Our History

RealQ brings together the respective legacies of Neptune Networks and Liquidnet Fixed Income, two platforms developed to address distinct aspects of credit market structure. 

Neptune Networks was founded in 2016 by a group of sell‑side institutions with the objective of improving pre‑trade transparency in over-the-counter (OTC) credit markets. Its initial focus was the aggregation and standardisation of dealer‑provided axes, enabling participants to view indications of trading interest in a more consistent format. TP ICAP Group acquired Neptune in 2025. 

Liquidnet Fixed Income, launched in 2015, extended Liquidnet’s existing all‑to‑all trading framework into credit markets. Building on Liquidnet’s broader platform, first established in equities in 1999, the fixed income business introduced electronic trading protocols designed to facilitate direct interaction between institutional market participants. These included mechanisms supporting anonymous execution and flexible negotiation, with an emphasis on participant discretion and workflow integration. 

RealQ has been established to combine these capabilities – bringing together standardised indicators of trading interest and electronic execution functionality – to support market participants in accessing information and interacting within credit markets. 

Strategic investment from nine leading global dealers provides long‑term commitment, scale and market expertise.