TP Icap, the broking group, said it is in “advanced discussions” with electronic trading network Liquidnet to acquire the company — a move that would add a substantial roster of buyside clients and bolster the group’s analytics capabilities.

TP Icap is considering paying between $600m and $700m for New York-headquartered Liquidnet, it said in a statement published late on 29 September. “The potential acquisition would be expected to transform TP Icap’s revenue growth profile”, it said.