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The global credit network Hidden Road has launched Route28, a synthetic prime brokerage offering.
The product covers over-the-counter (OTC) swaps across all major asset classes, including FX, equities, commodities, digital assets, energy and rates.
The offering will be run from Hidden Road Partners CIV UK, with front-end and matching technology provided by Crossover Markets.
Hidden Road is currently one of a few prime brokers that offers cross-margining and margin financing across cash, cleared derivatives and OTC swaps products in all major asset classes.
The product is being used by trading platform Capital.com, foreign exchange company FXCM and financial broker Pepperstone.
Other adopters include trading technology provider Gold-i, software solutions company PrimeXM and financial technology firm Argamon Markets.
Commenting on the launch, Michael Higgins, global head of business development at Hidden Road, says: “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, says: “Hidden Road continues its mission to increase operating efficiency across the institutional landscape and we are honoured to supply CROSSx as the technology of choice for Route28.
“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.”
