TP ICAP Teams Up With Fidelity & Standard Chartered to Launch A Trading Platform for Institutional Investors


The world's largest interdealer broker, TP ICAP, is set to roll out a crypto trading platform. The firm announced that it has partnered with UK banking behemoth Standard Chartered and Fidelity Investments to launch the crypto exchange.

According to Reuters, the new crypto trading platform by TP ICAP will launched by the end of 2021, will allow its clients to first trade Bitcoin (BTC), the leading crypto, before adding other cryptocurrencies like Ether (ETH), more digital assets are to be added at a later date.

The new platform is set to provide the post-trade infrastructure that will involve a network of virtual digital asset custodians coupled with distinct execution and settlement that will help reduce credit risks.

The deal involves the platform utilizing Zodia Custody, the virtual assets custody offshoot owned by Standard Chartered and Northern Trust. Zodia Custody was launched in 2020 to provide custodial solutions to institutional investors. In addition, Flow-Traders, an Amsterdam-located market maker, will offer liquidity solutions to the new exchange.

As per the report, the new exchange is awaiting licensing by the Financial Conduct Authority (FCA), United Kingdom’s financial overseer. It is important to note that both Fidelity Investments and Standard Chartered have not invested in the new venture yet.

The head of digital assets at TP ICAP, Duncan Trenholme, explained that crypto has become a new attraction for investors looking for a new asset class in the recent months.

“In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently.”

In the past, TP ICAP has widened its reach in the world’s capital markets through the provision of new data as well as analytic services and the introduction of fresh products. The firm debuted in the crypto derivative sector in 2019 by letting its clients purchase as well as sell the Chicago Mercantile Exchange’s Bitcoin futures. The firm is in the final stages of adding support for Bitcoin forward contracts settlements, and an announcement is expected soon.

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