Broker-dealer TP ICAP announced on Monday, January 10th, the launch of crypto-related exchange-traded products (ETPs) for its European clients. The leading inter-dealer broker revealed that it had already executed the inaugural crypto trade with Goldman Sachs.
TP ICAP stated that it recently traded the ETC Group Physical Bitcoin, a Xetra-traded physically-backed equity instrument, against the CME Bitcoin Future. For the transaction, DRW, Flow Traders and Jane Street ensured liquidity.
Founded in 1971, TP ICAP has long established itself as a prominent facilitator of trades between several financial players. Some of these are hedge funds, investment banks, and key financial institutions. The global financial intermediaries’ firm has had a crypto working group for over four years. In addition, TP ICAP also first offered liquidity to clients on CME crypto products back in 2019.
Now, according to co-head of digital assets at TP ICAP, Simon Forster, the company’s planned agenda to offer US ETFs is “a natural progression for us, and is in line with client demand.” In addition to seeking the launch of a BTC spot trading platform, TP ICAP is also considering other products such as swaps and OTC options. According to co-head of digital assets Duncan Trenholme, TP ICAP views Q2 2022 for the launch of its spot trading, with OTC derivatives following thereafter.
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