Exclusive: TP ICAP launches crypto trading platform with Fidelity, Standard Chartered


By Saikat Chatterjee and Tom Wilson

LONDON - TP ICAP, the world's largest interdealer broker, is launching a cryptocurrency trading platform with Fidelity Investments and Standard Chartered's digital asset custodian, the consortium announced on Tuesday.

Institutional investors have warmed up for the crypto sector this year and the platform, slated to launch in the second half of the year, will initially allow them to trade Bitcoin, with the second largest token ether being added later.

TP ICAP, along with Fidelity Digital Assets and Zodia Custody, launched in December by the venture capital arm of Standard Chartered and Northern Trust, seeks to make crypto trading comparable to traditional assets like stocks, bonds and forex.

The platform will provide a post-trade infrastructure with a network of digital asset custodians, the consortium said in a statement, and separate execution and settlement, which is widely viewed as key to greater participation by larger risk averse investors in the emerging crypto market.

Currently, crypto execution and custody services are usually grouped together in one place, which increases credit risk. The Amsterdam-based Flow Traders will provide liquidity to the platform.

TP ICAP has expanded its presence in the global capital markets by offering new data and analysis services and introducing new products.

Dedicated crypto funds have seen record flows this year, but large banks offering access need to balance the growing interest with the compliance issues long associated with the cryptocurrency sector and increasing scrutiny by regulators.

Still, the move is the sector's most recent confirmation by Standard Chartered, whose venture capital unit announced earlier this month that it would set up a separate crypto brokerage and exchange platform in the UK and Europe with Hong Kong-based BC Technology Group.

"Investor interest in this new asset class has exploded dramatically in the past six to eight months," said Duncan Trenholme, co-head of digital assets at TP ICAPsaid Reuters. "In most of our conversations with customers, they want a separation of the custodian roles from the execution functions, which is in contrast to the models currently in existence."

TP ICAP launched Bitcoin futures and options CME in 2019 and now plans to introduce additional derivative products, including total return swaps and undeliverable forwards.

The platform is awaiting approval from the UK Financial Regulator. Neither Standard Chartered nor Fidelity Investments have entered the TP. invested ICAP said.

(This story is rearranged to add letters to the name in the heading, paragraph 9, and paragraph 11.)

https://dailyaffiliatemarketingnews.com/exclusive-tp-icap-launches-crypto-trading-platform-with-fidelity-standard-chartered-2/

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