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20pc of financial firms mull cryptocurrency trading

DUBAI, May 1, 2018

Cryptocurrency trading by financial firms could increase in 2018, with approximately 20 per cent indicating they are considering trading cryptocurrency over the next 3-12 months, said a new survey from Thomson Reuters.

The survey was conducted among 400+ clients across all of Thomson Reuters trading solutions including Eikon, REDI, and its FX platforms.

Among those who indicated they would trade cryptocurrencies in 2018, approximately 70 per cent said they were planning to do so over the next 3-6 months with an additional 22 per cent planning to trade over the next 6-12 months.  This indicates that cryptocurrency trading is more of a 2018 project than something longer-term.  The survey also found generally widespread familiarity with cryptocurrencies.   

“Cryptocurrency is still a relatively small part of the trading market, but this survey makes clear this niche segment is starting to enter the mainstream of the financial services industry.  This is a major change from a year ago,” said Neill Penney, co-head of Trading, Thomson Reuters.

“The most important thing for our clients is seamless access to news and data around cryptocurrencies to facilitate informed trading decisions. As a leading provider of news, data, and trading capabilities, Thomson Reuters is well-positioned to deliver solutions that meet client demand in the growing cryptocurrency market.”  

Thomson Reuters currently provides prices for Bitcoin and other cryptocurrencies via its flagship financial desktop platform Eikon. The company also recently launched a new version of our MarketPsych Indices (TRMI v3.0), which includes the first sentiment data feed for Bitcoin in addition to new and/or enhanced market sentiment data for several asset classes, new user capabilities and coverage. – TradeArabia News Service

Tags: Thomson Reuters |

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