Nomura Securities trading floor is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai
HONG KONG, May 13 (Reuters) – Nomura (8604.T) has begun offering bitcoin over-the-counter derivatives to clients, it said Friday, the latest move by a traditional financial institution into the cryptocurrency industry, even as markets are in turmoil.
The trades, executed on the CME by crypto asset trading firm Cumberland DRW this week, were the Japanese investment bank's first digital asset trades, said Nomura's head of markets, Asia ex-Japan, Rig Karkhanis in a statement.
"Working with institutional-grade counterparties will allow us to scale into the increasing demand from our clients," he said.
Many global investment banks have been looking to offer clients more crypto related services, responding they say to demand from institutional investors and private clients for access to what had been a fast growing sector.
However, crypto markets have tumbled this week as a meltdown in TerraUSD, one of the world's largest stablecoins, sent digital tokens, already swept up in a sell-off of riskier assets, into meltdown. read more
Bitcoin hit a 16-month low of around $25,400 on Thursday.
Our Standards: The Thomson Reuters Trust Principles.
Sign up to our investor newsletter to get the latest news and trends in global financial markets.
Subscribe to our newsletter to get all the news you need to start your day.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved