It was in September 2021 that FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) announced the launch of its own prime brokerage unit.
Britannia Financial Group has acquired Alphaplate Ltd, a proprietary technology company specializing in cryptocurrency trading that operates a systematic and quantitative market maker primarily on top-tier exchanges.
The agreement will allow Britannia to provide its clients with access to execution, custody, over-the-counter, payments and asset management services in the digital asset marketplace.
Mark Bruce, Head of Strategy for Britannia Financial Group, commented: “With over $100 billion traded daily in the global crypto markets, this is an increasingly important asset class for many of our clients, who are looking for access to this rapidly emerging asset class. . Following this acquisition, Britannia will be an early adopter among financial institutions to be able to provide its clients with an end-to-end crypto trading offering. Our strength and agility as a private group has enabled Britannia to react quickly to market changes and offer its customers new services, disrupting the traditional banking sector.
The Alphaplate team will largely remain in place as it brings with it proven execution capabilities as well as a robust risk management system.
The team consists of Jan I Strømme, who previously held senior roles at GSA Capital Partners and XTX Markets; Chao Li, a Quant Trader with over 10 years of experience in banking and crypto; and Dan Timofte, full stack software engineer. Robert Crenian, former CEO of Europe for Renaissance Technologies will remain as an advisor.
It was in September 2021 that FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) announced the launch of its own prime brokerage unit in a bid to capitalize on the decline of traditional banks’ dominance over multi-billion market.
Britannia Prime’s offering includes a combination of brokerage, clearing and trading services for investor clients, typically hedge funds, family offices and other purchasing institutions. Specifically, institutional clients will gain access to FX, bullion and NDF markets using BGM’s relationships with liquidity providers and alignment with its banking operations.
The new unit targets a customer segment that struggles to access the wholesale price matching community through a prime brokerage model, which is typically capital intensive.
Britannia’s version of the lucrative prime leveraged brokerage model will allow companies of all sizes to access markets using a GUI or API from a technology provider of their choice. Options available are Britannia Navigate (powered by Flextrade systems), Lume FX and PrimeXM. BGM will continue to offer voice execution on FX and options instruments.