Fusion Digital Assets – TP ICAP’s wholesale marketplace for spot cryptoassets – is now live and has successfully completed its first XBTUSD pairs trade with the associated settlement processed by Fidelity Digital Assets℠
GMEX Technologies (“GMEX”), a subsidiary of GMEX Group, a leader in digital business and technology solutions for capital markets players, exchanges and post-trade market infrastructure, today announced that TP ICAP, the world’s largest interdealer broker, has gone live with its Fusion Digital Assets wholesale cryptoasset exchange, powered by GMEX trading and post trade technology.
Fusion Digital Assets is a trading venue for institutional market participants only. It successfully registered as a cryptoasset exchange provider with the UK’s Financial Conduct Authority (FCA) in November 2022. The venue is distinctive because its segregated operational structure aligns with traditional financial markets rather than cryptoasset markets seen to date. This means that independent providers perform specific, segregated roles that cover trade execution, custody, and settlement. The venue features an electronic marketplace for spot cryptoasset trading, starting initially with Bitcoin and Ethereum.
The platform utilises the GMEX advanced exchange trading and market surveillance solutions and key components of the GMEX Fusion digital technology suite, which is deployed and trusted by multiple international regulated financial institutions.
In addition to the TP ICAP cryptoasset trading platform, with its integral high performance matching engine, GMEX is providing a new post trade platform connecting multiple digital asset custodians – such as Fidelity Digital Assets℠ – to facilitate credit checking, netting and settlement for all trading activity.
Duncan Trenholme, Co-Head of Digital Assets at TP ICAP, said: “Institutional demand to trade spot cryptoassets is significant and growing. Our partnership with GMEX, and resultant new Fusion Digital Assets platform, is a natural evolution in market structure that will make digital assets more accessible for wholesale market clients who want to be able to trade, invest and safely access this growing area of the market.”
Hirander Misra, CEO of GMEX Group and Chairman of GMEX Technologies, commented: “We are delighted to be working with TP ICAP and their partners on this exciting digital assets collaboration and look forward to continued traction and success for this great initiative.” He added, “This will lay strong foundations for the digital assets sector as the platform meets the increasing demand from institutional customers to access liquidity and trade spot cryptoassets, with the security that is provided by institutional grade prefunding and settlement by multiple custodians which is enabled by credible regulations.”
Simon Forster, Co-Head of Digital Assets at TP ICAP, added: “We are excited to be live with Fusion Digital Assets, a solution we believe the market needs. The venue provides the fundamental operational structure and governing principles that clients recognise and expect, but which have been largely missing from the market until now. Combining independent and segregated custody with an FCA-registered cryptoasset exchange helps to shape the future of cryptoasset market infrastructure. Add TP ICAPs liquidity and distribution capabilities and we are uniquely positioned to service clients’ needs. The first live trade is another milestone for our business, and we look forward to enhancing product functionality from here.”
