UK Interdealer Broker TP ICAP to Trade CME’s Bitcoin Futures

UK's TP ICAP will sell Bitcoin's financial derivatives (BTC), Bloomberg announced on June 17th.

According to the report, ICAP now enables its clients to purchase or sell Bitcoin's term contracts with the Chicago Mercantile Exchange (CME). In June, stock exchange futures at Chicago Board Options Exchange will expire without plan renewal, leaving CEM alone to offer BTC futures.


TP ICAP also hopes to add impracticable term contracts for the largest cryptocurrency, and then plans to open offices in Asia and the United States. Bloomberg says the company has decided to reduce the basic business model:

"Average intermediaries have traditionally relied on bank transaction processing, but their volume shrank after the financial crisis. Last year, the KPIS ICAP's 36% loss of market value was abolished. Since then, it has recovered from around 10% to 1.6 billion pounds ($ 2 billion). "

The report also states that users must comply with the "Know Your Customer" and "Anti-Laundering" regulations for accessing Bitcoin through company services. Also, TP ICAP believes that other digital assets, such as altcoins and tokens, are real property. Bloomberg quotes Duncan of Trenkoma, the digital property market leader, who illustrates the company's interest in the sector:

"We want to be close to what's happening in this new asset class because we consider it important to invest in the early stages of the growing market. [...] TP ICAP also understands that this technology can disrupt or affect other classes of assets we are currently doing So we think it's important to be informed. "

According to the company's financial results for 2018, TP ICAP posted sales of 1,763 billion pounds ($ 2.219 billion) last year.


As Cointelegraph reported earlier that day, Bitcoin exceeded one million active addresses by June 14, according to Blockchain's statistics, CoinMetrics.

Earlier this week, JPMorgan Chase wrote in a report that the bitcoin industry had changed significantly since 2017, citing an increase in institutional interest.

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