What happens when one of the world’s largest interdealer brokers builds a digital assets arm from the ground up? In this episode of The Flow, Konstantin Shulga, CEO of Finery Markets, welcomes Duncan Trenholme, Managing Director and Global Co-Head of Digital Assets at TP ICAP, to explore how crypto is reshaping institutional market structure.
From his early days broking equities to leading TP ICAP’s digital push, Duncan shares how crypto has evolved from a retail-driven phenomenon into what he calls the Trojan horse for blockchain adoption. The conversation spans custody, prime brokerage, tokenization, and the rise of stablecoins as the most successful real-world use case to date.
They also discuss whether crypto markets will consolidate or fragment further, why voice trading still matters in an electronic-first world, and how post-trade innovation could become the most transformative breakthrough of all.
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Highlights
Building TP ICAP’s Digital Assets Arm
Duncan retraces his journey from traditional broking into digital assets, and how a small group of early believers within TP ICAP turned a working group into one of the most advanced institutional crypto businesses in TradFi.
Why Crypto Is the Trojan Horse
Unlike enterprise blockchain pilots that struggled to gain traction, crypto forced institutions to adopt custody, tokenization, and new post-trade plumbing. Duncan explains why this “Trojan horse effect” is driving blockchain adoption faster than top-down initiatives ever could.
The Road to Institutional Adoption
From custody solutions becoming fit for purpose to prime brokerage still lagging behind, Duncan outlines where we stand in the 10-year cycle toward a true wholesale crypto market — and what gaps remain for institutions to close.
Voice Trading vs Electronic Execution
Despite the dominance of electronic trading, Duncan makes the case for why human interaction and voice broking still play a critical role in liquidity generation, especially in bespoke or illiquid products.
Stablecoins and Tokenization Take Center Stage
With stablecoins proving the clearest blockchain use case, Duncan looks at what comes next — from tokenized money market funds to equities — and why post-trade efficiency may ultimately be the biggest game changer.
About The Flow
The Flow is Finery Markets’ branded podcast series, dedicated to exploring the exciting world of institutional crypto trading. Each episode explores the currents shaping the digital asset markets, offering listeners a unique blend of expert insights, industry trends, and forward-thinking strategies. Hosted by Finery Markets’ thought leaders and featuring a roster of distinguished guests from across the financial and technological landscapes, The Flow navigates through the complexities of electronic trading infrastructure, regulatory landscapes, and the evolving dynamics of liquidity and market making.
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