02 February 2026
Ian Simpson | 2 min read
Crypto markets are in constant flux. Not only do prices change, but liquidity ebbs and flows and market participants change their approach.
How are financial institutions using their balance sheet to trade today? Is there a future for OTC and CLOB trading side-by-side? How might banks position themselves for a tokenized world?
Host Ian Simpson sat down with B2C2 Group CEO Thomas Restout for an in-depth conversation with perspectives from one of the market’s largest and most experienced market makers and OTC trading firms.
Episode show notes:
1:18 – Intro
2:15 – Has volatility disappeared?
5:06 – How are institutions “playing” the market?
7:23 – Adoption and shifting attitudes in the market
9:30 – How to think about OTC trading in the market today
11:07 – The real reason that some firms prefer to trade OTC
13:12 – How OTC trading has changed in crypto markets
14:22 – Price discovery and spreads in OTC trading
16:50 – How trading firms can be prepared for events like 10/10
19:07 – Volatility and an example trading scenario
20:42 – The ongoing evaluation of risks in bilateral market relationships
23:08 – Drilling down on settlement risk 26:08 – DvP as a mitigant to settlement risk
27:45 – Innovations to change up the landscape
29:11 – Triparty settlement solutions as a “middle way”
30:39 – Prime brokerage as an “accelerator”
34:02 – Advising Jamie Dimon and JP Morgan on crypto trading
39:46 – Getting ready for what comes after crypto with tokens
40:17 – Do banks want to own the “rails” for payments and settlement?
43:03 – B2C2 and tokenized bank deposits (JPM Coin)
44:31 – JP Morgan as an ideal partner
46:18 – B2C2’s perspective on the future of tokenized assets
48:56 – Struggling to find the “real use case” of BENJI etc
49:46 – Creating bigger impact with tokenized money market funds
51:13 – Is B2C2 looking at M&A?
54:02 – Retail and the adoption of on-chain assets
55:15 – The future belongs to…?
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