Susquehanna joins TP ICAP digital asset platform as market maker ahead of launch

The quantitative trading firm joins Flow Traders, Jane Street and Virtu Financial who have also agreed to provide liquidity for platform.

Quantitative trading firm Susquehanna’s digital assets subsidiary has joined TP ICAP’s Digital Asset Platform as a market maker ahead of its upcoming launch later this year.

The firm will provide liquidity for the platform which will feature a wholesale electronic over the counter (OTC) marketplace for spot crypto asset trading including in Bitcoin and Ethereum.

“There is substantial institutional interest in the space, and thus a need for institutional-grade liquidity,” said Ben Hessels at Susquehanna Digital Assets.

“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 platform will also offer post-trade infrastructure to enable straight through processing (STP).

It has gained the support of several market makers already in preparation for its launch into market including Virtu Financial, Flow Traders and Janes Street as it awaits registration by the UK’s Financial Conduct Authority.

“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,” said Simon Forster, co-head of digital assets at TP ICAP.

“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.”