Britannia acquires Alphaplate to offer execution, custody, payments, OTC services in Crypto

Rick Steves

It was in September 2021 that FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) announced the launch of its own prime brokerage unit.

Britannia Financial Group has acquired Alphaplate Ltd, a proprietary technology firm specializing in cryptocurrency trading that operates a systematic, quantitative market-maker predominately on top tier exchanges.

The deal will allow Britannia to provide its clients access to Execution, Custody, OTC services, Payments and Asset Management across the digital assets market.

Mark Bruce, Head of Strategy for Britannia Financial Group, commented: “With over $100 billion traded daily on the global crypto markets, it is an increasingly important asset class to many of our clients, who are looking for access to this rapidly emerging asset class. Following this acquisition, Britannia will be an early adopter amongst financial institutions to be able to offer its clients an end-to-end crypto trading offering. Our strength and agility as a privately owned group, has allowed Britannia to quickly respond to market developments and offer clients new services, disrupting the traditional banking sector.”

Alphaplate experience comes from GSA, XTX Markets, Renaissance

The Alphaplate team will largely remain in place as they bring with them proven execution capabilities alongside a robust risk management system.

The team consists of Jan I Strømme, who previously held senior positions at GSA Capital Partners and XTX Markets; Chao Li, a Quant Trader with over 10 years in banking and crypto; and Dan Timofte a full stack software engineer. Robert Crenian, former CEO of Europe for Renaissance Technologies will remain as an advisor.

Britannia – former Destek Markets – offers broking, clearing, trading of FX, bullion, NDFs

It was in September 2021 that FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) announced the launch of its own prime brokerage unit in an effort to capitalize on the decline of banks’ traditional dominance in the multi-billion market.

Britannia Prime’s offering involves a blend of broking, clearing and trading services to investment clients, typically hedge funds, family offices and other buy-side institutions. More specifically, institutional clients will have access to FX, bullion & NDF markets utilising BGM’s relationships with liquidity providers and harmonization with its banking operations.

The new unit caters to a client segment that has been experiencing challenges accessing the wholesale price matching community via a prime brokerage model‎, which is typically capital intensive. ‎

Britannia’s version of the lucrative leveraged prime brokerage model will enable businesses of all sizes to access markets using GUI or API from a technology provider of their choice. The available options are Britannia Navigate (powered by Flextrade systems), Lume FX and PrimeXM. BGM will continue to offer voice execution across both currency and options instruments.

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