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TP ICAP Connects Dealers to Liquidnet’s New Issue Trading Protocol

TP ICAP, an electronic market infrastructure and information provider, announced that it has enhanced Liquidnet’s New Issue Trading (NIT) protocol for bonds to enable dealers to join the buy-side in placing orders and trade directly on its new issue order book. Liquidnet launched the NIT protocol – the first electronic solution to trade new issues in Europe – to its network of over 500 global firms in September 2021.  Expanding access to the protocol will now enable more than 100 of TP ICAP’s major dealer clients to also connect, enabling the buy-side and the sell-side to trade together for the first time from a TP ICAP screen.  Dealer access to the new issue screen is via Fusion – TP ICAP’s electronic portal through which its clients can access the Group’s aggregated liquidity and post-trade services. The announcement builds on TP ICAP’s acquisition of Liquidnet in March 2021.  It follows the phase one launch of Liquidnet Primary Markets in September 2021, providing investors with new deal information in real-time, to setup in their O/EMS for faster processing, and facilitating bond trading in the grey market and immediately post-pricing.

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