A major London broker is now moving into Bitcoin after losing 36% of its market value in a day’s trading in 2018.
The company, a division of the world’s biggest interdealer broker TP ICAP has been wooed by the advantages of trading in Bitcoin and has become an intermediary to those wanting to trade in Bitcoin futures as well as planning to add non-deliverable forwards tied to the digital asset.
The 36% loss of the company’s market value over 24 hours of trading was enough to provoke the London brokerage to look for another way of doing business, and the derivatives market clearly looked like an option. Simon Forster, overseeing TP ICAP’s move into crypto, thinks that now is the time to make the move:
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market… TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”
Although London has been chosen for its launch into Bitcoin futures support for its customers the company has plans to expand services to the US and in Asia. From next week, Chicago Mercantile Exchange (CME) will be the only US regulated platform issuing bitcoin futures, but TP ICAP has said that it will be trading cash-settled contracts shopped on that platform.
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