With Byron Cooper-Fogarty, CEO, Neptune Networks, and David Johnsen, Head of Fixed Income, Liquidnet
Following the recent announcement of the acquisition of Neptune Networks by TP ICAP Group and the creation of a full-service, global dealer-to-client credit business in partnership with nine major investment banks, Byron Cooper-Fogarty, CEO of Neptune Networks, and David Johnsen, Head of Fixed Income at Liquidnet, offered exclusive behind-the-scenes insights in this contributed Q&A.
What were the key drivers for this acquisition, and what are you aiming to achieve?
Byron Cooper-Fogarty: From Neptune’s perspective, we have 34 participating Dealers contributing real-time axe and inventory data to institutional buy-side clients and that’s something we’ve been doing successfully for nearly a decade. We provide data without repurposing it for our own gain and that’s been key to building trust. But we knew we couldn’t stop there. Adding execution capabilities was the logical next step to enhance what we offer. Liquidnet is the perfect fit.
David Johnsen: It really is a perfect match. Neptune is the leader in pre-trade bond data, and Liquidnet has a buy-side network of over 500 Members. Between the two businesses we have a tremendous, global, dealer-client network. Now, our mission is to allow members of the combined network to tap into it, on their own terms, in ways that add value to their business and improve the market structure.
The credit market faces challenges around fragmentation and uneven adoption of electronification. While some areas—like government bonds and highly liquid corporate debt—have embraced electronic trading, others remain underdeveloped due to structural and technological hurdles.
By partnering, we’re tackling these challenges head-on to create a full-service, global D2C credit business that integrates real-time axe and dealer inventory data and advanced electronic execution. It’s about unlocking new opportunities for dealers and clients alike. There’s a lot of work ahead but we’re starting from an exciting position.
Can you tell us more about this D2C credit business?
Cooper-Fogarty: With this partnership, we’re creating the foundation for a truly symbiotic relationship between dealers and clients based on trust and collaboration, and one that delivers better trading opportunities for both sides.
What can the market expect from Neptune and Liquidnet in the near term?
Johnsen: The first opportunity we see from this collaboration is with our D2D protocol, Rebalance. We’ve been making major technical upgrades to the platform. Paired with the strengths of the combined network, we believe it will deliver a markedly improved experience for dealers.
Later in the year, we’ll begin to really realize the potential of the combined D2C network. We have new protocols in the works that will be both really easy to tap into and that will conveniently add value to both dealers and clients.
Ultimately, we want to give market participants more flexibility to engage in the way that works best for them. They’ll have the freedom to operate on their own terms, with the added benefit of integrated, high-quality data and execution capabilities.
Cooper-Fogarty: We’ll continue to work closely with our dealer and buy-side clients to evolve and enhance our data offerings. At the same time, we’re collaborating with Liquidnet on the delivery of a fully integrated solution that combines data and execution seamlessly.
