TP ICAP has launched RealQ, a new institutional credit trading and data platform. The company said the system aims to address liquidity and workflow problems in bond markets.
RealQ combines Neptune and Liquidnet tools
TP ICAP announced RealQ on June 8, 2026. It said the platform marks the next step after its 2025 purchase of Neptune Networks with nine global banks.
RealQ brings together Neptune’s dealer axe and inventory data network with Liquidnet Fixed Income’s electronic credit trading setup and buy-side workflows. As a result, TP ICAP is trying to link data and trading in one place.
The company said credit markets still face broken workflows, uneven data quality, and information leakage. Those issues can lead to wider spreads, slower execution, and missed liquidity for dealers and investors.
RealQ platform supports several execution methods
RealQ supports several execution methods. These include dealer-to-client targeted negotiation for block trades, all-to-all anonymous liquidity interactions, dealer-to-dealer internal crossing, and all-to-all access to primary issuance and new issue trading.
TP ICAP said RealQ already serves more than 500 buy-side and sell-side firms across North America and EMEA. Meanwhile, the company plans to expand its data distribution capabilities further.
The platform builds on Neptune’s network of 34 global banks. David Johnsen, CEO of RealQ, said the platform is meant to support targeted matching and controlled execution. He added that it helps participants connect trading interest in a more strategic and deliberate way.
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