Inter-dealer broker TP ICAP posts record quarter as tariffs fuel revenue surge

(Reuters) -British inter-dealer broker TP ICAP reported its best-ever quarter on Wednesday, with first-quarter revenue rising 10%, driven by heightened market volatility stemming from U.S. tariffs.

Global markets have fluctuated since U.S. President Donald Trump announced his trade policies in March, while ceasefires in Gaza and between Russia and Ukraine remain uncertain - conditions that typically benefit trading firms as more clients use their services.

TP ICAP's Global Broking segment, which contributed 57% of the company's total revenue in 2024, recorded a 14% revenue growth in the first quarter, capitalizing on favorable market conditions.

The company, which acts as an intermediary between large financial institutions like banks, hedge funds, and asset managers, reported a revenue of 629 million pounds ($836.63 million) in the three-month period ended March 31, up from the 570 million pounds last year.

TP ICAP said it will reassess the timing of a potential listing for its data and analytics business, Parameta, which was initially expected as early as the second quarter, citing continued market turbulence.

($1 = 0.7518 pounds)

(Reporting by Yamini Kalia in Bengaluru; Editing by Sherry Jacob-Phillips)