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Laxman Pai, Opalesque Asia:

TP ICAP Group, the world's biggest interdealer broker, is launching a cryptocurrency venue for institutions to trade BTC, and plans include adding ETH as well.

The London-based broker, which has offered Bitcoin futures since 2019, said in a press release it's working with Fidelity Digital Assets and Zodia Custody, a unit of Standard Chartered Plc, to provide execution and settlement of crypto trades.

"The new platform, which is subject to registration with the UK Financial Conduct Authority, will feature a wholesale electronic marketplace for spot crypto asset trading, including Bitcoin and Ethereum, as well as providing connectivity and post-trade infrastructure into a network of digital assets custodians," it said.

TP ICAP is working with Fidelity Digital Assets and Zodia Custody, both crypto assets custodians, to ensure clients have a segregated and interoperable model for execution and settlement, a key requirement for clients entering this new asset class.

The firms have collaborated to develop a new trading model where clients will be able to access liquidity at TP ICAP whilst their assets remain under custody at their digital asset custodian of choice, providing a level of security that institutional investors expect. Fidelity Digital Assets and Zodia Custody will provide custodian services to the new platform.

TP ICAP launched its Digital Assets business in 2019, enabling clients to trade crypto assets derivatives ......................

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