TP ICAP signs Jane Street and Virtu as liquidity providers for its crypto platform

abdelaziz Fathi

Interdealer broker TP ICAP has collaborated with liquidity providers Jane Street and Virtu Financial to support the upcoming launch of its cryptoasset trading platform.

TP ICAP

TP ICAP’s new Digital Assets Platform will offer an electronic wholesale marketplace for for spot crypto trading including Bitcoin and Ethereum, as well as connection to a network of digital asset custodians for post-trade infrastructure. The platform will also provide straight through processing (STP) and payment netting services for executed trades.

Onboarding leading market makers such as Jane Street and Virtu Financial to provide liquidity will enable the platform users to benefit from a tight pricing and better trading conditions.

The launch of TP ICAP’s OTC platform remains subject to approval from the UK’s Financial Conduct Authority. However, 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.

TP ICAP, which earns its bread from making markets in different asset classes, employs thousands of brokers that negotiate trades in markets such as FX and commodities.

 

TP ICAP team up with Fidelity and Flow Traders

TP ICAP has partnered with crypto providers, including Fidelity Digital Assets and Zodia Custody, to develop a flexible trading model. Specifically, clients can access liquidity through TP ICAP’s crypto terminal whilst their assets remain under custody at their choice of digital asset custodian.

“TP ICAP has long standing relationships across multiple asset classes with both Jane Street and Virtu. We have been working with the Digital Assets teams of these businesses for some time so bringing their expertise and spot liquidity into our ecosystem is a natural evolution that reflects our shared commitment to this asset class. Having another two blue chip market makers on board at launch will help provide competitive and deep liquidity to our global network of clients who are looking to engage in crypto assets for the first time,“ said Simon Forster, Co-Head of Digital Assets at TP ICAP.

Thomas Uhm of Jane Street, added: “We are excited to help create robust trading networks across the crypto ecosystem, and TP ICAPs platform represents a significant new example. We at Jane Street have been applying our cross-asset expertise to provide liquidity across digital assets since 2017, and we’re glad to continue expanding the ways we can help develop the emerging crypto ecosystem. As more institutions look to interact with digital assets, offerings like TP ICAPs platform will help advance important conversations about achieving and managing exposure to digital assets.”

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