Hidden Road launches Synthetic Prime Brokerage offering powered by Crossover Markets
With the introduction of Route28, Hidden Road becomes one of the few prime brokers worldwide to offer cross-margining and margin financing across Cash/Spot, Cleared Derivatives, and OTC Swaps in multiple asset classes.
Hidden Road, the institutional global credit network, has announced the launch of its Synthetic Prime Brokerage offering, Route28. The product, which has been developed in collaboration with major global hedge funds, brokers, and market-making firms, covers OTC Swaps across a range of asset classes including FX, Equities, Commodities, Digital Assets, Energy, and Rates.
Operated through Hidden Road’s FCA-regulated UK entity, the technology for the front-end and matching engine is supplied by Crossover Markets.
Cross-margining and margin financing across Cash/Spot, Cleared Derivatives, and OTC
With the introduction of Route28, Hidden Road becomes one of the few prime brokers worldwide to offer cross-margining and margin financing across Cash/Spot, Cleared Derivatives, and OTC Swaps in multiple asset classes.
Michael Higgins, Global Head of Business Development at Hidden Road, articulated the firm’s strategy: “The demand for a Synthetic Prime Brokerage offering has been building since our inception. Route28 is a natural extension of our strategy to provide efficient credit intermediation services across a variety of asset classes, without any clearing or technology fees.”
The launch of Route28 is supported by a consortium of leading market makers, proprietary trading firms, quantitative hedge funds, brokers, liquidity aggregators, and technology providers. Among these are Capital.com, FXCM, Pepperstone, oneZero, Gold-i, PrimeXM, and Argamon Markets. Each partner firm voiced strong enthusiasm for the potential efficiencies and cost-saving measures that Route28 can bring to the institutional trading landscape.
“The most innovative release in the prime space for decades”
Elan Bension, Founder of Argamon Markets, called it “the most innovative release in the prime space for decades,” while Brendan Callen, CEO of FXCM, emphasized the balance sheet and funding efficiencies that synthetic prime brokerage can offer compared to traditional financing methods.
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, praised the collaboration: “We’re honored to provide the technology for Route28. Our platform, CROSSx, is designed to operate 24/7/365 with speed and performance that rival any offering across any asset class. Route28 customers will benefit from competitive spreads across a wide range of products.”
Hidden Road’s Route28 is poised to offer institutions a sophisticated, efficient, and cost-effective prime brokerage solution, potentially reshaping the landscape of institutional trading. As the global credit network extends its reach into an increasingly diverse set of asset classes, its commitment to removing complexity and cost in prime brokerage, clearing, and financing becomes ever more significant.
