TP ICAP registers as cryptoasset exchange provider in the UK

December 1, 2022 – TP ICAP, a provider of market infrastructure, announced that Fusion Digital Assets – its wholesale marketplace for spot cryptoassets – has successfully registered as a cryptoasset exchange provider with the UK’s Financial Conduct Authority (FCA).

The trading venue, which is for institutional market participants only, will be operated by Tullett Prebon (Europe) Limited. The platform combines three integrated elements:

• Fusion, TP ICAP’s proprietary OTC electronic platform, providing clients with a non-custodial cryptoasset exchange for order matching and trade execution; • Fidelity Digital AssetsSM, a custodian, providing independent safe keeping of clients’ inventories and settlement services through a segregated model; and • Diversified Liquidity, anonymously aggregating streaming liquidity from the world’s leading market makers and uncorrelated liquidity from across TP ICAPs global client base.

The platform therefore combines TP ICAP’s expertise in operating venues and organising execution, with Fidelity Digital AssetsSM custodial capabilities, and liquidity from proven market makers. In addition, Fusion Digital Assets will leverage the extensive distribution capabilities of the TP ICAP Group.

Duncan Trenholme, Co-Head of Digital Assets at TP ICAP Group, said: “Despite growing demand from our traditional client base, until now the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for them to allocate capital. Fusion Digital Assets addresses this need. Its distinct attributes – namely a segregated model, TP ICAP’s track record of operating venues, and our means to distribute – are well recognised and trusted by institutional market participants.

“Over time, we believe blockchain will lead to the tokenisation of traditional asset classes. This will result in a more efficient, automated, and risk-mitigated trading and settlement process for financial markets. Fusion Digital Assets positions us well to grasp the opportunities that this change will bring.”

Fusion Digital Assets remains committed to supporting a multi-custody model. The team is working closely with several custodians to provide segregated interoperable custody services to TP ICAP’s client base. These custodians are scheduled to come online over the coming years, in line with client demand and prioritisation.