Jean-Marc Bonnefous

As the digital assets market matures and institutional interest grows, liquidity and market access continue to be pivotal issues. This panel will explore the complex and shifting landscape of liquidity provisioning, addressing challenges arising from regulatory divides, the impact of crypto ETFs, and the roles of major players like market makers, prime brokers and exchanges. The panel will provide forward-looking insights on how these dynamics might shape liquidity in 2025 and beyond.  

• How will major offshore unregulated venues adapt their capabilities to meet institutional requirements? 
• What are the key challenges regulated marketplaces face in attracting liquidity, and what are the potential solutions to help newer regulated venues compete with the established players? 
• What impact has Bitcoin ETFs had on liquidity dynamics and market structure? 
• How will the introduction of more institutional-focused products and infrastructure influence the location and concentration of liquidity? 
• How will growth in the crypto derivatives market impact liquidity dynamics? 
• Will a more crypto-friendly US administration revitalize altcoin liquidity, and how are market makers facilitating liquidity for altcoins?

The role of prime brokerage is rapidly evolving to support the growing digital asset market. This session examines key advancements in 24/7 trading infrastructure, risk management, and secure custody solutions, alongside new partnerships reshaping the competitive landscape. We’ll also explore innovations in liquidity provision, margin management, collateral optimisation, as prime brokers drive broader market access and institutional adoption.

What technological advancements are required for 24/7 trading infrastructure, enhanced risk management strategies, and secure custody solutions? 

• Who are the key players and new partnerships that are transforming the prime broker offering to create a more competitive landscape? 
• What are the latest developments in liquidity provision, margin and collateral management, and how is broader market access being facilitated by prime brokers? 
• How are cryptocurrency custody, trading, and lending services evolving?