Hidden Road Rolls Out Synthetic Prime Brokerage Offering Route28

Hidden Road, the global credit network for institutional investors, has announced the launch of Route28, its new Synthetic Prime Brokerage offering covering OTC Swaps across all major asset classes, including FX, Equities, Commodities, Digital Assets, Energy and Rates. With the new product, Hidden Road becomes one of the few prime brokers globally to offer cross-margining and margin financing across Cash/Spot, Cleared Derivatives and OTC Swaps products in all major asset classes.

Route28 is developed by Hidden Road in partnership with several major hedge funds, brokers and principal market makers around the world. Hidden Road's FCA-regulated UK entity, known as Hidden Road Partners CIV UK Ltd, operates the new offering while Crossover Markets provides the front-end and matching technology.

The launch is also supported by a number of the world's largest market makers, proprietary trading firms, quantitative hedge funds, brokers, liquidity aggregators and technology providers including Capital.com, FXCM, Pepperstone, oneZero, Gold-i, PrimeXM and Argamon Markets, among others.

Michael Higgins, Global Head of Business Development at Hidden Road, said: "Route28 is a continuation of Hidden Road's strategy to provide more efficient credit intermediation services. The demand across the spectrum of FX, Equities, Commodities and Digital Assets has been building since we launched the firm. Bringing to market a Synthetic Prime Brokerage offering–especially one without any clearing or technology fees–was an obvious extension our clients were looking for."

Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, said: "Hidden Road continues its mission to increase operating efficiency across the institutional landscape, and we are honored to supply CROSSx as the technology of choice for Route28. CROSSx was designed to operate 24/7/365 with speed and performance characteristics that rival any offering across any asset class. We believe speed and performance are fundamental in lowering the cost of trading. As a result, Route28 customers can enjoy competitive spreads across a wide range of products."

CROSSx is Crossover's execution-only crypto electronic communication network (ECN) for the purposes of executing spot cryptocurrency transactions. It was launched in March 2023, and Hidden Road became the first partner onboarded​.