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ICAP Securities OTF Venue Page

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Please direct any questions regarding this Market Notice to:

ICAP Securities OTF

Email: islotfoperator@tpicap.com  

Post: TP ICAP Markets Limited, 135 Bishopsgate, London, EC2M 3TP, United Kingdom.

10 Jan 2022 07:30

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TP ICAP, a leading provider of market infrastructure, has marked a major milestone in its Digital Assets business with the first trades completed on crypto asset equity instruments with Goldman Sachs.

The company’s Digital Assets business traded the ETC Group Physical Bitcoin (Bloomberg Ticker BTCE GY) on an outright basis and against the CME Bitcoin Future in the form of an EFP (Exchange for Physical). Leading crypto Exchange Traded Products market makers DRW, Flow Traders and Jane Street provided liquidity.

TP ICAP is actively providing liquidity to its clients across the CME Bitcoin and Ether Futures and Bitcoin Options and is expanding its product offering alongside partners such as Goldman Sachs. 

There has been a meaningful increase in CME Bitcoin Futures volumes following the recent approvals of the first US Bitcoin Futures based ETFs. TP ICAP expects to see continued interest across crypto asset- based futures and options products and an interbank NDF (Non-deliverable forward) market develop on Bitcoin, and potentially Ether, throughout the course of 2022.

Simon Forster, Co-Head of TP ICAP Digital Assets, said: “We’re delighted to start providing liquidity for clients in these European crypto asset equity instruments alongside Goldman Sachs and some of the most respected market makers in the space. We look forward to adding further equity instruments and to start providing our clients with access to crypto asset ETFs out of the US in the near future. We’ve seen increasing interest in crypto assets products this year as it continues to mature and institutionalise as an asset class. We expect to see more growth and more demand for these kinds of products in 2022.”

Bernardus Roelofs. Head of ETF and Institutional Sales & Trading at DRW, said: ”We are excited to provide liquidity to TP ICAP to meet the growing institutional demand for crypto exchange traded products (ETPs) from sophisticated market participants such as Goldman Sachs.  As a leading global market maker in crypto ETPs, spot and derivatives, we look forward to expanding the partnership and serving as a source of trusted, deep liquidity as institutional demand for the products offered on the platform continues to increase.”

Max Minton, APAC Head of Digital Assets at Goldman Sachs, said: “We are excited to work with firms like TP ICAP as we continue to evolve our cash-settled crypto currency capabilities at Goldman Sachs. Institutional demand continues to grow significantly in this area and this partnership will help us expand our capabilities to serve our clients.”

TP ICAP’s Digital Assets business was launched in 2019 and is led by Duncan Trenholme and Simon Forster. For more information please contact digitalassets@tpicap.com.

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions. We are formed of four business divisions:

• Global Broking: the largest Interdealer Broker in the world operating under the ICAP, Tullett Prebon and Louis Capi1tal brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
• Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
• Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
• Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post Trade Solutions provides pure electronic services focused on resetting, compression and repo.

www.tpicap.com

Media Contacts

TP ICAP
Fay Rajaratnam
T: +44 (0) 781 281 1374                                                                                      E: Fay.Rajaratnam@tpicap.com

Maitland/AMO
Freddie Barber
T: +44 (0) 782 519 7570
E: fbarber@maitland.co.uk

TP ICAP, a leading global markets infrastructure and data solutions provider, is pleased to announce that leading liquidity providers Jane Street and Virtu Financial have committed to supporting the upcoming launch of the TP ICAP Digital Assets Spot Platform. 

The addition of the market makers will help provide the platform with the tight pricing that clients expect and from brands they recognize and trust.

TP ICAP’s new Digital Assets Platform, which remains subject to registration with the UK Financial Conduct Authority[1], will feature a wholesale electronic Over The Counter (OTC) marketplace for spot crypto asset trading, including Bitcoin and Ethereum.  The platform will also include post-trade infrastructure that provides straight through processing (STP) and payment netting services for executed trades into a network of digital asset custodians. 

Simon Forster, Co-Head of Digital Assets at TP ICAP, said:

“TP ICAP has long standing relationships across multiple asset classes with both Jane Street and Virtu. We have been working with the Digital Assets teams of these businesses for some time so bringing their expertise and spot liquidity into our ecosystem is a natural evolution that reflects our shared commitment to this asset class. Having another two blue chip market makers on board at launch will help provide competitive and deep liquidity to our global network of clients who are looking to engage in crypto assets for the first time“.

Thomas Uhm of Jane Street, said: “We are excited to help create robust trading networks across the crypto ecosystem, and TP ICAPs platform represents a significant new example. We at Jane Street have been applying our cross-asset expertise to provide liquidity across digital assets since 2017, and we’re glad to continue expanding the ways we can help develop the emerging crypto ecosystem. As more institutions look to interact with digital assets, offerings like TP ICAPs platform will help advance important conversations about achieving and managing exposure to digital assets."

Laine Litman of Virtu Financial, said:

"For crypto assets to have a meaningful and broad adoption in capital markets across participants, there need to be top-tier platforms that address the needs of institutional participants. The launch of TP ICAP's Digital Assets Spot Platform is an exciting partnership opportunity for Virtu as it does that and is among the first of its kind. Clients can leverage the platform's institutional-grade protocols, TP ICAP's long standing presence in capital markets and firms' like Virtu's experience as leading global market makers to integrate liquidity of digital assets into a trusted and familiar trading format."

[1] TP ICAP is required to register the TP ICAP Digital Assets Platform with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLRs”). TP ICAP has submitted an application to the FCA, and the platform will only launch once that registration process has been completed. The FCA’s responsibility under this regime is limited to AML/CTF registration supervision and enforcement only. It is not a license from the FCA or a recommendation or endorsement of the platform.

About TP ICAP Group plc

TP ICAP Group plc is a leading global markets infrastructure and data solutions provider.  The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions.  We are formed of four business divisions:

• Global Broking: the largest Interdealer Broker in the world operating under the ICAP, Tullett Prebon and Louis Capital brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
• Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities. 
• Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
• Parameta Solutions: formed of two businesses - Data & Analytics (D&A) and Post-Trade Solutions.  D&A is the world leader in providing of scarce, neutral OTC data.  Consequently, it is well placed to offer unbiased data products and solutions that facilitate trading, enhance transparency, reduce risk, improve operational efficiency and a broad range of risk management solutions.  Post-Trade Solutions provides pure electronic services focused on resetting, compression and repo.

www.tpicap.com

About Jane Street

Jane Street is a global trading firm and market maker with offices in New York, London, Hong Kong, and Amsterdam. We provide 24-hour liquidity around the world in ETFs, equities, commodities, options, bonds, and crypto assets. As a firm of collaborative problem solvers, we leverage our technology and expertise to provide consistent liquidity across market conditions.

About Virtu Financial

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, crypto currencies and myriad other commodities.  In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Media Contacts

TP ICAP
Fay Rajaratnam
T: +44 (0) 781 281 1374                                                                                      E: Fay.Rajaratnam@tpicap.com

Maitland/AMO
+44 207 379 5151
E: tpicap-maitland@maitland.co.uk