Markets infrastructure and data solutions provider TP ICAP (LON:TCAP) has announced that it has added another major market maker, Susquehanna, to its Digital Assets Spot platform, due to launch this year.
Susquehanna Digital Assets, LLC is a member of The Susquehanna International Group of Companies, and is a global quantitative trading firm built on a rigorous, analytical foundation with deep experience in the traditional financial markets. One of the largest proprietary global quantitative trading firms in the world, Susquehanna was an early entrant to the cryptocurrency market. The company handles millions of transactions on exchanges around the world every day.
The addition of Susquehanna to the TP ICAP crypto platform follows that of Flow Traders, Jane Street and Virtu Financial, and will provide further liquidity and ensure competitive prices for buyers and sellers.
TP ICAP’s new Digital Assets Platform, which remains subject to registration with the UK Financial Conduct Authority, will feature a wholesale electronic Over The Counter (OTC) marketplace for spot crypto asset trading, including Bitcoin and Ethereum. The platform will also include post-trade infrastructure that provides straight through processing (STP) and payment netting services for executed trades into a network of digital asset custodians.
Simon Forster, Co-Head of Digital Assets at TP ICAP, said:
“It’s great news to be welcoming another highly regarded liquidity provider to the platform, adding greater liquidity and bringing deep expertise for our global network of clients. As interest grows in Digital Assets from institutional investors and traders, partnerships of this calibre, in addition to our position as independent broker, means that we are well placed to guide new entrants to the market and support the growth of this exciting asset class.”
Ben Hessels, at Susquehanna Digital Assets, LLC, said:
“Susquehanna is thrilled to work alongside TP ICAP as we look towards the launch of this new digital asset platform. There is substantial institutional interest in the space, and thus a need for institutional-grade liquidity. Susquehanna has long been a liquidity provider in the digital asset spot markets, as well as various futures and derivative markets as they have come online. This TP ICAP – Susquehanna partnership marries the infrastructure and connectivity that investors demand with the liquidity they need.“
TP ICAP’s Digital Assets business was launched in 2019 and is led by Duncan Trenholme and Simon Forster.