We are relentlessly focused on delivering exceptional customer outcomes by putting our clients at the heart of everything we do. Through deep collaboration and a commitment to understanding each client’s unique workflow, we co-create solutions to seize opportunities and make a real difference.
A leading provider of OTC market data, indices & trading analytics
Data sourced from leading brokerage brands:
Clear insight into opaque markets
Parameta Solutions is the data and analytics division of TP ICAP, delivering trusted OTC market data that brings transparency to often opaque markets.
As the exclusive provider of OTC data from TP ICAP’s leading brokerage brands—including ICAP, Tullett Prebon and PVM—alongside other leading liquidity venues, we provide access to real‑world, negotiated prices not visible elsewhere.
Across interest rate swaps and options, money markets, FX, and energy and commodities, we deliver high‑quality data, indices and analytics that support trading, risk management and regulatory compliance -giving market participants the confidence to act in complex and illiquid markets.
About Parameta Solutions
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FTSE Listed
We are part of TP ICAP (LSE: TCAP) and a constituent of the FTSE 250 (April 2025)
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Leaders in OTC data
We source data from TP ICAP, the world’s number one OTC liquidity venue (By revenue, source TP ICAP earnings report 2025).
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Data from the world’s largest inter-dealer broker
We are the exclusive provider of data from TP ICAP, the world’s largest IDB by revenue (source: TP ICAP earnings report, April 2025).
Our approach
We are customer obsessed
We are driven by what’s next
At our core, we are a future-focused technology organisation built on unique financial market data. We continuously explore emerging trends, evolving technologies, and shifting market dynamics to help our clients stay ahead in a rapidly changing world.
We are impartial
We are transparent and accountable in every aspect of our business. Clients don’t just receive data; they gain meaningful insights that reveal the story behind the numbers. We provide clear, time-tested methodologies, so clients can have visibility and confidence in their decisions, even in uncertain or volatile markets.
We empower people
We are a global team of diverse, knowledgeable, and authentic individuals who take ownership, lead with curiosity, and focus on execution. We don’t follow a single way of thinking—we embrace many. This diversity of thought drives innovation, fuels creativity, and opens new possibilities for our clients. By empowering our people to lead with purpose and think independently, we create a culture where ideas thrive and progress is constant.
The numbers speak for themselves
1
m+
Instruments
200
+
asset types
200
+
Sourced from broker desks worldwide
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Frequently asked questions
Who are Parameta Solutions?
Parameta Solutions is a leading provider of OTC market data, analytics and technology solutions. With decades of expertise in providing data and analytics, Parameta brings clarity to opaque markets, empowering clients to make informed decisions across trading, risk management, valuation and market surveillance.
What type of data solutions does Parameta offer?
Parameta offers a comprehensive suite of OTC data solutions designed to support pricing, trading, risk management, compliance and analytics across global financial, energy and commodities markets. These solutions span the full data spectrum — from indicative market insight to fully verifiable, transaction‑backed pricing and reference points.
Indicative Data
Parameta Indicative Data delivers market‑reflective pricing and trading insight for OTC markets where executed trade data is often limited or unavailable. Sourced directly from inter‑dealer brokerage desks, it provides a real‑time view of where the market is, reflecting brokers’ perspectives and incorporating both pre‑ and post‑trade activity across electronic, hybrid and voice trading.
Indicative data typically includes bid and offer pricing across price and volatility curves and surfaces, covering both cash and derivative products, including options.
Data is available in real time, intraday, end‑of‑day, and as historical time series.
Indicative data is widely used for price discovery, valuation, pre‑trade decision‑making and risk management, particularly in illiquid or complex markets.
Evidential (Verifiable) Pricing Data
Parameta’s Evidential Pricing builds on indicative data by incorporating observable transactional evidence to produce evaluated prices.
This data combines:
- Indicative data from TP and ICAP broker sources
- Trade and order data from broker desks and trading platforms
Using a defined methodology, Parameta determines an appropriate evaluated price for each specific instrument. Every price is assigned a liquidity score, which indicates the strength of the underlying evidence—ranging from recently traded levels to model‑derived prices.
Examples include:
- Interest Rates Evidential Pricing (REP)
- Bond Evidential Pricing (BEP)
- FX Evidential Pricing (FEP)
Evidential Pricing is typically delivered as intraday snapshots (for example, hourly) and as end‑of‑day data.
It is designed to support fair value accounting, independent price verification (IPV), audit processes, and regulatory requirements.
Trade & Order Data
Trade and order data comprises curated sets of pre‑ and post‑trade transactional data sourced from TP ICAP’s brokerage desks and trading platforms.
This data is packaged to support specific regulatory and governance use cases, including:
- Order and trade surveillance
- Best execution analysis
- Market abuse monitoring
- Regulatory reporting
For example, surveillance reports enable firms to assess whether a trade was executed in line with prevailing market conditions, drawing on Parameta’s extensive and high‑quality OTC trade data.
Benchmarks and Indices
Parameta creates benchmarks and indices derived from TP ICAP’s unique OTC derivatives data, offering transparency in markets that are otherwise difficult to price. These indices are used across the trading lifecycle:
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- Pre‑trade: Research, market indicators and decision support
- At trade: Product structuring by quantitative and solutions desks
- Post‑trade: Settlement, clearing, performance measurement and reporting
Primary users include sell‑side firms, asset managers, asset owners and corporates, who rely on Parameta’s indices for trusted, IOSCO‑aligned reference points in OTC markets.
Trading Analytics & Transaction Cost Analysis (TCA)
Parameta also provides trading analytics solutions that enable firms to use reference data from TP ICAP’s global broker dealer network to assess their executed OTC trades.
These analytics help clients:
- Assess execution quality
- Demonstrate best execution
- Support regulatory and compliance reporting
- Improve trading strategies and outcomes
Independent Derivatives Valuations (IDV)
For hedge funds looking to take the complexity out of independently valuing their derivatives portfolios, Parameta’s Independent Derivatives Valuation (IDV) service delivers high‑quality, transparent and independent fair value assessments for OTC derivative instruments and structured product portfolios.
The service helps firms meet investor, regulatory and accounting obligations with confidence by combining observable market data from Tullett Prebon and ICAP’s brokerage desks with Numerix’s industry‑leading pricing technology. The result is accurate, consistent and independent net asset values (NAVs) that ensure the instruments in your portfolio are valued correctly.
What asset classes does Parameta offer data for?
Parameta’s coverage includes:
- Interest rates: Swaps & options (including basis, constant maturity swaps, risk free rates, forward rate agreements, volatility surfaces, Inflation curves, cap floor and treasury spreads)
- FX: Spot, forwards, non deliverable forwards, options,
- Money market: Repos (General Collateral & Specials), treasury bills, cash deposits, lending rates, commercial papers, certificates of deposit
- Fixed income: Sovereign debt, government, US treasury on & off the run, mortgage backed securities (MBS), structured debt
- Inflation: Swaps, options and inflation linked bonds
- Equities: Dividend swaps, variance swaps and volatility surfaces
- Credit derivatives: Credit default swaps (CDS), sector curves
- Energy and commodities: Oil, power, coal, gas, environmental, emissions, precious, battery and base metals
Who can benefit from Parameta data?
Parameta supports a broad range of clients across the global financial ecosystem, including banks, buyside market participants such as hedge funds, asset managers, insurance companies, multinational corporations and government entities.
Clients use Parameta Solutions’ data and analytics to support activities such as:
- Trading and execution
- Risk management
- Valuation
- Market surveillance and regulatory processes
The data is designed to support front‑, middle‑, and back‑office use cases.
What makes Parameta’s data unique?
As the exclusive provider of TP ICAP market data, the world’s largest inter‑dealer broker, Parameta’s data is exclusive, proprietary and difficult to replicate. We give clients access to one of the deepest OTC liquidity pools globally, reflecting real market activity across electronic, hybrid and voice trading. With significant market share across many asset classes, our data provides a comprehensive, independent and unbiased view of wholesale OTC markets.
We deliver broad and deep coverage across interest rate swaps and options, money markets, FX, and energy and commodities, enabling price discovery, trading, risk management and regulatory compliance across complex global portfolios. Our long‑standing expertise in interest rates and derivatives often serves as a gateway for clients expanding into broader multi‑asset data sets.
Parameta’s data is truly independent and unconflicted, supported by robust governance, advanced analytics and quality controls that transform fragmented OTC signals into reliable, production‑ready datasets.
Data can be accessed how and where clients need it, via direct feeds, cloud platforms (including Snowflake and AWS), or channel partners such as Bloomberg, LSEG and FactSet.
Where is Parameta based?
Parameta Solutions is headquartered in London, with additional operations and presence in locations including New York, Madrid, Manila and Singapore.
We have over 200+ staff worldwide across 9 locations.
Who leads Parameta Solutions?
Parameta Solutions is led by Silvina Aldeco‑Martinez, Chief Executive Officer and a strong leadership team with decades of experience in a variety of top data and technology businesses.
Who owns Parameta Solutions?
Parameta Solutions is part of the TP ICAP Group, the world’s largest interdealer broker*.
It was established as a distinct brand in 2021, bringing together TP ICAP’s data and analytics capabilities under a single identity.
Parameta Solutions holds a long‑term exclusive data licence with TP ICAP.
*By revenue. Source: TP ICAP Annual Report and Accounts 2025.
What is an interdealer broker and why is the data important?
An interdealer broker facilitates trading between banks and major financial institutions and sits at the core of price formation in OTC markets.
TP ICAP is the world’s largest interdealer broker (Source: TP ICAP Annual Accounts 2025), and Parameta’s data is built on this leading IDB market share—meaning our pricing & data reflects real, deep market activity.
Because a significant proportion of trading occurs through the interdealer broker market, Parameta’s prices are driven by active, professional market participants and high‑volume trading flows, not single‑dealer marks or lightly traded submissions.
For our customers, this delivers stronger price discovery, more representative market levels, transparent and competitive pricing, reduced model bias, and greater confidence that valuations and benchmarks are aligned with true executable market reality.
Is Parameta Solutions a regulated business?
Yes, we are authorised as a benchmark administrator by the UK’s Financial Conduct Authority (FCA) and recognised by the European Securities Markets Authority (ESMA).