LONDON, June 2 (Reuters) - Britain's TP ICAP

has partnered with nine big investment banks to create a

dealer-to-client credit business, the interdealer broker said on

Monday.

TP ICAP has bought Neptune Networks, a financial data

company co-owned by the banks, and will combine it with

Liquidnet's electronic credit trading platform, aimed at dealing

bonds and other credit products to big investors.

Unlike stock markets, which operate through fast, liquid and

public global exchanges, bond markets have traditionally been

more illiquid and opaque, with electronification only gathering

momentum in recent years.

At the end of November 2024, 43% of total volume traded in

U.S. bonds of investment grade was executed electronically,

compared with just 19% in 2015, according to Coalition Greenwich

data supplied by TP ICAP.

The new TP ICAP platform will seek to beat existing players

by offering superior data and execution, the broker said.

Barclays ( BCS ), BNP Paribas, Citi, Crédit Agricole CIB, Deutsche

Bank, ING, JPMorgan, Morgan Stanley ( MS ) and UBS will own a 30% stake

in the new business, TP ICAP said.

"As market electronification intensifies, clients are

increasingly looking for solutions to combine pre-trade

analytics and data with seamless execution," said Pierre Scemla,

deputy head of global markets trading at Crédit Agricole CIB.