TP ICAP Launches RealQ Credit Trading and Data Platform | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
On Monday, TP ICAP unveiled RealQ, its new institutional credit trading and data platform aimed at tackling persistent liquidity and workflow challenges in bond markets.
The London-based financial markets infrastructure giant announced the platform on 8 June 2026, describing it as the next major step following its 2025 acquisition of Neptune Networks in partnership with nine global banks.
RealQ integrates Neptune’s proprietary dealer axe and inventory data network with Liquidnet Fixed Income’s established electronic credit trading infrastructure and buy-side workflows.
Despite growing electronification across financial markets, credit markets have continued to struggle with fragmented workflows, inconsistent data quality, and costly information leakage — issues that can result in wider spreads, delayed execution, and missed liquidity opportunities for both dealers and investors.
RealQ is designed to directly address these pain points by creating a unified platform where trading interest can be shared and acted upon with greater precision and control.
The platform supports multiple execution protocols, including dealer-to-client targeted negotiation for block transactions, all-to-all anonymous liquidity interactions, dealer-to-dealer internal crossing, and all-to-all access to primary issuance and new issue trading.
RealQ currently serves over 500 buy-side and sell-side firms across North America and EMEA and will continue to expand its data distribution capabilities, building on Neptune’s growing network of 34 global banks.
David Johnsen, CEO of RealQ, said the platform is designed to support “targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic and deliberate way.”
