TP ICAP's RealQ Platform Revolutionizes Credit Trading with Unified Data and Liquidity

TP ICAP Group has launched RealQ, a new platform for credit trading and data. The system aims to tackle long-standing issues in bond markets, including poor liquidity and inefficient workflows. It promises better access, discovery, and execution for traders. RealQ combines Neptune’s dealer axe and inventory data with Liquidnet’s institutional connectivity and buy-side workflows. This integration supports a range of protocols, from targeted dealer-to-client negotiations to anonymous all-to-all liquidity pools. The platform also allows dealer-to-dealer internal crossing and electronic access to primary issuance.

The system matches execution methods to trade size, market conditions, and sensitivity. David Johnsen, CEO of RealQ, highlighted its ability to enable targeted matching and controlled execution. James Wilson of J.P. Morgan praised its higher quality axes and reduced risk of information leakage.

RealQ is positioned as a major step in creating a unified dealer-to-client credit business. TP ICAP plans to expand its dealer network to strengthen data distribution in the future. The platform seeks to improve efficiency in credit markets by addressing fragmentation and data inconsistencies. It offers traders more control and flexibility in how they execute deals. RealQ is now available as part of TP ICAP’s growing credit trading services.