TP ICAP, which is the largest inter-broker dealer, has started offering crypto-linked exchange-traded products (ETPs) trading to its clients in Europe.
Announced on Monday, the company has already executed the first trade of a crypto asset equity instruments with Goldman Sachs. It traded ETC Group Physical Bitcoin on an outright basis and against the CME Bitcoin Future in the form of an exchange for physical (EFP).
TP ICAP has tapped DRW, Flow Traders and Jane Street as the liquidity providers for facilitating crypto asset trading. The company recently added Jane Street and Virtu to the list of liquidity providers for its spot crypto platform.
The crypto-focused services of TP ICAP are now only available to clients in Europe, but the company has plans to expand it to the United States as well.
“We’re delighted to start providing liquidity for clients in these European crypto-asset equity instruments alongside Goldman Sachs and some of the most respected market makers in the space,” said Simon Forster, the Co-Head of TP ICAP Digital Assets.
“We look forward to adding further equity instruments and to start providing our clients with access to crypto asset ETFs out of the US in the near future.”
Demand from Institutions
The company’s institution-focused crypto platform is licensed by the United Kingdom’s Financial Conduct Authority (FCA). Its move into the crypto space was fueled by the growing demand for crypto trading from institutions.
“We are excited to provide liquidity to TP ICAP to meet the growing institutional demand for crypto exchange-traded products (ETPs) from sophisticated market participants such as Goldman Sachs,” Bernardus Roelofs, DRW’s Head of ETF and Institutional Sales & Trading.
“As a leading global market maker in crypto ETPs, spot and derivatives, we look forward to expanding the partnership and serving as a source of trusted, deep liquidity as institutional demand for the products offered on the platform continues to increase.”
