Hidden Road, the global credit network for institutions, unveiled its latest offering today (Wednesday), known as Route28, which is a comprehensive Synthetic Prime Brokerage solution for OTC Swaps. This new product encompasses a wide range of major asset classes, including FX, equities, commodities, digital assets, energy, and rates. It will be available through our UK-based unit, regulated by the Financial Conduct Authority.

Hidden Roads Targets the Prime Brokerage Market

Route28 has been named after the highway in Massachusetts that intersects Hidden Road, the street the company was named after.

“Route28 is a continuation of Hidden Road’s strategy to provide more efficient credit intermediation services,” said Michael Higgins, the Global Head of Business Development at Hidden Road.

“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.”

The press release further revealed that Route28 uses CROSSx, the front-end and matching technology of Crossover Markets launched earlier this year. Hidden Road and Crossover Markets inked a partnership deal last May.

“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, the 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.”

Many Partners Onboard

The company also highlighted that the new product had been developed in consultation with major global hedge funds, brokers, and principal market-making firms. In addition, some companies that have already tapped the services of Route28 are Capital.com, FXCM, Pepperstone, oneZero, Gold-i, PrimeXM, and Argamon Markets.

“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,” mentioned Brendan Callen, the CEO of FXCM.

Clive Diethelm, the Founder of PrimeXM, pointed out: “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.”