TP ICAP's RealQ Platform Aims to Revolutionize Bond Market Trading

TP ICAP Group has launched RealQ, a new credit trading and data platform for bond markets. The platform aims to tackle long-standing issues such as fragmented workflows, inconsistent data, and information leakage. RealQ was created by merging Neptune Networks' data network with Liquidnet Fixed Income’s trading platform. It combines dealer axe and inventory data with institutional connectivity and buy-side workflows. The system supports various trading methods, including dealer-to-client negotiation, all-to-all anonymous trading, and dealer-to-dealer internal crossing.

David Johnsen, CEO of RealQ, highlighted its ability to enable targeted matching and controlled execution. The platform covers both primary and secondary credit markets and is expanding its data distribution services.

James Wilson, Co-Head of EMEA IG Cash Trading at J.P. Morgan, noted RealQ’s improved quality of axes and reduced information leakage. Jason Recordon, Head of European Fixed Income Trading at Janus Henderson, also backed the platform’s goal of enhancing liquidity sourcing. RealQ seeks to transform bond market trading by improving liquidity discovery, access, and execution. The platform’s integration of advanced data and trading tools addresses key inefficiencies in credit markets. Its adoption by major financial institutions signals growing industry support.