Hidden Road Launches Synthetic Prime Brokerage Offering, Route28

Route28's front-end and matching engine are provided by Crossover Markets

LONDON, Oct. 25, 2023 /PRNewswire/ -- Hidden Road, the global credit network for institutions, today 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.

The new offering is run out of Hidden Road's FCA-regulated UK entity, Hidden Road Partners CIV UK Ltd, with front-end and matching technology provided by Crossover Markets. With this launch, 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. The product was built in conjunction with major global hedge funds, brokers and principal market making firms. 

Commenting on the launch, 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."

Route28's launch is anchored 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.

"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," said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. "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."

Route28 launch partners added the following comments on the new offering:

"As a broker dedicated to providing its clients with a superior trading experience, Capital.com is constantly seeking innovative ways to enhance the quality, cost-effectiveness and liquidity of our offerings," commented Rupert Osborne, Head of Dealing, Capital.com. "We are excited to be a launch partner of Route28 and to see the commitment that Hidden Road is making to retail brokers like us in accessing a range of markets with their synthetic prime brokerage product. We are especially pleased to see Crossover Markets play a pivotal role in facilitating this cutting-edge product and knowing the team behind CROSSx and their technological prowess, we have every confidence they are well-positioned to establish themselves as a major ECN in the industry."

"The launch of Route28 is another important step in the drive towards making the institutional trading landscape more efficient," remarked Brendan Callen, CEO of FXCM. "Synthetic prime brokerage creates efficiencies from a balance sheet and funding perspective when compared to traditional financing and we look forward to bringing these advantages to our clients to help improve their trading experience."

"We're excited to be working with Route28 as a single credit counterparty for OTC Swaps," said Elan Bension, Founder of Argamon Markets. "Route28 allows us to consolidate our trading with a partner who is supported by the world's leading market makers while cross-margining exposures across asset classes. This is the most innovative release in the prime space for decades."

"Pepperstone, a leading brokerage firm committed to delivering an exceptional trading experience to its clients, remains dedicated to continuously exploring innovative avenues to elevate the quality, affordability, and liquidity of our product offerings," expressed Tamas Szabo, Group CEO at Pepperstone. "We are excited to announce our launch partnership with Route28, and are particularly delighted to acknowledge the integral role played by Crossover Markets in enabling this cutting-edge product. With our utmost confidence in the team behind CROSSx and their remarkable technological capabilities, we believe they are well-positioned to establish themselves as a leader in the industry."

"As a global leader in multi-asset enterprise trading technology solutions, I am excited that oneZero is playing such a mission critical role in this progressive liquidity and credit offering, which is now open to the over 250 brokers, banks and hedge funds within the oneZero ecosystem," said Andrew Ralich, CEO and Co-Founder of oneZero. "Being selected by Hidden Road as a component of their liquidity and risk infrastructure is a testament to our ongoing investment in institutional innovation."

"The institutional crypto market is taking on its new shape at great speed, and a number of market participants are standing out as crucial players in the space," remarked Tom Higgins, Founder and CEO of Gold-i. "Hidden Road is one of those crucial players, having led the way with their innovative prime brokerage offering for crypto spot and perps. They have continued to innovate and provide new solutions for the evolving market. Our clients are extremely excited by the new Route28 synthetic swap offering as it mirrors the performance of an exchange-traded perp, but at a much lower cost. Gold-i is pleased to have already integrated our crypto module within MatrixNET with Route28, enabling our clients to get access in a straightforward manner."

"PrimeXM has always prioritized transparency, efficiency and flexibility," said Clive Diethelm, Founder of PrimeXM. "Supporting the direct integration between client instances of PrimeXM's XCore system with innovative products like Hidden Road's Route28 is a testament to that commitment, as we aim to provide our financial institutional clients with streamlined and reliable solutions. Adopting this approach results in reduced latency, eliminates overhead, and minimizes third-party risks, paving the way for streamlined collaboration and a more unified, efficient trading ecosystem."

About Hidden Road

Hidden Road Partners is the global credit network for institutions, enabling seamless access to traditional and digital markets. Conflict-free and built on a modern technology stack, we remove complexity and cost in prime brokerage, clearing and financing. For more information, please email [email protected].

About Crossover Markets

Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company's execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry's fastest and most advanced matching engine and includes order logic that enables clients to choose with whom they want to trade. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering the next big wave of institutions in the crypto market. For more information visit crossovermarkets.com.

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Jennifer Berlin
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SOURCE Hidden Road