Connecting curated dealer axes and 
buy-side interest via a disclosed 
bilateral workflow.

Designed for targeted counterparty discovery and one-to-one engagement to address the hidden cost of information leakage.

• Precision over broadcast: Dealer axes are distributed only where genuine interest exists, reducing market noise.
• Control at engagement: Buy-side participants choose when to reveal intent and initiate negotiation.
• Neptune-powered: Dealer liquidity is driven by genuine balance sheet and flow data, not indicative pricing. 

Quality-driven anonymous matching environment.

ShieldMatch is designed to prioritise genuine trading intent, reduce noise, and deliver more consistent execution outcomes.

• Protected anonymity: Trade large or complex positions without signalling intent to the broader market.
• Participant quality protections: Enhanced interaction protections designed to improve workflow quality and improve dynamics across the protocol.
• Optimised for less liquid credit: Built to unlock episodic liquidity where conventional protocols or liquidity sources fail. 

Monitor and trade bonds from announcement to first-settle date 

A differentiated electronic venue for European grey markets and post priced bonds.

• Real-time syndicate announcements: Immediate visibility into new issue announcements.
• Firm liquidity: Execute on firm prices or name your price with an integrated workflow for primary new issuance.
• Anonymous trading: Trade and settle with one central counterparty.

Available by default to EMEA-based Members

Enabling market makers to efficiently manage inventory and balance sheet. 

A session‑based workflow designed to clear unwanted positions and residual risks at scale. Executed at mid‑market pricing, optimising balance‑sheet efficiency and enabling capital to be deployed where it delivers the greatest client value.

• Balance sheet efficiency: Reduce capital drag and improve turnover.
• Risk management: Submit orders individually or as a portfolio, benefiting from a suite of enhanced controls that allow you to configure specific risk constraints and execution parameters.
• Reduced information leakage: Session‑based, peer‑to‑peer execution where trading interest is fully contained within the session. No onward marketing of unfilled orders, and no transition into wider liquidity pools without explicit customer control and consent.

US-based participants access via TP ICAP Global Markets Americas LLC

A cost-effective, operationally efficient solution for internal liquidity transfer. 

Enabling asset managers to seamlessly match internal flows and discreetly transition assets between funds.

• Broad asset coverage: Supporting a wide range of asset classes, including Investment Grade, High Yield, Emerging Markets (hard and local currency), SSAs, Securitised Products, Convertibles and more.
• Workflow efficiency: Streamline execution by submitting internal crosses directly through your existing order management system.
• Full auditability: Built to meet regulatory requirements and best execution policies, leveraging independent third-party pricing in real time to ensure transparency, accuracy, and a robust audit trail.