TP ICAP Group, a world leading provider of financial markets infrastructure and data, today announced RealQ, a new credit trading and data platform designed to improve how liquidity is discovered, accessed and transacted in bond markets. Following the acquisition of Neptune Networks by TP ICAP in partnership with nine global banks in 2025, this marks the next milestone in building a combined dealer to client (D2C) credit business integrating Neptune’s proprietary data network with Liquidnet Fixed Income’s electronic credit trading platform.Despite ongoing electronification, credit markets remain challenged by fragmented workflows, uneven data quality, and the cost of information leakage. These frictions often result in wider spreads, delayed execution and missed liquidity for both dealers and investors. RealQ is designed to address these challenges by bringing together Neptune Networks’ dealer axe and inventory data with Liquidnet’s long-established institutional connectivity and buy-side workflows to support more direct access to liquidity. The result will be a unified platform where trading interest can be shared and engaged with across multiple protocols, with greater precision, control, and confidence.A connected platform for modern credit marketsRealQ enables market participants to match execution protocols to trade size, market conditions and the information sensitivity of trades across both primary and secondary credit markets. Its current range of protocols covers:• Dealer-to-client targeted negotiation for block transactions• All-to-all anonymous liquidity interactions where discretion is required• Dealer-to-dealer internal crossing and balance sheet driven workflows, and • All-to-all electronic access to primary issuance and new issue trading.In addition, the RealQ platform will continue to develop its data distribution offering by building on the large and growing dealer network of Neptune, which now stands at 34 global banks.David Johnsen, CEO, RealQ, said: “This marks an important milestone following the acquisition of Neptune Networks. By combining curated dealer data with institutional workflows, RealQ is designed to support targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic and deliberate way.”James Wilson, Co-Head of EMEA IG Cash Trading at J.P. Morgan: “RealQ's offering represents an important step forward in electronic credit trading enabling us to share higher quality axes with greater control, engage only when there is genuine opposing interest, and reduce information leakage. That combination supports more efficient outcomes for both dealers and clients.”Jason Recordon, Head of European Fixed Income Trading, Janus Henderson: "We are always looking for safer and more efficient ways to source liquidity. We support RealQ's ambition to bring together high-quality data and client-driven workflows, helping address longstanding challenges such as stale data, inconsistent terminology, and information leakage."NoYesLending08 Jun, 2026