Hudson River Trading joins TP ICAP’s digital asset platform as market maker

Susquehanna, Jane Street, Virtu Financial and Flow Traders have also agreed to provide liquidity for the platform.

Interdealer broker, TP ICAP, has added Hudson River Trading to its Digital Assets Spot platform as a market maker ahead of its launch later this year.

TP ICAP’s platform – once given regulatory approval by the UK’s Financial Conduct Authority (FCA) – will feature a wholesale electronic over the counter (OTC) marketplace for spot crypto asset trading including in Bitcoin and Ethereum. It will also include post-trade infrastructure providing straight through processing (STP) and payment netting services for settlement of trades across a network of digital asset custodians.

The quantitative trading firm joins Flow Traders, Virtu Financial, Jane Street, and Susquehanna which joined most recently in January earlier this year, who will also act as liquidity providers to the platform when it launches.

“With its vast network of high-quality liquidity providers, expertise, and commitment to the digital asset space, TP ICAP is an ideal partner for Hudson River Trading,” said Brad Vopni, head of Digital Assets at Hudson River Trading.

“As an active participant in the crypto markets since 2017, we have witnessed a number of major milestones that have helped pave the way for greater institutional adoption of crypto. Together, we will provide a new set of investors with the ability to gain access to this rapidly evolving asset class on a familiar institutional-grade platform.”

TP ICAP confirmed plans to launch a digital assets spot trading marketplace in June last year in collaboration with Fidelity Digital Assets, Flow Traders and Zodia Custody expanding on its existing digital assets business which it launched in 2019.

“We have long admired the work of Hudson River Trading in the market and its commitment to this new asset class, and alongside the numerous market makers already confirmed, highlights the strength, and promise of our Digital Assets Platform,” said Simon Forster, co-head of Digital Assets at TP ICAP.

“The year has begun with heightened interest in digital assets, and we are looking forward to capitalising on our position as an independent broker with a market leading platform to support the growth of this asset class with institutional investors and traders.”