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October 25, 2023 - Hidden Road, a global credit network for institutions, has launched Route28, a new Synthetic Prime Brokerage offering OTC Swaps across major asset classes including FX, equities, commodities, digital assets, energy, and rates.
The FCA-regulated offering, offered out of Hidden Road Partners CIV UK Ltd, uses front-end and matching technology from Crossover Markets. With Route28, Hidden Road becomes one of the few prime brokers to offer cross-margining and margin financing across cash, cleared derivatives, and OTC swaps. The product was jointly built with major hedge funds, brokers, and market makers.
"Route28 continues Hidden Road's strategy to provide more efficient credit services. Demand for FX, equities, commodities and digital assets has grown since we launched," said Michael Higgins, Global Head of Business Development at Hidden Road. "A synthetic prime brokerage offering, especially one without clearing or tech fees, was an obvious extension clients wanted."
Major market makers, prop trading firms, quant funds, brokers, aggregators and tech providers have joined as Route28 launch partners. These include Capital.com, FXCM, Pepperstone, oneZero, Gold-i, PrimeXM and Argamon Markets.
"We are honored to supply CROSSx technology for Route28," said Brandon Mulvihill, CEO of Crossover Markets. "CROSSx was designed to operate 24/7/365 with speed and performance rivalling any asset class. We believe speed and performance fundamentally lower trading costs. As a result, Route28 customers enjoy competitive spreads across products."
Route28 partners commented:
"Capital.com seeks innovative ways to enhance trading quality, cost and liquidity," said Rupert Osborne, Capital.com Head of Dealing. "We are excited to be a Route28 launch partner accessing markets via their synthetic prime brokerage product."
"Route28 makes institutional trading more efficient," said Brendan Callen, FXCM CEO. "Synthetic prime brokerage creates balance sheet and funding efficiencies versus traditional financing. We look forward to bringing these advantages to clients."
"Route28 allows us to consolidate trading with supported market makers while cross-margining exposures across assets," said Elan Bension, Founder of Argamon Markets. "This is the most innovative prime release in decades."
"Pepperstone remains dedicated to delivering exceptional trading experiences," said Tamas Szabo, Pepperstone Group CEO. "We are excited to partner with Route28 and acknowledge Crossover Market's integral role and remarkable capabilities."
"Being selected for Hidden Road's liquidity and risk infrastructure proves our commitment to institutional innovation," said Andrew Ralich, oneZero CEO and Co-Founder.
"Hidden Road continues leading with innovative prime offerings for evolving crypto markets," said Tom Higgins, Gold-i Founder and CEO. "We have already integrated with Route28, enabling straightforward client access."
"Supporting direct integration between PrimeXM's XCore and innovative products like Route28 reflects our commitment to flexible, reliable solutions," said Clive Diethelm, PrimeXM Founder.
