TP Icap Digital Assets Unit Executes First Trades
Posted by Colin Lambert. Last updated: January 10, 2022
TP Icap has marked what the firm terms “a major milestone” for its digital assets business with the execution of its first trades in crypto asset instruments with Goldman Sachs.
The business traded the ETC Group Physical Bitcoin on an outright basis and against the CME Bitcoin future in the form of an EFP (Exchange for Physical). Crypto exchange traded products market makers DRW, Flow Traders and Jane Street provided liquidity.
The firm says there has been a meaningful increase in CME Bitcoin futures volumes following the recent approvals of the first US Bitcoin Futures based ETFs, adding it expects to see continued interest across crypto asset- based futures and options products and an interbank NDF market develop on Bitcoin, and potentially Ether, throughout the course of 2022.
“We’re delighted to start providing liquidity for clients in these European crypto asset equity instruments alongside Goldman Sachs and some of the most respected market makers in the space,” says Simon Forster, co-head of TP Icap Digital Assets. We look forward to adding further equity instruments and to start providing our clients with access to crypto asset ETFs out of the US in the near future. We’ve seen increasing interest in crypto assets products this year as it continues to mature and institutionalise as an asset class. We expect to see more growth and more demand for these kinds of products in 2022.”
Max Minton, APAC head of digital assets at Goldman Sachs, adds, “We continue to evolve our cash-settled crypto currency capabilities at Goldman Sachs. Institutional demand continues to grow significantly in this area and this partnership will help us expand our capabilities to serve our clients.”