StoneX Markets LLC (the “Company”), a subsidiary of StoneX Group Inc. (“StoneX”), a leading provider of execution, post-trade settlement, clearing and custody services across asset classes and markets worldwide, today announced that it successfully executed and settled its first cash-settled BTC/USD swap. The counterparty to the trade was one of StoneX’s institutional FX clients, Liquidity Solutions Global, the London-based subsidiary of DriveWealth Holdings and a liquidity provider to multiple cryptocurrency venues.
The Company’s institutional FX division made USD cash-settled crypto swaps available for trading to institutional FX clients earlier this month. This new offering compliments the Company’s traditional institutional FX products, including more than 40 currency trading pairs across major and emerging market currencies, forwards, non-deliverable forwards, and options.
Eric Donovan, Global Head of Institutional FX, stated, “As with any other asset class, investors need to connect to digital assets markets through a trusted partner who can secure best execution and meet their compliance and custody needs. Cash-settled swaps allow our clients to access the market movement of underlying digital assets without taking physical custody. As a result, many regulated institutions are looking to the swaps market as a cost-effective way to gain access to crypto price exposure without the regulatory burden, cost, and additional risks traditionally associated with spot crypto ownership.”
StoneX is a long-time trusted provider of execution, post-trade settlement, clearing and custody services to 52,000 commercial, institutional, and global payments clients, and 370,000 active retail accounts through its Forex.com & City Index brands. StoneX specializes in providing market access and liquidity in all major asset classes across the globe and is positioned to become an important participant in digital asset markets. StoneX plans to rollout additional crypto products and services to both institutional and retail clients over the next year.
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