Broker-dealer TP ICAP announced Monday, January 10, the launch of crypto-related ETPs for its European clients. The broker, TP ICAP, revealed that it had executed the first crypto trade with Goldman Sachs.
TP ICAP reported that it traded the ETC Group Bitcoin, a Xetra managed, physically-backed equity instrument against the CME Bitcoin future. Jane Street, Flow Traders, and DRW provided liquidity for the transaction.
TP ICAP was founded in 1971 and has been a leading facilitator of financial transactions between various financial players. These include investment banks, hedge funds, and other key financial institutions. Since 2004, the global financial intermediaries has had a crypto group. TP ICAP was also the first to offer liquidity to clients for CME crypto products in 2019.
TPICAP Plans to Expand Offerings to Add ETFs to the US
Simon Forster, co-head digital assets at TP ICAP says that the company’s plan to offer US ETFs was “a natural progression for them and is in line with clients demand.” TP ICAP is also looking into other products like swaps and OTC options. Duncan Trenholme (co-head of digital assets at TP ICAP) stated that TP ICAP plans to launch its spot trading platform in Q2 2022, with OTC derivatives shortly after.
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