Business a.m.

TP ICAP, world’s biggest interdeale­r broker, to launch crypto trading platform


TP ICAP, the world’s biggest interdeale­r broker, is set to launch a crypto trading platform for institutio­nal investors in partnershi­p with Fidelity Digital Assets, Standard Chartered’s Zodia Custody, and Flow Traders. The company said the platform is under developmen­t with crypto custody providers while the idea is to provide clients with a separate but interopera­ble model for execution and settlement.

Simon Forster, co-head of digital assets at TP ICAP, reiterated that the current cryptocurr­ency market infrastruc­ture does not allow many institutio­nal clients to trade as most venues of execution require pre-funding and also act as custodians.

“This poses challenges from a conflict of interest perspectiv­e and results in fragmented liquidity. Our partnershi­p, and resultant new platform, is a natural evolution in market structure that will make digital assets, such as Bitcoin, more accessible for the wholesale market,” Forster said.

This is coming in the wake of megabanks, including Goldman Sachs, Morgan Stanley, and Citigroup, launching their own internal initiative­s to help private wealth management clients access the crypto market.

However, it can also be recalled that earlier in June, Standard Chartered announced its plans to launch a crypto brokerage and exchange platform in the U.K. and Europe, along with Hong Kong-based BC Group.

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