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<ul class="summary-list"><li><keyword id="11917395" type="UNKNOWN" weightage="60" keywordseo="working-from-home" source="Orion">Working from home</keyword> hampers risk-taking and has led to "uncommonly quiet" <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, said <keyword id="12046886" type="UNKNOWN" weightage="60" keywordseo="tp-icap" source="Orion">TP ICAP</keyword>. </li><li>The interdealer broker blamed its declining revenue in the first half of 2021 partially on closed offices. </li><li>"When asset managers come back to the office and start taking more views on the markets and on their funds, then that translates into more dealer activity," the firm's strategy head told Bloomberg. </li></ul>Working from home hampers risk-taking and has led to "uncommonly quiet" markets, said the world's largest interdealer broker. <a href="https://markets.businessinsider.com/stocks/tcapf-stock">TP ICAP</a> said in its <a href="https://tpicap.com/tpicap/sites/g/files/escbpb106/files/2021-09/TP%20ICAP%20-%202021%20H1%20Interim%20Results_0.pdf">interim results</a> that revenue slid in the first half of 2021 in part because traders were working from home and "effectively having to limit their risk appetites." The London-based company's revenue declined 5% on a reported basis.TP ICAP also said it experienced subdued wholesale trading activity across most financial asset classes. However, it anticipates that market activity may pick up as clients return to the office. "Government and central bank stimulus packages in response to COVID have flattened yields slowing activity in the secondary markets," the company said. "Additionally, the pandemic has forced many of our clients to work remotely with reduced risk limits. With TP ICAP's revenues driven by transaction volumes, these factors have therefore had an adverse impact on our financial results for the six months." "The traders that generally would be taking more risk have not been really able to take as much risk," Joanna Nader, TP ICAP's global head of strategy, told Bloomberg. "They're working from home, it's not as easy to supervise them -- and so banks have generally taken the view that they want them to have lower risk limits."TP ICAP has told its brokers to come back to the office full time in places where it's safe to do so, according to Bloomberg. <a href="https://bi.slack.com/archives/G01FJMJTP3J/p1631018461002300"></a>"Hopefully, when people start returning to the office we start to have a more normal type of environment," said Nader. "When asset managers come back to the office and start taking more views on the markets and on their funds, then that translates into more dealer activity." TP ICAP stock slid 8.41% to $180 a share on Tuesday.

Working from home hurts risk-taking and has led to 'uncommonly quiet' markets, says the world's largest interdealer broker

<ul class="summary-list"><li><keyword id="4966954" type="PERSON" weightage="60" keywordseo="tp-icap">TP ICAP</keyword> is launching a crypto exchange aimed at big players such as hedge funds and investment banks.</li><li>The major financial broker has teamed up with <keyword id="6405604" type="ORGANIZATION" weightage="60" keywordseo="fidelity">Fidelity</keyword> and Standard Chartered-backed Zodia Custody.</li><li>It is a sign that institutional interest in bitcoin and crypto is sticking, despite the fall in prices.</li></ul>Market infrastructure company TP ICAP is launching a cryptocurrency exchange aimed at investment banks, hedge funds and other financial institutions, in a sign that big players are still keen on digital assets despite the recent plunge in prices.<keyword id="11535870" type="COMPANY" weightage="60" keywordseo="fidelity-digital-assets">Fidelity Digital Assets</keyword> and Zodia Custody, which was launched by <keyword id="6356454" type="UNKNOWN" weightage="60" keywordseo="Standard-Chartered">Standard Chartered</keyword>, have also backed the project and will provide custody services, the companies <a href="https://tpicap.com/tpicap/media/press-releases/2021/tp-icap-launch-cryptoasset-trading-platform-collaboration-fidelity">said</a> Tuesday."Client demand to trade spot crypto assets is significant and growing," said Simon Forster, co-head of digital assets at TP ICAP, cited in the companies' announcement. "But to date many of our clients have been prevented from accessing crypto asset <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> due to current limitations in market infrastructure."It is a sign that major players in financial markets remain interested in crypto assets, despite <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">bitcoin's slide</a> from close to $65,000 in May to around $35,660 on Tuesday.Institutional investors are put off by the design of <keyword id="6422582" type="UNKNOWN" weightage="60" keywordseo="Crypto-Exchanges">crypto exchanges</keyword> where trading and storage are done in the same place, TP ICAP said.It hopes its new crypto-trading platform will appeal to big players by giving them access to liquid trading in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> and other crypto tokens, as well as storage for their assets at separate custodians.TP ICAP, a global company that facilitates transactions between financial institutions, said the trading platform will be made available to its customers around the world. It will aim to provide the market standards and trading infrastructure viewed as a minimum in traditional markets, it said.Fidelity sees the joint effort as key to bringing more big players on board with crypto assets. "Collaborating with industry leaders like TP ICAP to bring to market innovative solutions that strengthen the digital assets ecosystem is critical to enabling even more institutional participation," said Chris Tyrer, head of Fidelity Digital Assets in Europe.The new platform has already started to onboard customers, but its operation is subject to approval by the Financial Conduct Authority in the UK, where TP ICAP is based.

TP ICAP and Fidelity are launching a crypto exchange for big players - a sign that institutional interest is sticking

<ul class="summary-list"><li>Legendary investor <keyword id="101566" type="PERSON" weightage="60" keywordseo="George-Soros">George Soros</keyword>' fund is to start trading <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, according to a report.</li><li><keyword id="193476" type="CITY" weightage="60" keywordseo="Soros-Fund-Management">Soros Fund Management</keyword>, thought to manage around $27 billion, started looking at bitcoin in 2018.</li><li>It would be the latest major fund to invest in bitcoin, which boomed in early 2021 but tumbled in May.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>The investment firm of hedge fund legend George Soros is actively trading bitcoin, after its chief investment officer Dawn Fitzpatrick gave the green light to get involved with digital currencies, <a href="https://www.thestreet.com/crypto/news/soros-fund-management-is-trading-bitcoin">The Street</a> reported on Wednesday.Soros Fund Management has been looking at investing in <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> <a href="https://www.bloomberg.com/news/articles/2018-04-06/george-soros-prepares-to-trade-cryptocurrencies-as-prices-plunge">since 2018</a>. In recent months, a number of hedge and investment funds have been drawn to the market, which was worth <a href="https://markets.businessinsider.com/currencies/news/crypto-market-cap-bitcoin-doubles-to-2-trillion-rally-surges-2021-4-1030274638">over $2 trillion</a> before the latest plunge in prices.Fitzpatrick, the chief investment officer at Soros Fund Management, approved traders to prepare to trade bitcoin in recent weeks, people familiar with the matter told The Street.She <a href="https://www.bloomberg.com/news/articles/2021-03-25/soros-chief-fitzpatrick-casts-off-safe-label-with-30-return">told Bloomberg</a> in March that a fear that governments and central banks were debasing fiat currencies was driving demand for bitcoin. Fitzpatrick said she viewed bitcoin more as a commodity than as a currency.Soros Fund Management has previously made investments in crypto infrastructure. The firm was once a hedge fund but is now structured as a family office, and manages around $27 billion, Bloomberg said in March.It was one of a handful of firms that backed New York Digital Investment Group in a <a href="https://www.prnewswire.com/news-releases/nydig-raises-200-million-from-strategic-partners-301242128.html">$200 million</a> funding round, alongside Morgan Stanley and others.Bitcoin bull and tech investor Anthony Pompliano said <a href="https://twitter.com/APompliano/status/1410307069383749635?s=20">on Twitter</a> that Soros' investment could be "positive or negative depending on how they trade it."George Soros came to worldwide prominence in the 1990s by betting against the British pound, giving him a reputation as the man who broke the Bank of England.Soros Fund Management is only the latest major fund to get involved in cryptocurrencies. <a href="https://markets.businessinsider.com/currencies/news/bitcoin-outlook-substantially-higher-paul-tudor-jones-cryptocurrencies-adoption-globally-2020-12-1029865516">Paul Tudor Jones</a> was an early mover, while $14 billion fund <a href="https://markets.businessinsider.com/currencies/news/brevan-howard-crypto-hedge-fund-set-to-invest-bitcoin-2021-4-1030312070">Brevan Howard</a> moved into the space in April. <keyword id="370757" type="PERSON" weightage="60" keywordseo="Steve-Cohen">Steve Cohen</keyword>'s $22 billion fund Point72 is now seeking to hire a head of cryptocurrencies, <a href="https://www.thestreet.com/crypto/news/steve-cohens-point72-hiring-crypto-head">The Street reported</a>.Earlier this week, interdealer broker TP ICAP announced it would be <a href="https://markets.businessinsider.com/currencies/news/tp-icap-fidelity-crypto-exchange-bitcoin-ether-institutional-interest-2021-6-1030562309">setting up a crypto-trading platform</a> aimed at hedge funds, investment banks and other institutions.Insider was unable to contact Soros Fund Management, but the firm declined to comment to Bloomberg and other outlets, they reported.

Legendary investor George Soros is trading bitcoin after eyeing digital tokens for years, report says

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.gettyimages.com/search/2/image?family=editorial&amp;p=bill+gross">Bob Riha Jr/Getty Images</a>Bill Gross, Chief Investment Officer of PIMCO during business roundtable video conference December 12, 2003, from his office in Newport Beach, California.</div></div></div><ul class="summary-list"><li>Bill Gross, once known as "the Bond King,", received a free, life-time subscription to Bloomberg terminal as his retirement gift, the Financial Times reported.</li><li>The bond titan announced his retirement from Janus Henderson in February, marking an end of his storied four-decade career of bond investing.</li></ul>Bill Gross, once known as "the Bond King", received a free, life-time subscription to Bloomberg terminal as his retirement gift, the Financial Times reported. Michael Bloomberg, the former New York major and founder of the financial data company, was involved in the offer. Gross <a href="https://markets.businessinsider.com/news/stocks/bill-gross-is-retiring-2019-2-1027920790">announced his retirement from asset manager Janus Henderson</a> at the beginning of February, marking an end of his storied four-decade career of bond investing. Prior to Janus, Gross was also the co-founder of fixed-income investment firm Pimco, where he controlled the world's once-largest bond mutual fund, the Pimco Total Return Fund. "I didn't want to lose my Bloombergs," Gross told the Financial Times in an interview. "So they contacted me and said we appreciate all our years together, so your Bloomberg are free for the rest of your life. It was a nice touch."See also: <a href="https://www.businessinsider.com/a-credit-downturn-will-pour-fuel-on-the-fire-for-underfunded-investors-2019-3">'This will end poorly': JPMorgan execs warn of an imminent reckoning as the market's biggest investors plow into another credit bubble</a>Bloomberg charges its users about $24,000 a year for a subscription to a data terminal, and the company controls around <a href="https://www.businessinsider.com/inside-symphonys-battle-to-break-into-a-28-billion-market-for-wall-street-chat-and-avoid-becoming-bloomberg-roadkill-2018-8">a third of the $28 billion global information market</a> for financial markets data, analysis and news, according to estimates from Burton-Taylor International Consulting, a TP ICAP company. See also:<ul><li><a href="https://www.businessinsider.com/barings-private-equity-arm-owns-a-company-that-negotiated-the-rights-to-7-rings-2019-3">A 257-year-old asset manager profited from Ariana Grande's hit single '7 Rings,' and it's a business Wall Street's getting excited about</a></li><li><a href="https://www.businessinsider.com/blackrock-survey-of-institutional-investors-on-technology-2019-2" data-analytics-position="3">Investment managers are touting tech buzzwords like 'big data' and 'AI' to win business. It's not working</a></li><li><a href="https://www.businessinsider.com/vanguard-hires-brent-beardsley-as-chief-strategy-officer-2019-2" data-analytics-position="5">$5.3 trillion fund giant Vanguard hired a new strategy chief, and it highlights one of the hottest new hiring areas at trillion-dollar asset managers</a></li></ul>

'Bond King' Bill Gross reportedly received a free, life-time subscription for a Bloomberg terminal

<div class="KonaFilter image-container display-table"><div><div class="image on-image">LinkedInAlap Shah, the co-founder and CEO of Sentieo, has landed a fresh $19 million round of funding.</div></div></div><ul class="summary-list"><li>Sentieo, a web and mobile-app based financial research and data platform, announced a $19 million round of funding Tuesday.</li><li>The funding round - more than <a href="https://markets.businessinsider.com/news/stocks/sentieo-announces-6m-in-first-institutional-round-of-funding-led-by-clocktower-ventures-and-long-focus-capital-1019583391">triple the amount they raised in March</a> - comes after six months of steady growth.</li><li>Sentieo is one of a number of companies trying to dislodge the stranglehold Bloomberg has on $28 billion financial data market. </li><li>The company's service is a sort of mash-up of an AI-powered search engine, Evernote, financial document repository, and traditional equity research data.</li></ul>Another challenger is gearing up to make a run at Bloomberg, the dominant player in the $28 billion financial data market. Sentieo - a web and mobile-app based platform that's a sort of mash-up of an AI-powered search engine, Evernote, financial document repository, and traditional equity research data - has uncorked a fresh $19 million round of funding, the company announced Tuesday. That's more than <a href="https://markets.businessinsider.com/news/stocks/sentieo-announces-6m-in-first-institutional-round-of-funding-led-by-clocktower-ventures-and-long-focus-capital-1019583391">triple the amount it raised in March</a>, and it brings their total funding to $30 million. The funding, a Series A round, was led by Centana Growth Partners. Sentieo declined to specify the valuation the funding was raised at.Sentieo, founded nearly three years ago by brothers Alap and Naman Shah, is among a rash of companies looking to dislodge the stranglehold Bloomberg has on providing data to bankers, traders, investors, and money managers. A single <a href="https://www.businessinsider.com/inside-symphonys-battle-to-break-into-a-28-billion-market-for-wall-street-chat-and-avoid-becoming-bloomberg-roadkill-2018-8">Bloomberg terminal costs $24,000 a year</a>, and the company controls around a third of the $28 billion global information market for financial markets data, analysis and news, according to estimates from Burton-Taylor International Consulting, a TP ICAP company. Around two-thirds of its estimated $9 billion in annual revenues comes from its terminals.Sentieo is newer to the competition than some Bloomberg challengers - such as <a href="https://www.businessinsider.com/inside-symphonys-battle-to-break-into-a-28-billion-market-for-wall-street-chat-and-avoid-becoming-bloomberg-roadkill-2018-8">financial chat company Symphony</a>, which has racked up some $300 million in funding form the likes of Goldman Sachs and JPMorgan - but the firm is quickly gathering some steam. It now has over 700 clients, up from 450 in March (a 55% increase) and more than triple what it had 18 months ago, the company said. Customers <a href="https://markets.businessinsider.com/news/stocks/sentieo-announces-6m-in-first-institutional-round-of-funding-led-by-clocktower-ventures-and-long-focus-capital-1019583391">include some of the world's top hedge funds</a>, investments banks, Fortune 500 corporations, and asset managers. "I do feel like a lot of this is the market and the stars aligning with our product and our vision around the fact that investing is becoming more and more data intensive," co-founder and CEO Alap Shah told Business Insider. "And that's been the case for a very long time, but I think over the last 18 months we've really seen another step change in how much more data is out there and how much more data is required to be processed." Shah said revenues have grown significantly in the past six month as the firm invested in product, engineering, and sales, but he declined to share revenue figures or the prices they charge customers for the service. Back in 2016, the service <a href="https://nypost.com/2016/06/26/mobile-friendly-financial-data-platform-takes-on-bloomberg/">cost between $500 and $1,000 a month,</a> but prices have gone up since then, a spokesman said. So how does Sentieo work, and how's it different from other financial data platforms?Before Sentieo was a company, it started as a tool that Shah, a former hedge-fund analyst at Viking and Citadel, and some of his friends used to streamline their own investment processes amid an ever-growing list of data sources to keep track off. In part, Sentieo serves as a souped-up financial document search engine. The company uses machine learning and natural language processing to upload and process millions of regulatory documents, research, and other financial data sources - including offerings from the <a href="https://www.businessinsider.com/alternative-data-helps-wall-street-investors-make-money-2016-11">burgeoning alternative data world</a> - and make it all searchable.How often and in what context does <a href="https://www.businessinsider.com/ibm-red-hat-largest-software-bank-fees-2018-10">IBM mention the word "acquisition"</a> in filings, presentations, or earnings transcripts in the year prior to its $34 billion buyout of software company Red Hat? That's accessible almost instantaneously through Sentieo's platform. How do analysts feel about the transaction? That type of sentiment analysis is available, too. (Note: Sentieo has provided some journalists, myself included, with free access to a no-frills version of the app to experience and test out some of the features.)<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Business Insider" title_caption="A screen shot of the Sentieo platform in action." class="zoomin" href="https://static-ssl.businessinsider.com/image/5bd855bdbeb67010a840335c-960/screen shot 2018-10-29 at 62338 pm.png"></a>Business InsiderA screen shot of the Sentieo platform in action.</div></div></div>Additionally, there are the more traditional equity-data features you'd find from Bloomberg, Thomson Reuters, or CapIQ - fundamentals, ratios, stock charts, etc. Sentieo has also built out its research management capabilities, so after finding and extracting interesting data or documents, they can be easily annotated, shared, and discussed with colleagues. Tying all of these functions together into a coherent experience has been a primary focus of the firm this year, and Shah credits their progress on this front for helping boost their customer base and client engagement. The end goal is to build out the bells and whistles so that customers can do almost anything their job requires within the Sentieo ecosystem. The company, which has a 160 employees and counting, is still a long way from accomplishing that ambitious vision - and a long way from toppling Bloomberg and other top players in the financial data arena. But the new infusion of capital will go toward building out and integrating more tools to get closer to that goal and keep customer growth humming along. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gary-shilling-warns-fed-tightening-could-trigger-recession-2018-9">The economist that predicted the housing crisis warns the Fed is engaging in behavior that's almost always caused a recession</a></h3> <div> </div> </div>

You Searched For "tp icap" and got 6 results

Working from home hurts risk-taking and has led to 'uncommonly quiet' markets, says the world's largest interdealer broker

Emily Graffeo

TP ICAP and Fidelity are launching a crypto exchange for big players - a sign that institutional interest is sticking

Harry Robertson

Legendary investor George Soros is trading bitcoin after eyeing digital tokens for years, report says

Harry Robertson

'Bond King' Bill Gross reportedly received a free, life-time subscription for a Bloomberg terminal

Madeline Shi

An ex-hedge fund analyst just landed $19 million in funding for a Bloomberg-killer as it tries to shake up a $28 billion market

Alex Morrell

Inside Symphony's battle to break into a $28 billion market for Wall Street chat - and avoid becoming Bloomberg roadkill

Oscar Williams-Grut

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