TP Icap meets watchdogs for post-Brexit hub talks

Interdealer broker TP Icap has entered talks with European regulators about plans for a post-Brexit hub to deliver “uninterrupted service” after the UK leaves the EU.

But the company, led by chief executive John Phizackerley, said planning for Brexit had been “hampered by political uncertainty”.

“We are now in talks with a number of European financial regulators to establish what we and they require should TP Icap base its post-Brexit European hub in one of their locations,” it said.

“During the coming year, we will need to do what is necessary to ensure we can provide uninterrupted service to our clients after Brexit in March 2019, and seek to avoid any consequential reductions in trading volumes.”

The company has branches and subsidiaries in places like Frankfurt, Paris, Amsterdam and Madrid.

Phizackerley last year said TP Icap was asking large US customer bases where they would be going post-Brexit.

The dealer shrugged off record low levels of volatility in 2017 to post pre-tax profits of £72 million for the year ending December, up from £57 million.

“In 2018 we have seen an encouraging start… with a pick-up in volatility and interest rates,” Phizackerley said.