StoneX Markets 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. StoneX Group is a provider of execution, post-trade settlement, clearing and custody services across asset classes and markets worldwide.
Its 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, said in a statement: “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.”