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TP ICAP launches RealQ
08 June 2026 UK
Image: Bussarin/adobe.stock.com
TP ICAP Group, a provider of financial markets infrastructure and data, has announced RealQ, a new credit trading and data platform designed to improve how liquidity is discovered, accessed, and transacted in bond markets.
Following the acquisition of Neptune Networks by TP ICAP in partnership with nine global banks in 2025, the firm says the launch the 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.
RealQ is designed to address the frictions in credit markets that can lead to wider spreads, delayed execution, and missed liquidity for both dealers and investors.
The platform brings together Neptune Networks’ dealer axe and inventory data with Liquidnet’s established institutional connectivity and buy side workflows to support more direct access to liquidity.
RealQ allows market participants to match execution protocols to trade size, market conditions, and the information sensitivity of trades across both primary and secondary credit markets.
David Johnsen, CEO of RealQ, says: “By combining curated dealer data with institutional workflows, RealQ is designed to support targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic and deliberate way.”
James Wilson, co-head of EMEA IG Cash Trading at J.P. Morgan adds: “RealQ's offering represents an important step forward in electronic credit trading enabling us to share higher quality axes with greater control, engage only when there is genuine opposing interest, and reduce information leakage. That combination supports more efficient outcomes for both dealers and clients.”
Following the acquisition of Neptune Networks by TP ICAP in partnership with nine global banks in 2025, the firm says the launch the 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.
RealQ is designed to address the frictions in credit markets that can lead to wider spreads, delayed execution, and missed liquidity for both dealers and investors.
The platform brings together Neptune Networks’ dealer axe and inventory data with Liquidnet’s established institutional connectivity and buy side workflows to support more direct access to liquidity.
RealQ allows market participants to match execution protocols to trade size, market conditions, and the information sensitivity of trades across both primary and secondary credit markets.
David Johnsen, CEO of RealQ, says: “By combining curated dealer data with institutional workflows, RealQ is designed to support targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic and deliberate way.”
James Wilson, co-head of EMEA IG Cash Trading at J.P. Morgan adds: “RealQ's offering represents an important step forward in electronic credit trading enabling us to share higher quality axes with greater control, engage only when there is genuine opposing interest, and reduce information leakage. That combination supports more efficient outcomes for both dealers and clients.”
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