Tp Icap Share Discussion Threads

[elsa7878] 12/5/2021 15:49

Interesting - thanks. Guess any liability would be passed on to NEX.

[dhoult12] 12/5/2021 14:50

Worry about it / dont worry about it. But if of interest see below...

[sick of it] 12/5/2021 13:32

Don't worry about "cum ex".
I doubt the guy knows what is bappling about. Makes no sense. Everyone know tcap overpaid the voice broking business. That's years old news....this new acquisition is looking like the right deal so I think tcap has now turned the leaf.

[elsa7878] 12/5/2021 13:24

Indeed.

Michael Spencer is certainly no fool.

What is the cum-ex? Should know but I don't....

[dhoult12] 12/5/2021 11:43

The dollar exposure should be mitigated somewhat by the costs matching. If a broker is in London, broking a USD product such as oil. Yes they will earn in GBP but thats % due of USD commissions earnt as a bonus, converted into GBP at current rate.. so in real terms they are earning in USD.

Only place that falls down is if they arnt even covering their salary. Then questions should be asked.

Find it interesting now the aim is electrification! Why on earth did you spend £1.3billion on a bunch of voice brokers a few years back. Michael Spencer laughing all the way to the bank / CME with that trade. To be fair that is reflected in the relative price movement of this and NEX into CME since then.

Interesting no update i can see on the cum-ex position. Would like to know what the potential legal bill exposure is.. they must know.

[elsa7878] 12/5/2021 10:39

Seems OK operationally. $ exposure going forward clearly an issue if the FED keeps QE going for years when the BOE has just indicated that it is going to reduce it here.

[davwal] 12/5/2021 10:14

I'm always puzzled by the very high percentage of trades in TCAP being relatively small in value and automatic execution. Anyone care to explain?

[bluemango] 12/5/2021 08:37

Market reaction would seem to be 'cautiously satisfied'.

Note on the chart, RSI is very low, hovering around 20 (see header)

[davwal] 12/5/2021 08:00

Hopefully the share price has already priced in the drop against last year which had been anticipated. At least the growth target is unchanged. Fingers crossed.

[robsy2] 12/5/2021 07:27

I am the new boy here and don't really know much about this company but having said that the results look ok to me.

I like this bit;

2021 full year guidance and outlook:

-- Our full year guidance of low single-digit revenue growth on a constant currency basis, excluding Liquidnet revenues, remains unchanged;

and this bit;

Liquidnet acquisition:

-- Liquidnet, a premier technology driven electronic buyside trading network, will transform our future growth prospects:

o It will materially accelerate the delivery of our three strategic pillars of electronification, aggregation and diversification
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If you look at the guidance you see that divi for 2021 is 15p. That should underpin the share price Consensus price target is 313p and there is a real chance of growth from Liquidnet so IMHO it looks very good value.

[elsa7878] 11/5/2021 14:39

BGCP and Barclays both highlighted lighter trading revenues but compared to March / April 2020 it was hardly surprising. key is if they still believe they will achieve low single digit growth for all of 2021 ex-Liquidnet. Soon find out.

[davwal] 11/5/2021 14:33

Have to admit I had missed the update being due this week. Hmm, I hope the fall isn't directly linked to that. I can't see why the update would be poor, but am nervous...

[elsa7878] 11/5/2021 10:24

Surprisingly weak. Forward PE 7.5. Not growing but throws of cash and Liquidnet acqusition should be a good one given time. AGM plus trading statement tomorrow.

[davwal] 11/5/2021 09:37

Topped up again yesterday. A good move not! Sinking like a brick through treacle...

[dhoult12] 30/4/2021 15:56

Down 6% on the Q1 2021 V Q1 2020.

Down 9% first few trading days of April 2021 against April 2020.

Have to remember the comparative as well. For this would expect down about 10% for April, given the higher amount of revenue from commodities. April 2020 was a stonking month for them as the oil price, and just about everything else had a ton of volatility. You don't get that every year.

Earnings report - hxxps://www.bgcpartners.com/category/bgc-releases/

And full BGCP earnings call text transcript here if interested, -

[elsa7878] 30/4/2021 14:26

Ok - thanks and how were their results?

[dhoult12] 30/4/2021 14:11

The lower client activity is a read through potentially but link is not so direct. One to look at more closely is BGCP results which came out a couple of days ago. Direct competitor in many areas so we can expect top line to broadly track in % terms year on year.

[elsa7878] 30/4/2021 13:32

Barclays: Though the equities trading business heavily outperformed, analysts highlighted the 35% drop in revenues from its fixed income, currencies and commodities, which was largely linked to tighter spreads and lower client activity.

Any read through?

[brucie5] 30/4/2021 09:09

davwal21 Apr '21 - 15:19 - 273 of 275
0 0 0
Well this one’s not going so well. Any views on support levels?
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Patience needed, that's all. And you're being paid well over marker average to wait. Classic case of 'value will out'. Meantime, take a look at its stocko ratings - including three long screens.

[davwal] 29/4/2021 22:39

Well I topped up twice today, but had better sit on my hands and watch now. Hopefully watch it rise, that is...

[jeffian] 21/4/2021 15:22

From citywire -




Royal London’s Lowson buys into accelerating TP ICAP
Royal London’s Henry Lowson believes there is an opportunity at interdealer broker TP ICAP (TCAP) to accelerate its bond and rates trading platform after the acquisition of Liquidnet.

The manager of the £437m Royal London UK Mid-Cap Growth fund bought into the business in the second half of 2020.

‘The group has been investing in its high margin, scalable data and analytics business as well as driving electronification of trading and settlement within its broking business,’ he said in his most recent factsheet.

Lowson said the acquisition of global equities electronic trading platform Liquidnet ‘provides ample cost synergies as well as opportunities to accelerate TP ICAP’s nascent electronic bond and rates trading platforms’.

‘These initiatives should allow for faster growth, higher margins, and less volatile earnings in time, supporting a higher valuation,’ he added.

[davwal] 21/4/2021 15:19

Well this one’s not going so well. Any views on support levels?

[bluemango] 09/4/2021 14:49

Yes, they benefit from higher volatility.

[robsy2] 08/4/2021 11:03

Does anyone know if we do bette with busier markets and/ or volatile markets?