Wintermute Asia Executes Inaugural Options Block Trade via CME

by Tareq Sikder
  • The clearing of the BTC/USD block trade, brokered between Wintermute Asia and TP ICAP, was carried out by ABN AMRO Clearing Bank N.V.
  • The firm offers vanilla options in BTC, ETH, and altcoins, which expire between 1 day and 6 months.
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Wintermute Asia Pte. Ltd, the digital asset derivatives trading arm of the Wintermute Group, an algorithmic trading firm in the digital assets space, has executed its first options block trade through CME Group. The BTC/USD block trade, facilitated between Wintermute Asia and TP ICAP, was successfully cleared by ABN AMRO Clearing Bank N.V.

Wintermute Asia Expands Derivatives Offerings

As institutional demand for secure and alternative methods to gain exposure to digital assets continues to rise, Wintermute Asia has been enhancing its derivatives product offerings. The integration with CME Group represents a step in this direction. Currently, Wintermute Asia provides vanilla options in BTC, ETH, and a range of altcoins, which expire between 1 day and 6 months. The platform also offers exotic options.

Evgeny Gaevoy
Evgeny Gaevoy, CEO, Wintermute Group, Source: LinkedIn

Evgeny Gaevoy, the CEO of the Wintermute Group, commented: “Wintermute Asia is excited to offer a range of OTC derivatives solutions to our counterparties that can accommodate all of their trading needs. Our growing suite of derivative instruments allows investors to easily hedge and manage risks, generate yield, and gain synthetic exposure to the underlying digital assets.”

“An increasing number of institutional leaders are actively broadening their portfolios by extending their presence within the digital asset sector and Wintermute is well positioned to play an active role in facilitating trading activity. Our integration with CME reflects the growing importance of established exchanges in digital markets, and we are excited to partner with them.”

Sam Newman
Sam Newman, Digital Assets Head of Broking, TP ICAP, Source: LinkedIn

Giovanni Vicioso, the Global Head of Cryptocurrency Products at CME Group, commented on the partnership with Wintermute Asia: "We are pleased to provide Wintermute and its counterparties with access to our highly liquid, regulated suite of benchmark cryptocurrency futures and options on bitcoin and ether."

Sam Newman, the Digital Assets Head of Broking at TP ICAP, commented about collaborating with Wintermute as another participant in block trading CME Group cryptocurrency products. He conveyed that TP ICAP has been delivering digital assets broking services since 2020, leading in price discovery and liquidity through global coverage on regulated exchanges. Newman finds it fantastic to witness crypto-native firms like Wintermute accessing traditional products and services, solidifying the belief that the maturation of this market is gaining momentum.

CME Group's BrokerTec Stream Upgrade

Finance Magnates reported earlier that CME Group had announced plans to upgrade its BrokerTec Stream from version 1.5 to 2.0 on June 4, 2023, aiming to deliver better performance and minimal latency for clients. The upgraded platform, which offers a price streaming service for US Treasuries, will introduce features such as sweepable matching and firm price improvements. This enhancement follows the launch of a new trading platform by BrokerTec Americas LLC, a registered broker-dealer, offering faster market data and improved processing times.

The CME Group's notice additionally outlines additional plans, including the integration of CME STP to support BrokerTec Stream 2.0 and the launch of CME STP FIX, both with enhancements for trade capture reports and party roles. These updates are scheduled for the same day as the BrokerTec Stream 2.0 upgrade.

Wintermute Asia Pte. Ltd, the digital asset derivatives trading arm of the Wintermute Group, an algorithmic trading firm in the digital assets space, has executed its first options block trade through CME Group. The BTC/USD block trade, facilitated between Wintermute Asia and TP ICAP, was successfully cleared by ABN AMRO Clearing Bank N.V.

Wintermute Asia Expands Derivatives Offerings

As institutional demand for secure and alternative methods to gain exposure to digital assets continues to rise, Wintermute Asia has been enhancing its derivatives product offerings. The integration with CME Group represents a step in this direction. Currently, Wintermute Asia provides vanilla options in BTC, ETH, and a range of altcoins, which expire between 1 day and 6 months. The platform also offers exotic options.

Evgeny Gaevoy
Evgeny Gaevoy, CEO, Wintermute Group, Source: LinkedIn

Evgeny Gaevoy, the CEO of the Wintermute Group, commented: “Wintermute Asia is excited to offer a range of OTC derivatives solutions to our counterparties that can accommodate all of their trading needs. Our growing suite of derivative instruments allows investors to easily hedge and manage risks, generate yield, and gain synthetic exposure to the underlying digital assets.”

“An increasing number of institutional leaders are actively broadening their portfolios by extending their presence within the digital asset sector and Wintermute is well positioned to play an active role in facilitating trading activity. Our integration with CME reflects the growing importance of established exchanges in digital markets, and we are excited to partner with them.”

Sam Newman
Sam Newman, Digital Assets Head of Broking, TP ICAP, Source: LinkedIn

Giovanni Vicioso, the Global Head of Cryptocurrency Products at CME Group, commented on the partnership with Wintermute Asia: "We are pleased to provide Wintermute and its counterparties with access to our highly liquid, regulated suite of benchmark cryptocurrency futures and options on bitcoin and ether."

Sam Newman, the Digital Assets Head of Broking at TP ICAP, commented about collaborating with Wintermute as another participant in block trading CME Group cryptocurrency products. He conveyed that TP ICAP has been delivering digital assets broking services since 2020, leading in price discovery and liquidity through global coverage on regulated exchanges. Newman finds it fantastic to witness crypto-native firms like Wintermute accessing traditional products and services, solidifying the belief that the maturation of this market is gaining momentum.

CME Group's BrokerTec Stream Upgrade

Finance Magnates reported earlier that CME Group had announced plans to upgrade its BrokerTec Stream from version 1.5 to 2.0 on June 4, 2023, aiming to deliver better performance and minimal latency for clients. The upgraded platform, which offers a price streaming service for US Treasuries, will introduce features such as sweepable matching and firm price improvements. This enhancement follows the launch of a new trading platform by BrokerTec Americas LLC, a registered broker-dealer, offering faster market data and improved processing times.

The CME Group's notice additionally outlines additional plans, including the integration of CME STP to support BrokerTec Stream 2.0 and the launch of CME STP FIX, both with enhancements for trade capture reports and party roles. These updates are scheduled for the same day as the BrokerTec Stream 2.0 upgrade.

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