EXCLUSIVE TP ICAP to launch crypto trading platform with Fidelity, Standard Chartered

LONDON, June 29 (Reuters) – TP ICAP (TCAPI.L), the world’s largest intercompany brokerage. It is launching a cryptocurrency trading platform with Fidelity Investments and the crypto custody unit of Standard Chartered, the group said on Tuesday.

Institutional investors are warming up to the crypto sector this year, and the platform is scheduled to launch in the second half of the year. It will begin allowing them to trade bitcoin, with the second largest ether token being added later.

TP ICAP, along with Fidelity Digital Assets and Zodia Custody, were launched by Standard Chartered (STAN.L) venture capital firm and Northern Trust in December. Looking for a way to make crypto trading similar to traditional assets such as stocks, bonds and international exchanges.

The platform will offer post-trading infrastructure with a network of digital asset custodians. The group said in a statement. and separate operations and settlements. This is seen as the key to greater participation by risk-averse investors in the emerging crypto market.

Today, crypto processing and maintenance services are often integrated into one place. which increases credit risk. Flow Traders in Amsterdam provide liquidity to the platform.

TP ICAP has expanded its footprint in the global capital markets by offering new data and analytics services. and launch new products

Dedicated crypto funds have been recorded this year. But the major banks offering access must balance the growing interest with the regulatory headaches associated with the cryptocurrency sector and increased scrutiny by the agency. supervise Read more

The move, however, is the latest in the sector’s endorsement by Standard Chartered, where the venture capital firm said earlier this month it would set up separate brokerage and crypto exchange platforms in the UK and Europe. with Hong Kong’s BC Technology Group (0863.HK) . Read more

“Investor interest in this new asset class has exploded exponentially over the past six to eight months,” Duncan Trenholme, co-head of digital assets at TP ICAP, told Reuters. “In most of our conversations with customers They want to separate the supervisory role from the ability to perform. as opposed to the existing model.”

TP ICAP launched bitcoin futures and options in the CME in 2019 and now plans to launch other derivative products including all return exchanges and non-deliverable forwards.

The platform is pending approval by UK financial regulator TP ICAP, saying neither Standard Chartered nor Fidelity Investments have invested in the platform.

(This story refiles to add reduced characters to the title in the headline, paragraphs 9 and 11)

Reporting by Saikat Chatterjee and Tom Wilson; Editing by Rachel Armstrong and Kirsten Donovan

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