TP ICAP adds SIG as liquidity provider for Digital Assets Spot platform

Rick Steves

The UK interdealer broker expects to secure the FCA’s nod in the first quarter of 2022, with several clients globally already in the process of onboarding according to TP ICAP.

Susquehanna Digital Assets, a subsidiary of SIG, has joined TP ICAP’s Digital Assets Spot platform as a market maker. The upcoming trading platform is expected to launch this year and has already gathered a few big names within the space, including Flow Traders, Jane Street, and Virtu Financial.

Susquehanna Digital Assets will help TP ICAP ensure competitive prices for buyers and sellers. The proprietary quantitative trading firm was an early entrant to the cryptocurrency market and handles millions of transactions on exchanges daily.

Marrying infrastructure with liquidity

Simon Forster, Co-Head of Digital Assets at TP ICAP, said: “It’s great news to be welcoming another highly regarded liquidity provider to the platform, adding greater liquidity and bringing deep expertise for our global network of clients. As interest grows in Digital Assets from institutional investors and traders, partnerships of this calibre, in addition to our position as independent broker, means that we are well placed to guide new entrants to the market and support the growth of this exciting asset class.”

Ben Hessels, at Susquehanna Digital Assets, LLC, commented: “Susquehanna is thrilled to work alongside TP ICAP as we look towards the launch of this new digital asset platform. There is substantial institutional interest in the space, and thus a need for institutional-grade liquidity. Susquehanna has long been a liquidity provider in the digital asset spot markets, as well as various futures and derivative markets as they have come online. This TP ICAP – Susquehanna partnership marries the infrastructure and connectivity that investors demand with the liquidity they need.“

TP ICAP’s new Digital Assets Platform is subject to registration with the UK Financial Conduct Authority and will feature a wholesale electronic Over The Counter (OTC) marketplace for spot crypto asset trading.

The UK interdealer broker expects to secure the FCA’s nod in the first quarter of 2022, with several clients globally already in the process of onboarding according to TP ICAP.

The platform will include post-trade infrastructure that provides straight-through processing (STP) and payment netting services for executed trades into a network of digital asset custodians.

It was in late 2021 that TP ICAP announced the onboarding of Jane Street and Virtu Financial as market makers of the upcoming spot crypto trading platform.

The platform will feature a flexible trading model which allows clients to access liquidity through TP ICAP’s crypto terminal whilst their assets remain under custody at their choice of digital asset custodian.

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