TP ICAP, the largest inter-broker dealer, announced on Thursday that it has added Susquehanna, a quantitive trading firm, as a market maker to the upcoming spot digital asset trading platform.
Susquehanna Digital Assets, which is a member of The Susquehanna International Group, has joined Flow Traders, Jane Street and Virtu Financial as the liquidity providers of TP ICAP’s crypto platform. They will ensure competitive buying and selling prices of the cryptocurrencies on the trading platform .
“It’s great news to be welcoming another highly regarded liquidity provider to the platform, adding greater liquidity and bringing deep expertise for our global network of clients,” Simon Forster, the Co-Head of Digital Assets at TP ICAP.
“As interest grows in Digital Assets from institutional investors and traders, partnerships of this calibre, in addition to our position as an independent broker, means that we are well placed to guide new entrants to the market and support the growth of this exciting asset class.”
Meeting the Institutional Crypto Demand
TP ICAP unveiled its plan to launch a crypto trading platform last June. Regulated by the United Kingdom’s Financial Conduct Authority (FCA), the platform will only serve institutional clients and is due for launch later this year.
The platform will offer an over-the-counter (OTC) platform for spot crypto trading, along with post-trade infrastructure.
“Susquehanna is thrilled to work alongside TP ICAP as we look towards the launch of this new digital asset platform,” Ben Hessels from Susquehanna said in a statement.
“There is substantial institutional interest in the space, and thus a need for institutional-grade liquidity. Susquehanna has long been a liquidity provider in the digital asset spot markets, as well as various futures and derivatives markets as they have come online. This TP ICAP Susquehanna partnership marries the infrastructure and connectivity that investors demand with the liquidity they need.”
