Institutional market structure takes shape in digital assets

Every major asset class follows a familiar path as it matures. Trading begins bilaterally, relationships are fragmented, settlement is bespoke and capital allocation proceeds inefficiently. Over time, professional liquidity concentrates around regulated, wholesale venues, intermediaries bring together buyers and sellers and post-trade processes become standardized, netted and predictable.

Crypto is now entering that phase, and it’s setting the foundation for an exciting new class of tokenized financial markets.

With a history dating back to 1866, TP ICAP is the world’s largest interdealer broker and a central part of wholesale market infrastructure across rates, FX, credit,…