TP ICAP is changing how its institutional crypto exchange handles trades, moving to a model that puts the London-based broker in the middle of every transaction, a structure already well-established in its traditional markets operations. The company said this week that Fusion Digital Assets will switch to a so-called matched principal model in March, under which TP ICAP stands as counterparty to both sides of each trade. The change eliminates the need for clients to pre-fund their positions: institutions will be able to trade first and settle afterward, freeing up capital that would otherwise sit idle waiting for a ... (full story)