ESG Disclosure Hub

Governance disclosure

Overview of core metric

2023 Disclosure 

Political Contributions

Standard(s): GRI section 415.1

Executive Owner(s): Robin Stewart, Group CFO

Disclosure of total amount of political contributions made.

£nil

It is the Company’s policy not to make cash contributions to any political party. However, within the normal activities of the Group, there may be occasions when an activity might fall within the broader definition of ‘political expenditure’. Therefore, the Company has sought to obtain shareholder authority to make limited political donations at each AGM. During 2023, no political donations were made by the Group.

ESG fines

Standard(s): GRI section 307-1

Executive Owner(s): Robin Stewart, Group CFO

Provision for fines  and settlements specified for ESG issues in audited accounts.

£nil

Incorporation of ESG factors into brokerage activities

Standard(s): SASB FN-IB-410a.3

Executive Owner(s): Regional Heads of Global Broking; Andrew Polydor, CEO, Energy & Commodities

Description of approach to incorporation of ESG factors in brokerage activities.

Incorporation of ESG Factors in brokerage activities is detailed in the ‘Accompanying our clients’ section of the 2023 Annual Report, page 21. 

Systemic risk management

Standard(s): SASB FN-IB-550a.2

Executive Owner(s): Veronica Lazenby, Group Chief Risk Officer

Description of approach to incorporation of results of mandatory and voluntary stress tests into capital adequacy planning, long-term  corporate strategy, and other business activities.

TP ICAP conducts robust assessments of the principal risks facing the Group, including those that would threaten its business model, future performance, solvency or liquidity, and reputation. As part of our risk management process, the Group undertakes stress testing and scenario analyses to enhance its understanding of its risk profile. This includes the conducting of reverse stress tests to identify those risks which could render the Group’s business model unviable in an extreme scenario.

Effective risk management is essential to the financial strength and resilience of the Group, and for delivering its business strategy. The Group manages its risk profile through its enterprise risk management framework (‘ERMF’). The Group recognises that to ensure the effective operation of the ERMF, it must implement an appropriate risk management culture that fosters the desired risk management values and behaviours, and that is aligned to TP ICAP’s values. This includes promoting an environment of openness that encourages the reporting and discussion of risk-related matters and incidents.

The Group seeks to achieve the implementation of its risk management culture through a range of actions. These include the setting of an appropriate ‘tone-from-the-top’, clear communication of risk management expectations and responsibilities, and through remuneration structures that effectively support the achievement of the desired risk management behaviours.

A robust risk framework will also enable us to play our role in maintaining the integrity and professionalism of the markets where we operate and should also be a competitive differentiator for our clients who are increasingly looking beyond liquidity and pricing to broader ESG considerations when selecting their service providers.

Promoting Transparent and Efficient Capital Markets

Standard(s): SASB FN-EX-410a.1

Executive Owner(s): Philip Price, Group General Counsel

Number and average duration of a) halts to public release of information and b) pauses related to volatility

The Group has numerous trade and transaction reporting requirements that it has to meet, which are both regulatory and exchange driven.

The majority of the Group’s reporting requirements are completed by integrated, end-to-end reporting systems across a wide range of regulatory regimes, for example MiFID II and TRACE. With these in place, the Group has effective systems and controls to alert us of any breaches to the timings of the publication of this data, which would allow us to remediate issues as soon as possible.

The Group recognises that accurate and timely reporting is essential to transparent and efficient markets; to achieve this, the Group has an ongoing programme of work to improve the stability of its reporting systems and infrastructure.

Number and average duration of:

a) halts to public release of information: nil

b) pauses related to volatility: nil

Managing conflicts of interest

Standard(s): SASB FN-EX-410a.1; SASB FN-EX-510a.2

Executive Owner(s): Philip Price, Group General Counsel; Amir Zaidi, Group Head of Compliance

Total amount of monetary losses as a result of legal proceedings with fraud, insider trading, anti-trust, anti-competitive behaviour, market manipulation, malpractice, or other financial industry laws or regulations.

Confidence in TP ICAP’s integrity to act on behalf of its customers is central to the relationship of trust we have with our customers. This means that when providing services, TP ICAP will always act in the customer’s best interests, putting customers’ interests ahead of its own.

The Group has put in place the necessary policies and procedures to meet its obligations with regards to the identification, prevention and management of conflicts of interest.

TP ICAP has robust internal policies and procedures in place which require all staff to identify and escalate any identified conflicts of interest, whether business or personal, in accordance with a formal escalation process. Such internal obligations enable the Group to continually identify new conflicts of interest which arise in its business and to implement those measures required to adequately monitor, manage and control the potential impact of those conflicts on its customers.

Managing Business Continuity and Technology Risks

Standard(s): SASB FN-EX-550a.1

Executive Owner(s): Max Spoto, Group Chief Operating Officer

Number of significant market disruptions and duration of downtime

Throughout 2023, TP ICAP experienced no IT or Business Continuity incidents that caused significant market disruption or had a material adverse effect on our business.

Managing Business Continuity and Technology Risks

Standard(s): SASB FN-EX-550a.2

Executive Owner(s): Max Spoto, Group Chief Operating Officer

Number of data breaches, percentage involving personally identifiable information, and number of customers affected

No data breaches were experienced during 2023 within the TP ICAP perimeter.

Managing business continuity and technology risks

Executive Owner(s): Max Spoto, Group Chief Operating Officer

TP ICAP’s Business Continuity Management (‘BCM’) practices are governed globally, with the objectives of ensuring the safety of staff, minimising the impact of a business disruption, providing effective crisis management, and allowing for the continuation and recovery of critical systems and services. BCM is embedded in TP ICAP’s culture, and the Group is committed to maintaining processes and plans to enable critical functions to continue following a disruptive event. A formal governance structure exists with documented responsibilities, including regional management and executive oversight via Risk Committees.

TP ICAP’s Crisis Management teams are organised on a global and regional level: Gold (Global, Strategic), Silver (Regional, Tactical), and Bronze (Office, Operational). Crisis Management is the initial response to a major disruption, designed to resolve any incident quickly without the need to relocate or reduce critical TP ICAP business operations. TP ICAP has regional Silver Teams with detailed plans to provide an effective and timely response to disruptive events of varying severity and type. TP ICAP has also invested in an Emergency Notification System to facilitate timely, effective global alerts to TP ICAP employees during a disruptive event.

All events must be escalated in accordance with the Group’s Event Rating and Escalation Scale, as stated in the Group’s Enterprise Risk Management Framework. TP ICAP operates a comprehensive Change Management process for all technology changes, including regional and global Change Advisory Boards, which meet weekly and where all changes are reviewed for approval. Any failed changes are tracked with associated problem tickets as part of a failed change problem management process. IT incidents are tracked and managed based upon severity of incident against an application and IT Services tiering scale. A formal problem management process is operated to track actions arising from incidents, with thematic reviews for repeat incidents or common patterns.