TP ICAP receives FCA registration for wholesale cryptoasset exchange

TP ICAP receives FCA registration for wholesale cryptoasset exchange

01 Dec 2022

4 minutes


1 December 2022 – London:

TP ICAP, a world leading provider of market infrastructure, announces that Fusion Digital Assets – its wholesale marketplace for spot cryptoassets – has successfully registered as a cryptoasset exchange provider with the UK’s Financial Conduct Authority (FCA).

The innovative trading venue, which is for institutional market participants only, will be operated by Tullett Prebon (Europe) Limited. The platform combines three integrated elements:

  • Fusion, TP ICAP’s proprietary award-winning OTC electronic platform, providing clients with a non-custodial cryptoasset exchange for order matching and trade execution;
  • Fidelity Digital AssetsSM, an industry-leading custodian, providing independent safe keeping of clients’ inventories and settlement services through a segregated model; and
  • Diversified Liquidity, anonymously aggregating streaming liquidity from the world’s leading market makers and uncorrelated liquidity from across TP ICAPs global client base.   

The platform therefore combines TP ICAP’s established expertise in operating venues and organising execution, with Fidelity Digital AssetsSM institutional-grade custodial capabilities, and liquidity from proven market makers. In addition, Fusion Digital Assets will leverage the extensive distribution capabilities of the TP ICAP Group.

Duncan Trenholme, Co-Head of Digital Assets at TP ICAP Group, said: “Despite growing demand from our traditional client base, until now the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for them to allocate capital. Fusion Digital Assets addresses this need. Its distinct attributes – namely a segregated model, TP ICAP’s track record of operating venues, and our means to distribute – are well recognised and trusted by institutional market participants.

“Over time, we believe blockchain will lead to the tokenisation of traditional asset classes. This will result in a more efficient, automated, and risk-mitigated trading and settlement process for financial markets. Fusion Digital Assets positions us well to grasp the opportunities that this change will bring.”

Fusion Digital Assets remains committed to supporting a multi-custody model. The team is working closely with several custodians to provide segregated interoperable custody services to TP ICAP’s client base. These custodians are scheduled to come online over the coming years, in line with client demand and prioritisation.



Notes to Editor

  • The registration of the UK-based platform builds on TP ICAP’s growing footprint in the digital assets space.
  • Since 2019, TP ICAP’s Digital Assets team, co-headed by Duncan Trenholme and Simon Forster, has been providing price discovery and execution services across a range of cryptoassets.
  • The team also covers a range of cryptoasset Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). Cryptoasset Over-The-Counter (OTC) derivatives are expected to follow in the coming months. 
  • TP ICAP Digital Assets operates globally from London, New York, Hong Kong and Singapore.
  • For more information on Fusion Digital Assets contact:

About TP ICAP Group plc

  • TP ICAP connects buyers and sellers in global financial, energy and commodities markets.
  • It is the world's leading wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the world.
  • We operate from more than 60 offices across 27 countries, supporting brokers with award-winning and market-leading technology.

About Fidelity Digital Assets 

  • Fidelity Digital Assets is a subsidiary of Fidelity Investments, dedicated to building products and services that help institutions adopt digital assets.
  • The business offers a full-service enterprise-grade platform for securing, trading and supporting digital assets.
  • Established in 2018, Fidelity Digital Assets combines the operational and technical capabilities one of the world’s largest and most diversified financial services providers with deep and dedicated blockchain expertise to deliver a differentiated offering for institutional investors.
  • Learn more at



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Richard Newman

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