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.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<