TP ICAP: The new business will also work with Fidelity Digital Assets to keep clients’ assets safe and provide settlement services.
UK Financial Conduct Authority (FCA)
The UK’s Financial Conduct Authority (FCA) has given the capital markets company TP ICAP permission to sign up as a cryptoasset exchange provider.
Fusion Digital Assets, TP ICAP’s new exchange, will use Fusion, the company’s electronic OTC platform, to give clients access to a non-custodial cryptoasset exchange for matching orders and executing trades. The new place to trade for the interdealer broker will only be for institutional clients.
The new business will also work with Fidelity Digital Assets to keep clients’ assets safe and provide settlement services. The platform will have a wide range of Liquidity from trusted market makers all over the world.
Duncan Trenholme, co-head of digital assets at TP ICAP Group, said that the wholesale crypto market “lacked the credible infrastructure and assurance necessary for the firm’s traditional client base to allocate capital.”
Institutional players are aware of the firm’s separate model, track record of running venues, and ability to distribute, said Trenholme.
Even though crypto is going down right now, Trenholme said that blockchain technology would lead to traditional asset classes being turned into tokens. “This will make the trading and settlement process on financial markets faster, more automated, and less risky,” he said.
The business is committed to a model with multiple custody. The company will work closely with a number of custodians to give its clients custody services that are both separate and compatible. Over the next few years, custodians will come online based on what people want and what they think is most important.