TP ICAP, the world’s largest inter‑dealer broker and a leading provider of financial markets infrastructure and data, today announces the next major milestone for its spot cryptoasset exchange, Fusion Digital Assets.
The platform will transition to a Matched Principal model in March 2026, enhancing capital efficiency, operational flexibility, and scalability for institutional clients. This proven model is already operated by TP ICAP across global markets, processing over $200 trillion notional in 2025.
Under the Matched Principal model, TP ICAP will act as an intermediary between buyers and sellers, standing as the counterparty to both sides of each trade. The benefits for clients include:
- Every trade is backed by TP ICAP’s investment‑grade credit rating, mitigating counterparty risk.
- Without the need to pre‑fund trading, clients can trade first and settle later, improving capital efficiency.
- TP ICAP acts as clients’ counterparty for settlement, reducing risk.
- Settlement occurs off‑exchange, separating execution from settlement, and custody agnostic, with clients free to deliver from their custodian of choice.
- Multi-lateral netting: Improving operational efficiency and reducing settlement cost and risks for market participants
Simon Forster, Managing Director, Global co-Head of Digital Assets said: “This marks a transformational step in Fusion Digital Asset’s development. It reflects our commitment to delivering trusted, efficient market infrastructure for the digital asset ecosystem.”
“This proven model is familiar to institutional clients, delivered by a counterparty they trust. It fills a critical gap in the crypto landscape by improving efficiency, reducing risk, and creating a flexible, institution‑ready framework for trading.”
Future developments
This new approach will enable Fusion Digital Assets to rapidly expand its universe of tradeable assets, including:
- Stablecoins
- Additional major cryptoassets
- Additional fiat currencies
- A growing range of tokenised real‑world assets.
Operating hours will also expand from 23/5 to 24/5, with weekend coverage added as client demand grows.
Last year, Fusion Digital Assets, surpassed $1 billion in monthly notional traded volume across its spot Bitcoin and Ether order books, underscoring growing institutional demand for secure and reliable access to the digital asset market from wholesale venue operators.
