Bloomberg: Morgan Stanley plans to launch bitcoin swaps
Morgan Stanley plans to offer derivatives trading tied to the largest bitcoin. It is reported Bloomberg citing its sources.
U.S. Bank will manage contracts that give investors the opportunity to take long or short positions using so-called swaps total income (Morgan Stanley will charge a spread for each transaction).
Technically, the Bank is ready to offer trade swaps and will launch it after it is proven the need for this from the institutional client, as well as after the completion of the internal approval process. The representative of Morgan Stanley declined to comment.
It is worth noting that Morgan Stanley is not planning to directly trade bitcoin and swaps are tied to futures contracts for cash number one. Chief Executive officer James Gorman earlier this year said that the Bank will not allow customers to buy and sell cryptocurrency directly through Morgan Stanley, but instead will create a marketplace to support a variety of derivatives tied to digital assets.
According to Bloomberg, other major banks on wall street are also planning to offer complex derivatives tied to digital assets, despite difficult times for cryptocurrency market. So, according to the Agency, Goldman Sachs and Citigroup are preparing new products linked to bitcoin.