British Brokerage TP ICAP Favors New York Listing for Data Unit

Even London’s biggest inter-dealer broker is looking to the US as it considers an initial public offering of a lucrative data business, the latest sign that the City is struggling to compete with New York for equity capital markets activity.

TP ICAP Group Plc is considering listing its Parameta Solutions data unit in New York rather than its hometown because it believes it will get better liquidity in the US than the UK, the firm said in an emailed statement. Listing in the US is also more reflective of Parameta’s business, since 95% of its revenue is dollar-denominated, the company ...