TP ICAP Approved By FCA To Serve Institutional Clients In The UK

Financial Conduct Authority (FCA) has approved capital markets firm TP ICAP to operate as a crypto asset exchange in the UK.

The UK’s Financial Conduct Authority (FCA) has granted capital markets firm TP ICAP permission to operate as a crypto asset exchange service provider.

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To provide clients with access to a non-custodial crypto platform for order matching and trade execution, TP ICAP has launched a new exchange under the name Fusion Digital Assets, which will utilize the firm’s digital OTC platform, Fusion. The new trading platform offered by the interdealer broker will be reserved for institutional investors.

Additionally, Fidelity Digital Assets, which provides storage and settlement services for digital assets, will be integrated into the company’s new business as well. The platform will provide access to a wide variety of Liquidity from reputable market makers all across the world. In October, the platform doubled its crypto push by adding 100 more employees to its workforce.

Duncan Trenholme, co-head of digital assets at TP ICAP Group, said the wholesale cryptocurrency market has  “lacked the credible infrastructure and assurance necessary for the firm’s traditional client base to allocate capital.”

Institutional players are familiar with the company due to its segmented approach, history of successfully operating venues, and distribution capacity, as noted by Trenholme. 

The business will be using a model with multiple custodians. For its clients, the company will work closely with a number of custodians offering interoperable segregation of custody services. Over the next few years, custodians will enter the online market based on demand and priorities.

TP ICAP Bullish On Blockchain Tech

Trenholme predicted that blockchain technology would eventually lead to the tokenization of established asset classes, notwithstanding the present cryptocurrency fall. 

He went on to say that “this will result in a more efficient, automated, and risk-mitigated trading and settlement process for financial markets.”

The fact that many people have shown their support for blockchain technology as time has progressed should not be overlooked. 

Vladimir Putin is the recent one to talk about the benefits of developing a global payment system based on blockchain technology at the Artificial Intelligence Journey 2022 international AI and machine learning conference.

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