Traded Products
Exchange Listed Derivatives
The TP ICAP Digital Assets desk is the first and longest standing IDB offering execution, price discovery and liquidity provision for cryptoasset exchange listed derivatives.
Listed Cryptoasset Futures And Options
- Execution - We provide BLOCK liquidity via voice or chat. Trades are executed and booked by the TP ICAP team, with trade confirmations sent to the client.
- Exchange - CME, Eurex, ICE are the current exchanges supported.
- Underlying assets - Bitcoin, Ether, Micro Bitcoin, Micro Ether (Will expand in line with new instruments offered by exchanges referenced)
- Liquidity - Prices are provided by a large pool of market makers (10+).
- Regions – UK, EU (Paris), US, APAC (Singapore & Hong Kong)
Over The Counter (OTC) Derivatives
As a new asset class, cryptoassets do not have all the necessary pillars for a fully liquid and easily accessible bilateral OTC market, such as instrument identifiers. TP ICAP is helping to create standard documentation and working to match counterparts and negotiate trade details in order to grow this space.
Cryptoasset Non-Deliverable Forwards (NDF)
- Execution - Trades are arranged on a Name Give Up / bilateral basis via voice or chat. Trades are booked by the TP ICAP team, with trade confirmations sent to the client
- Underlying assets - Bitcoin, Ether, Micro Bitcoin, Micro Ether
- Liquidity - Prices are provided by a large pool of market makers (10+)
- Regions – UK, US
Cryptoasset Non-Deliverable Options (NDO)
- Execution - Trades are arranged on a Name Give Up / bilateral basis via voice or chat. Trades are booked by the TP ICAP team, with trade confirmations sent to the client
- Underlying assets - Bitcoin, Ether, Micro Bitcoin, Micro Ether
- Liquidity - Prices are provided by a large pool of market makers (10+)
- Regions – UK, US, APAC (Singapore & Hong Kong)
Cryptoasset Total Return Swap (TRS)
- Execution - Execution - Trades are arranged on a Name Give Up / bilateral basis via voice or chat. Trades are booked by the TP ICAP team, with trade confirmations sent to the client.
- Underlying assets - Bitcoin, Ether, Micro Bitcoin, Micro Ether
- Liquidity - Prices are provided by a large pool of market makers (10+)
- Regions – UK, US, APAC (Singapore & Hong Kong)
Equity-based Products and EFPs
Cryptoasset-based equity products have offered an easily accessible and liquid way for institutions to get price exposure to this asset class. We have been executing trades on a number of these products since 2019, working in collaboration with other TP ICAP desks such as the ICAP Equity Derivatives to provide the best in pricing on these products.
Cryptoasset Exchange Traded Products (ETP)
- Execution - Trades are arranged on a Matched Principal basis via voice or chat. Trades are executed and booked by the TP ICAP team, with trade confirmations sent to the client
- Underlying assets - Underlying products will be ETP’s on Cryptoassets, such as BTCE GY, BTIC SW, etc
- Settlement - All trades settled T+2, as standard
Cryptoasset Exchange Traded Funds (ETF)
- Execution - Trades are arranged on a Matched Principal basis via voice or chat. Trades are executed and booked by the TP ICAP team, with trade confirmations sent to the client
- Underlying assets - Underlying products will be ETFs on Cryptoassets, such as Proshares Bitcoin Strategy ETF (BITO), Purpose Bitcoin ETF (BTCC. Canada)
- Liquidity - Working in collaboration with TP ICAP’s market leading equities desks.
- Settlement - All trades settled T+2, as standard
Cryptoasset Exchange For Physical (EFP)
- Underlying Asset - We currently offer a synthetic EFP in the form of an ETP vs an Exchange Listed Cryptocurrency Future
- Execution - ETP will be traded Matched Principal, whereas the Future will be executed as a BLOCK trade on Exchange. Trades are executed and booked by the TP ICAP team, with trade confirmations sent to the client
- Liquidity - We currently provide liquidity through Voice or Chat, with electronic access to come. Working in collaboration with TP ICAP’s market leading equities desks.
- Settlement - All trades settled T+2, as standard. Future leg fed directly into client FCM account upon trade
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