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

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.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<