TP ICAP Group has launched RealQ, an institutional credit trading and data platform that integrates Neptune Networks’ dealer data with Liquidnet Fixed Income’s electronic trading capabilities.

The platform follows TP ICAP’s acquisition of Neptune Networks in partnership with nine global banks in 2025. RealQ combines Neptune’s network of 34 global banks providing axe and inventory data with Liquidnet’s buy-side connectivity and execution infrastructure.

The platform offers multiple trading protocols including dealer-to-client negotiation for block trades, anonymous all-to-all liquidity interactions, dealer-to-dealer internal crossing, and electronic access to primary bond issuance.

Credit markets continue to face challenges from fragmented workflows and inconsistent data quality despite increased electronification. These inefficiencies can result in wider spreads and delayed execution for both dealers and investors.

David Johnsen, chief executive of RealQ, said the platform was designed to support targeted matching and controlled execution, enabling participants to connect trading interest in a more strategic manner.

James Wilson, co-head of EMEA investment grade cash trading at J.P. Morgan, said the platform would enable dealers to share higher quality axes with greater control and engage only when there is genuine opposing interest.

RealQ serves more than 500 buy-side and sell-side firms across North America and Europe, the Middle East and Africa.