Cryptocurrency trading by financial firms could increase in 2018, according to Thomson Reuters survey, with approximately 20% indicating they are considering trading cryptocurrency over the next 3-12 months. 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% said they were planning to do so over the next 3-6 months with an additional 22% 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 delivers transparent cross-asset insight into both traditional and new and emerging asset classes like crypto assets. Thomson Reuters currently provides prices for Bitcoin and other cryptocurrencies via our 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.
In addition, Eikon carries MVIS indices contributed by Cryptocompare and CBOE and CME Group’s bitcoin futures, and Thomson Reuters will continue to evolve to meet the changing needs of our customers. Thomson Reuters intends to introduce further capabilities in this sector throughout 2018.
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