Standard Chartered has been appointed as digital asset custodian and settlement agent for TP ICAP’s Fusion Digital Assets platform, marking a significant operational step forward from the two firms’ initial collaboration announced in October 2024.
That earlier announcement established connectivity between the two businesses, allowing Standard Chartered custody clients to access Fusion Digital Assets for trading and vice versa. Today’s appointment goes further: Standard Chartered will now underpin TP ICAP’s own settlement infrastructure, enabling TP ICAP to settle cryptocurrency and other blockchain-based assets through its own accounts for the first time.
The timing is directly linked to Fusion Digital Assets’ transition to a matched principal model, announced last month. Under that model, TP ICAP stands as counterparty to both sides of each trade, requiring robust custody and settlement infrastructure of its own. Clients benefit from trading without prefunding requirements, with settlement occurring post execution. Multilateral netting across offsetting positions further reduces the gross volume that needs to settle, improving operational efficiency. The arrangement is custody agnostic on the client side, meaning counterparties can deliver from their own custodian of choice rather than being required to use Standard Chartered.
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