Markets Media: TP ICAP Prepares for Secular Shift
Markets Media: TP ICAP Prepares for Secular Shift
TP ICAP is launching a wholesale electronic marketplace for spot cryptoasset trading and providing connectivity to digital asset custodians as the market infrastructure provider said the financial industry is going through a secular shift similar to electronification.
In June this year TP ICAP announced it is aiming to launch a wholesale trading platform for cryptoassets in collaboration with Fidelity Digital Assets, Zodia Custody and Flow Traders, subject to registration with the UK Financial Conduct Authority.
Simon Forster, co-head of digital assets at TP ICAP, told Markets Media: “I can’t stress enough that TP ICAP is doing this as a long-term play as we believe this is a secular shift like electronification 20 years ago.”
He continued that electronification was a huge infrastructure upgrade in bringing liquidity to trading screens in the front office. In a similar fashion, blockchain-based assets require an upgrade in infrastructure for post-trade settlement and clearing.
The genesis of the digital asset business goes back to 2017 when Nicolas Breteau, now chief executive of TP ICAP, launched a working group across the organisation in order to approach crypto assets in a coherent manner and with a centralised approach.
Read the full article on the Markets Media site here.
