{"id":110037,"date":"2021-01-25T10:14:33","date_gmt":"2021-01-25T10:14:33","guid":{"rendered":"https:\/\/precoinnews.com\/?p=110037"},"modified":"2021-01-25T10:14:33","modified_gmt":"2021-01-25T10:14:33","slug":"tp-icap-forms-french-entity-to-continue-european-operations","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/tp-icap-forms-french-entity-to-continue-european-operations\/","title":{"rendered":"TP ICAP Forms French Entity to Continue European Operations"},"content":{"rendered":"
Interdealer broker TP ICAP plc (LON:TCAP) has published an update on its Brexit readiness plan on Monday, announcing the establishment of a French subsidiary to continue its European operations.<\/span><\/p>\n The London-listed company has already capitalized on the new subsidiary, TP ICAP Europe SA (TPIE), but the pandemic has restricted the migration of staff for full-fledged operation.<\/span><\/p>\n \u201cIt has not yet been possible to complete the relocation of staff to the EU 27 or the local hiring of brokers in the EU-based offices of TPIE as quickly as originally planned\u201d due to the pandemic, the company detailed.<\/span><\/p>\n \u201cTP ICAP confirms its commitment to complete the relocation of staff to the EU 27 and the local hiring of staff in the EU-based offices of TPIE at the earliest opportunity.\u201d<\/span><\/p>\n Headquartered in London, the company already restructured, forming a new holding company based out of Jersey. Though the company expected to receive temporary permissions to operate in the 27-country bloc, the French regulators clarified entities need to be operating within the EEA to offer services in the region.<\/span><\/p>\n \u201cTP ICAP’s UK-based authorized subsidiaries continue to service clients based in certain EU 27 member states where possible under available temporary permission regimes, existing third-country access rights, or as otherwise permitted by applicable laws and regulations,\u201d the latest LSE filing stated.<\/span><\/p>\n Meanwhile, TP ICAP is in the middle of acquiring private trading operator Liquidnet Holdings and its subsidiaries and agreed to pay anywhere between $575 million and $700 million. It is raising approximately \u00a3315 million ($427 million) with rights issues to finance the acquisition deal.<\/span><\/p>\n The company is additionally witnessed a 19 percent decline in its broking business with total revenue of \u00a3260 million and is expecting a percent drop in its annual volume.<\/span><\/p>\n \u201cTP ICAP does not expect any material impact on the Group’s global broking business or its financial results as a result of any of the matters disclosed above, including any temporary reduction of services provided to clients based in the EU 27,\u201d the company stated.<\/span><\/p>\nMajor Acquisition in the Pipeline<\/span><\/h2>\n