Future Finance
TP ICAP Enters the Crypto Business to Trade Bitcoin Derivatives
- Opening volley to be cash-settled futures contracts on the CME
- Venture to be based in London with desks planned in Asia, U.S.
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Facing a slowdown in its core brokerage business, TP ICAP Plc has joined the handful of traditional finance firms opening the door to Bitcoin.
The ICAP unit of the world’s biggest interdealer broker is now acting as an intermediary between customers wanting to buy or sell Bitcoin futures. The firm’s new venture, which is run from London by Simon Forster and Duncan Trenholme, expects to add non-deliverable forwards tied to the largest cryptocurrency and then plans to open desks in Asia and the U.S.