World's biggest inter-dealer broker TP ICAP launches crypto ETPs (via LHM1)
It has already executed the first trade with Wall Street heavyweight Goldman Sachs.The world's biggest inter-dealer broker TP ICAP said on Monday it has launched crypto-related exchange-traded products for its European clients.
It said it had already executed the first crypto trade with Wall Street heavyweight Goldman Sachs. It traded the ETC Group Physical Bitcoin, a physically backed equity instrument, which is traded on Xetra, against the CME Bitcoin Future. DRW, Flow Traders and Jane Street provided liquidity.TP ICAP has had a crypto working group since 2017 and first provided liquidity to its clients on CME crypto products in 2019, Duncan Trenholme, co-head of digital assets at TP ICAP told The Block.
"Once we get that we'll be in a good position to launch the spot platform," said Trenholme. The company is targeting the second quarter for spot trading and OTC derivatives will follow with internal approvals and client demand, he added.
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