TP ICAP's RealQ Revolutionizes Bond Trading with Unified Data and Execution

TP ICAP Group has launched RealQ, a new credit trading and data platform for bond markets. The system aims to tackle long-standing issues in credit markets, such as fragmented workflows and uneven data quality. RealQ combines Neptune Networks’ data network with Liquidnet Fixed Income’s trading platform. This integration merges dealer data with institutional connectivity to address information leakage and improve market efficiency.

The platform covers both primary and secondary credit markets. It supports various trading protocols, including dealer-to-client negotiation and all-to-all anonymous trading. RealQ also enables matching execution protocols based on trade size, market conditions, and sensitivity.

David Johnsen, CEO of RealQ, highlighted the platform’s ability to provide targeted matching and controlled execution. James Wilson of J.P. Morgan praised its higher quality axes and reduced information leakage, noting these as key improvements for the market. RealQ is designed to enhance liquidity discovery, access, and transaction efficiency in bond markets. By integrating data and trading capabilities, it offers a new approach to addressing persistent challenges in credit trading. The platform is now available to market participants.