TP ICAP launches digital asset ETPs for European traders

TP ICAP launches digital asset ETPs for European traders

Europe has seen an influx of crypto-related ETPs the past year, with top investment firms like WisdomTree, 21Shares, and VanEck listing their investment vehicles one after another.

Now, TP ICAP, one of the world’s leading inter-dealer brokers (IDBs), announced on Monday that it has launched cryptocurrency ETPs for European clients. It has already carried out its first crypto-asset equity instruments trade with financial giant Goldman Sachs.

TP ICAP is the largest inter-dealer broker by revenue that mediates trading between hedge funds, investment banks, and major financial institutions. The firm launched its digital assets business in 2019 and started offering liquidity to its clients on CME crypto products thereafter.

Per the announcement, the IDB traded the ETC Group Physical Bitcoin, a physically-backed equity instrument traded on Xetra, outright and against the CME Bitcoin Future. ETP market makers DRW, Flow Traders and Jane Street provided liquidity.

With the product launching in Europe, TP ICAP now plans to offer similar investment opportunities in the United States. Simon Forster, Co-Head of TP ICAP Digital Assets, said:

“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.”

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