Multinational investment bank Morgan Stanley plans to provide its customers access to complex derivatives tied to bitcoin, Bloomberg reports referring to a source familiar with the situation.
Morgan Stanley may issue contracts that will allow investors to gain indirect access to bitcoin. Investors will be able to open long and short positions on so-called swaps for total return (English – price return swap).
The bank already has the technical capability to launch bitcoin swaps and will present them as soon as it is satisfied that there is sufficient demand from institutional clients and will complete internal procedures related to the verification of the instrument, the source said.
This week, Morgan Stanley published a cautious statement regarding the short and medium-term prospects for the cryptocurrency market.
“We do not call for a simultaneous and large reassessment of risky assets, but a bear market that is rolling through various assets and sectors that hardly have ties (bitcoins, bonds and emerging market securities, BTP, etc), at different times, beats them before and most of all, “- quotes The Street statement of bank strategist Mike Wilson.
Morgan Stanley does not plan to trade bitcoin directly, and its swaps will be tied to futures contracts for bitcoin, the source said. This year, the bank’s CEO James Gorman said that he is not going to give his customers the opportunity to directly buy and sell bitcoin, but will focus on developing a unit that will support derivatives tied to various digital assets.
About half a year ago, Morgan Stanley said that, like Goldman Sachs, will clear the bitcoin futures. Goldman Sachs, in turn, recently denied the allegations that he changed his mind about opening a department for the trade in cryptocurrencies.
Also recently it became known that Citigroup is developing its own mechanism for investing in cryptocurrencies, which will be called a receipt for a digital asset.