TP Icap’s Fusion to Move to Matched Principal Model

TP Icap’s Fusion Digital Assets platform will transition to a Matched Principal model in March 2026, bringing the firm’s spot cryptoasset exchange into line with the broking model already existing in the interdealer broker’s global markets business.

TP Icap says the change to the “proven model” will enhance capital efficiency, operational flexibility, and scalability for institutional clients. Under the model, TP Icap acts as the intermediary between buyers and sellers, as well as the counterparty to both. This means, the firm claims, that trades are backed by its investment grade credit rating, thus mitigating counterparty risk, and there is no requirement to pre-fund trade, participants can trade first and settle later, which improves capital efficiency.

Equally, TP Icap says that by acting as the counterparty for settlement it is reducing risk, settlement occurs off-exchange, creating a separation, and is custody agnostic. The firm also says it offers multi-lateral netting, thus improving operational efficiency and reducing settlement cost and risks.

“This marks a transformational step in Fusion Digital Asset’s development,” says Simon Forster, global co-head of digital assets at TP Icap. “It reflects our commitment to delivering trusted, efficient market infrastructure for the digital asset ecosystem. 

“This proven model is familiar to institutional clients, delivered by a counterparty they trust,” he adds. “It fills a critical gap in the crypto landscape by improving efficiency, reducing risk, and creating a flexible, institution-ready framework for trading.”