In the crypto Wild West, a dose of Wall Street law and order might lure institutional investors
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Quick Take
- Agency brokers are taken for granted in traditional assets, but less so in the cryptocurrency market
- In cryptocurrencies, many over-the-counter (OTC) desks function as both market makers and brokers, which create problems such as frontrunning and difficult price discovery
- Newly emerged cryptocurrency brokers are also seeking regulatory oversights in an attempt to attract institutional investors
A new type of trading firm is emerging in the inchoate market for digital currencies: registered agency brokers. Across the $300 billion digital currencies market, most institutions engage with so-called over-the-counter (OTC) trading shops. Many of them also function as brokers, who, on top of trading on principal, also answer their clients’ phone calls and […]
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