -1% | +4% | 11% | 8.9× | n/a | n/a |
| Central Depository Services (India) CDSL.NS | India | $2.95B | +5% | +3% | 50% | 52.1× | n/a | n/a |
| HUAXI Securities 002926.SZ | China | $3.01B | -12% | +10% | 36% | 11.4× | n/a | n/a |
| Guosheng Securities 002670.SZ | China | $2.92B | -20% | -11% | 11% | n/a | n/a | n/a |
| Tata Investment TATAINVEST.NS | India | $3.06B | -22% | +18% | 89% | n/a | n/a | n/a |
| Yongan Futures 600927.SS | China | $2.83B | -12% | -139% | n/a | 24.3× | n/a | n/a |
| Plus500 PLUS.L | United Kingdom | $3.12B | -26% | +3% | 41% | 10.4× | n/a | n/a |
| Minmetals Capital 600390.SS | China | $3.15B | -11% | -62% | 60% | 51.9× | n/a | n/a |
| flatexDEGIRO FTK.DE | Germany | $2.78B | -27% | +20% | 45% | 11.1× | n/a | n/a |
| Angel One ANGELONE.NS | India | $3.20B | +3% | +21% | 28% | 23.1× | n/a | n/a |
| Shanxi Securities 002500.SZ | China | $2.73B | -10% | -3% | 28% | 16.4× | n/a | n/a |
| Oshidori International 0622.HK | Hong Kong | $2.67B | +52% | +71% | 47% | n/a | n/a | n/a |
| Lincoln International LCLN | United States | $2.65B | n/a | +35% | 28% | 18.3× | n/a | n/a |
| Aozora Bank 8304.T | Japan | $2.60B | +17% | +12% | 29% | 14.4× | n/a | n/a |
| Miami International MIAX | United States | $3.45B | -34% | +14% | 12% | 18.8× | n/a | n/a |
| CMC Markets CMCX.L | United Kingdom | $2.54B | +79% | +16% | 27% | 10.5× | n/a | n/a |
| Pacific Securities 601099.SS | China | $3.47B | -8% | -11% | 14% | n/a | n/a | n/a |
| Kiwoom 039490.KS | South Korea | $3.48B | -53% | +100% | 41% | 2.9× | n/a | n/a |
| J-Yuan Trust 600816.SS | China | $3.50B | -18% | +139% | 13% | n/a | n/a | n/a |
| Northeast Securities 000686.SZ | China | $2.52B | -17% | +1% | 23% | 11.1× | n/a | n/a |
| Compagnie Financiere Tradition CFT.SW | Switzerland | $2.37B | -15% | +3% | 14% | 13.1× | n/a | n/a |