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Hidden Road has launched a Fixed Income prime brokerage platform, expanding its suite of technology-driven financial services, the global credit network announced today.
The new business will initially focus on Fixed Income Repo & Global Funding services following the firm's recent approval as a Fixed Income Clearing Corporation (FICC) clearing member.
This latest expansion adds to Hidden Road's existing product suite, which began with Digital Asset OTC Prime Brokerage in November 2022 and has grown to include FX and precious metals prime brokerage, derivatives clearing, and synthetic prime brokerage services through its Route28 platform launched in October 2023.
"Hidden Road's Fixed Income Repo & Global Funding platform marks a significant milestone in our mission to build the industry's most comprehensive suite of multi-asset prime brokerage and institutional financing solutions," said Noel Kimmel, President at Hidden Road. "With the ability to cross-margin and margin finance across cleared derivatives, FX prime brokerage, OTC swaps and digital assets, we are now able to offer a truly differentiated service to the institutional marketplace."
The company's Fixed Income and Funding business is being led by Mike Santoro, who previously held repo and funding operations positions at financial institutions including BNP Paribas and Guggenheim Securities. The team members average over 20 years of experience in the Repo market.
"We are excited to launch this business and become a member of FICC, a critical market infrastructure provider that brings stability and efficiency to the fixed income markets," said Michael Santoro, Hidden Road's Head of Fixed Income & Global Funding Group. "Through this membership, we look forward to providing counterparties and eventually our clients with seamless execution and enhanced access to liquidity through our full-service, technology-enabled platform."
According to the company, all FICC-facing activities will be conducted through Hidden Road Partners CIV US LLC, which is registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC).
The fixed income offering comes less than a year after Hidden Road expanded its digital asset services by integrating with major crypto exchanges including Coinbase International Exchange, OKX, Deribit, and Bitfinex, whilst also enabling clients to post collateral using BlackRock's BUIDL token.
