Inter-dealer broker TP ICAP revealed that it now offers crypto-linked exchange-traded products (ETPs) trading to its clients in Europe.
Market infrastructure provider announced it has executed its first trade on crypto asset equity instruments with Goldman Sachs.
TP ICAP’s digital assets business traded ETC Group Physical Bitcoin on an outright basis and against the CME Bitcoin Future in the form of an exchange for physical (EFP).
The company has selected DRW, Flow Traders and Jane Street as the liquidity providers. Jane Street and Virtu were recently added to the list of liquidity providers for its spot crypto platform.
TP ICAP’s crypto services are now available in Europe with plans to also reach the United States as well.
Simon Forster, Co-Head of TP ICAP Digital Assets, commented:
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.
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.
Institutional demand
TP ICAP has seen increased interest in crypto products and a growing demand in crypto trading from institutions.
Bernardus Roelofs. Head of ETF and Institutional Sales & Trading at DRW, added:
We are excited to provide liquidity to TP ICAP to meet the growing institutional demand for crypto exchange traded products (ETPs) from sophisticated market participants such as Goldman Sachs.
As a leading global market maker in crypto ETPs, spot and derivatives, we look forward to expanding the partnership and serving as a source of trusted, deep liquidity as institutional demand for the products offered on the platform continues to increase.
Max Minton, APAC Head of Digital Assets at Goldman Sachs, said:
We are excited to work with firms like TP ICAP as 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.
