TP ICAP’s hectic week: Spot FX matching and Wholesale Crypto platforms

Rick Steves

TP ICAP has been making moves in many spheres within the capital markets

ICAP, a subsidiary of TP ICAP, has launched its newest electronic offering, SpotMatch: a fully automated Spot FX matching platform.

SpotMatch, which was developed to meet client demand for an alternative and cost-effective eMatching solution, offers access to a deep pool of liquidity across the interbank marketplace.

The product is part of TP ICAP’s electronification strategy, using HTML5 technology and FIX API connectivity to deliver a platform where traders can submit orders prior to pre-scheduled FX matching events and take advantage of first-in-first-out methodology. Matched trades then flow through to a client’s benchmark order book using post-trade solutions.

Andrew Berry, Senior Managing Director at ICAP, said: “We have developed SpotMatch to meet client demand. Following many discussions with our clients it became clear there is a need for a simple, user-friendly interface for eMatching trading across FX Markets. We’re continuing to focus on electronification right across the business and this is another example of where TP ICAP is taking important strides forward to deliver innovative electronic offerings in key marketplaces.”

TP ICAP has been making moves in many spheres within the capital markets. In February, the firm launched a post-trade solution for fixed income in the United States. Going by the name of Matchbook Rebalance, the service can be deployed across High Yield and Emerging Markets.

The company has also recently launched Fusion Islamic Finance, a new platform that facilitates Commodity Murabaha transactions and provides liquidity to the Islamic financial marketplace. The platform enables clients to purchase assets and take advantage of growth opportunities in the Halal sectors, infrastructure, and Sukuk bonds.

This week, TP ICAP announced its plans to launch a wholesale crypto platform, in partnership with Fidelity Digital AssetsSM, Zodia Custody, and Flow Traders.

Subject to registration with the UK Financial Conduct Authority, the platform will feature a wholesale electronic marketplace for spot cryptoasset trading, including Bitcoin and Ethereum, as well as providing connectivity and post-trade infrastructure into a network of digital assets custodians.

Fidelity Digital Assets and Zodia Custody, both leading crypto assets custodians, will ensure clients have a segregated and interoperable model for execution and settlement, a key requirement for clients entering this new asset class.

The platform’s trading model allows clients to access liquidity whilst their assets remain under custody at their digital asset custodian of choice, providing a level of security that institutional investors expect.

Launched in 2019, TP ICAP’s Digital Assets operation provides access to cryptoasset derivatives products. The new platform will open the door to the spot market. The DA business is led by Duncan Trenholme and Simon Forster and operates from the firm’s offices in London, New York, and will soon expand into Asia.

 

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