High touch
meets digital
As the world’s largest Inter‑Dealer Broker, TP ICAP’s heritage is built on expert voice execution, trusted client relationships, and the ability to move large size discreetly across global financial, energy and commodities markets. That same high‑touch capability underpins our Digital Assets franchise, where voice broking continues to compliment electronic execution.
Specialist voice execution
Our Digital Assets voice desks deliver institutional execution, price discovery, and risk transfer across a broadening universe of listed and Over-The-Counter (OTC) crypto‑linked instruments. We have been active in crypto derivatives since 2019, building strong relationships with crypto‑native firms while helping traditional institutions enter the asset class with confidence
Exchange-listed Derivatives
Exchange-listed Derivatives
TP ICAP Digital Assets is a well established Inter Dealer Broker in digital assets, with our first CME Bitcoin trade brokered in 2019.
Futures & Options
- Execution: Block Trade (voice or chat)
- Counterparty: FCM
- Exchanges: CME, Deribit, Nasdaq
- Underlying Assets: Bitcoin, Ether, Solana, Ripple, Equity Options (IBIT etc)
- Liquidity: 10+ leading market makers and diversified buy-side flow
- Regions: UK, US, Singapore
OTC Derivatives
OTC Derivatives
TP ICAP is helping build the foundations of liquid OTC digital asset markets - standardising terms, connecting participants, and arranging bilateral ISDA-based trades
Non-Deliverable Options
- Execution: Name Give Up (voice or chat)
- Counterparty: Bilateral Trade via ISDA
- Underlying: Bitcoin, Ether, Solana, Ripple
- Liquidity: Broad, diverse pool of market participants
- Regions: UK
Equity-based Products & EFPs
Equity-based Products & EFPs
Since 2019, TP ICAP has executed trades across crypto-linked equity instruments, working with our market leading equity derivatives desks to deliver leading pricing and liquidity.
Exchange-Traded Products (ETP)
Exchange-Traded Funds (ETF)
Exchange For Physical (EFP)
- Execution: Matched Principal Basis (voice or chat)
- Counterparty: TP ICAP
- Underlying: European Crypto-Linked ETPs
- Liquidity: Diverse pool of market participants
- Settlement: T+2
- Execution: Matched Principal Basis (voice or chat)
- Counterparty: TP ICAP
- Underlying: European Crypto-Linked ETPs such as BTCE GY, BTIC SW
- Liquidity: Diverse pool of market participants
- Settlement: T+2
- Execution: ETF via Matched Principal, Futures via Block Trade (voice or chat)
- Counterparty: TP ICAP and your FCM
- Underlying: Synthetic EFP in form of an ETF vs listed cryptocurrency future or TAS and BTIC contract
- Liquidity: Via TP ICAP’s market-leading Equity Derivatives franchise
- Settlement: T+1; Futures leg sent to client’s FCM account
OTC Spot Desk
For on/off ramp liquidity in leading stablecoins and large block trades in major cryptoassets.
Additional markets and instruments
We continue to expand our underlying product and asset coverage in line with client demand