TP ICAP, a leading market infrastructure provider, has taken a major step forward in its digital asset business with the first transactions in crypto equity instruments with Goldman Sachs.
The company’s Digital Assets business has traded the ETC group’s physical Bitcoin (Bloomberg Ticker BTCE GY) on a pure basis and against the CME Bitcoin Future in the form of an Exchange for Physical (EFP). The main market makers of the DRW crypto exchange traded products, Flow Traders and Jane Street provided liquidity.
TP ICAP is actively providing liquidity to its clients through 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 significant increase in CME Bitcoin Futures volumes following the recent approvals of the first US ETFs based on Bitcoin Futures. TP ICAP expects interest in crypto asset-based futures and options products and an NDF (non-deliverable) interbank market to grow in Bitcoin, and potentially Ether, throughout 2022.
Simon Forster, Co-Head of TP ICAP Digital Assets, said: “We are delighted to start providing liquidity to clients in these European crypto-asset equity instruments alongside Goldman Sachs and some of the market makers. most respected in space. We look forward to adding more equity instruments and starting to provide our clients with access to crypto asset ETFs outside of the United States in the near future. We have seen a growing interest in crypto asset products this year as they continue to mature and institutionalize as an asset class. We expect to see more growth and more demand for this type of product in 2022. “
Bernardus Roelofs. Head of ETFs and Institutional Sales and Trade at DRW, said, “We are delighted to provide liquidity to TP ICAP to meet the growing institutional demand for crypto exchange traded products (ETPs) from players. sophisticated marketplaces such as Goldman Sachs. As the global market leader in crypto, spot and derivative ETPs, we look forward to expanding the partnership and serving as a reliable and deep source of liquidity as institutional demand for the products offered on the platform continues to grow. ‘to augment. “
Max Minton, APAC Head of Digital Assets at Goldman Sachs, said, “We are excited to work with companies like TP ICAP as we continue to evolve our cash-settled cryptocurrency 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 [email protected]