StoneX Successfully Executes First BTC Cash-Settled Swap

StoneX Markets LLC, a provider of execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term, post-trade settlement, clearing and custody services across asset classes and markets worldwide, announced on Tuesday that it successfully executed and settled its first cash-settled BTC/USD swap.

According to the press release, StoneX’s institutional FX client, Liquidity Solutions Global, the London-based subsidiary of DriveWealth Holdings and a liquidity provider to multiple cryptocurrency exchanges, was the counterparty to the trade.

Earlier this month, the firm’s institutional FX division began offering USD cash-settled crypto swaps to institutional FX clients. The new offering complements the company’s traditional institutional FX products, including more than 40 currency trading pairs spanning major and emerging market currencies, forwards, non-deliverable forwards and options.

“As with any other asset class, investors need to connect to digital assets markets through a trusted partner who can secure best execution and meet their compliance and custody needs. Cash-settled swaps allow our clients to access the market movement of underlying digital assets without taking physical custody. As a result, many regulated institutions are looking to the swaps market as a cost-effective way to gain access to crypto price exposure without the regulatory burden, cost and additional risks traditionally associated with spot crypto ownership,” Eric Donovan, the Global Head of Institutional FX, commented.

StoneX Revenues

StoneX offers execution, post-trade settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term, clearing and custody services to 52,000 commercial, institutional and global payments clients, as well as to 370,000 retail customers through its Forex.com and City Index brands. StoneX specializes in providing market access and liquidity in all major asset classes across the globe. Over the next year, StoneX plans to expand its crypto products and services to both institutional and retail clients.

Recently, StoneX Group reported a 46% yearly jump in its total revenue between January and March, which is its second quarter of fiscal 2022. It came in at $16.38 billion compared to the previous year’s $11.24 billion.