Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. BC Technology Group Limited
  6. News
  7. Summary
    863   KYG1106B1095

BC TECHNOLOGY GROUP LIMITED

(863)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Exclusive: TP ICAP to launch crypto trading platform with Fidelity, Standard Chartered

06/29/2021 | 04:00am EST
FILE PHOTO: Representations of virtual currency bitcoin are seen through broken glass in this illustration

LONDON (Reuters) - TP ICAP, the world's biggest interdealer broker, is launching a cryptocurrency trading platform with Fidelity Investments and Standard Chartered's digital assets custody unit, the consortium said on Tuesday.

Institutional investors have warmed to the crypto sector this year and the platform, which is due to launch in the second half of the year, will initially allow them to trade bitcoin, with second-largest token ether to be added later.

TP ICAP, along with Fidelity Digital Assets and Zodia Custody, launched by the venture capital arm of Standard Chartered and Northern Trust in December, is seeking to make crypto trading akin to that of traditional assets like stocks, bonds and foreign exchange.

The platform will offer post-trade infrastructure with a network of digital asset custodians, the consortium said in a statement, and separate execution and settlement, something widely seen as key to greater involvement of larger risk-averse investors in the emerging crypto market.

At present, crypto execution and custody services are usually rolled up in one venue, increasing credit risks. Amsterdam-based Flow Traders will provide liquidity to the platform.

TP ICAP has broadened its footprint in global capital markets by offering new data and analytics services and rolling out new products.

Dedicated crypto funds have seen record flows this year but major banks offering access must balance growing interest with the compliance headaches long associated with the cryptocurrency sector and increasing scrutiny by regulators.

Still, the move is the latest endorsement of the sector by Standard Chartered, whose venture capital unit said earlier this month it will set up a separate crypto brokerage and exchange platform in Britain and Europe, with Hong Kong's BC Technology Group.

"Investor interest in this new asset class has exploded dramatically in the last six to eight months," Duncan Trenholme, co-head of digital assets at TP ICAP, told Reuters. "In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently."

TP ICAP launched bitcoin futures and options on CME in 2019 and now plans to launch other derivative products including total return swaps and non-deliverable forwards.

The platform is awaiting approval by Britain's financial regulator. Neither Standard Chartered nor Fidelity Investments have invested in the platform, TP ICAP said.

(This story is refiled to add dropped letters to name in headline, 9th and 11th paragraphs)

(Reporting by Saikat Chatterjee and Tom Wilson; Editing by Rachel Armstrong and Kirsten Donovan)

By Saikat Chatterjee and Tom Wilson


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BC TECHNOLOGY GROUP LIMITED -2.50% 10.9 End-of-day quote.-39.38%
FLOW TRADERS N.V. -0.72% 30.38 Real-time Quote.13.08%
NORTHERN TRUST CORPORATION -1.70% 116.66 Delayed Quote.27.42%
STANDARD CHARTERED PLC -0.51% 425.9 Delayed Quote.-8.11%
All news about BC TECHNOLOGY GROUP LIMITED
12/01BC TECHNOLOGY : OSL Hires Merrill Lynch and RBS Vet Jeff Howard as Head of North America B..
PU
11/30BC TECHNOLOGY : Monthly Investor Update
PU
11/17BC TECHNOLOGY : OSL SaaS Trading Volumes up 413% in Three Months, Exchange Platform Daily ..
PU
11/01Monthly Investor Update
PU
10/19BC TECHNOLOGY : OSL Exchange Expands Access to Latin American Customers
PU
09/30BC TECHNOLOGY : Monthly Investor Update
PU
09/28BC TECHNOLOGY : Denies Cryptocurrency Involvement after Receiving Notice From China's Cent..
MT
09/24BC TECHNOLOGY : Interim report
PU
09/01BC TECHNOLOGY : Monthly Investor Update
PU
08/17BC Technology Group Limited Announces Revenues Results for the First Half Year of 2021
CI
More news
Financials
Sales 2021 312 M 49,0 M 49,0 M
Net income 2021 - - -
Net cash 2021 516 M 80,9 M 80,9 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 3 773 M 592 M 592 M
EV / Sales 2021 10,4x
EV / Sales 2022 6,38x
Nbr of Employees 186
Free-Float 50,0%
Chart BC TECHNOLOGY GROUP LIMITED
Duration : Period :
BC Technology Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BC TECHNOLOGY GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 8,92 CNY
Average target price 17,68 CNY
Spread / Average Target 98,3%
Managers and Directors
Hugh Douglas Madden Chief Executive Officer & Executive Director
Steve Zhang Group Financial Officer
Usman Ahmad Group Chief Information Officer
Marc Newman Group Chief Information Security Officer
Antoine Cote Group Chief Technology Officer
Sector and Competitors