Hidden Road’s new status as a FINRA-member will allow the firm to offer new and existing institutional clients with services in fixed income assets, including regulatory-compliant prime brokerage, clearing and financing.  

The approval also builds on Hidden Road’s recent expansion of its fixed income prime brokerage platform, which saw the firm sign a deal in June 2024 to distribute Trading Technologies’ (TT) multi-asset trading platform to its clients.  

Hidden Road’s fixed income prime brokerage platform currently spans fixed income repo and global funding services.  

“Our broker-dealer registration is a significant step in the development of Hidden Road’s fixed income prime brokerage platform and bolsters our capabilities in traditional financial markets,” said Hidden Road president, Noel Kimmel.  

“As a FINRA member, we will be able to bring our best-in-class, technology-driven fixed income service offering to an expanded universe of institutional clients. Our business has tremendous momentum, and we look forward to continuing to provide superior execution and support to our clients amidst today’s exceptionally dynamic market environment.” 

The move comes following Hidden Road’s announcement at the beginning of April that it would be acquired by digital asset infrastructure provider Ripple in an agreement valued at $1.25 billion. 

Read more: Ripple becomes first crypto business to own a global multi-asset prime broker as it picks up Hidden Road for $1.25 billion 

The deal is set to close in the coming months, subject to regulatory approval, and will mark one of the largest acquisitions in digital assets, with Ripple becoming the first crypto business to own a global multi-asset prime broker.  

The acquisition will see Hidden Road transfer its post-trade activity to XRPL, while Ripple is expected to offer custody services and Ripple Payments, the crypto business’ cross-border payment solution, to Hidden Road’s clients.  

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The partnership between TT and Hidden Road Partners CIV US – Hidden Road’s futures commission merchant – will allow Hidden Road clients to use the platform for trading across asset classes and products, including traditional cleared derivatives and digital assets.

“As Hidden Road continues to expand our product coverage – now including FX, cleared derivatives, OTC derivatives and synthetics, digital assets and more – offering our counterparties streamlined access to leading third-party technology is a logical extension of our strategy,” said Michael Higgins, global head of business development at Hidden Road.

“TT is recognised throughout the industry for its broad coverage and low latency, both of which align with Hidden Road’s modern approach to quantitatively driven credit intermediation and multi-asset prime brokerage.”

TT is the first independent platform that Hidden Road has made available to its clients for cleared derivatives.

“Like TT, Hidden Road is a fast-growing and trusted partner to institutional clients, and we’re very pleased to make our platform available to its wide base of clearing and prime brokerage customers,” said TT COO Justin Llewellyn-Jones.

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CROSSx is Cossover’s execution-only cryptocurrency electronic communication network (ECN) which was launched in March, designed to decrease trading costs, improve execution quality and enhance market data capabilities. 

Crossover aims to reduce conflicts of interest by decoupling trade execution from custody and brokerage, enabling institutions to their own credit counterparties freely.

Hidden Road is the first partner onboarded and certified with CROSSx to offer prime brokerage services for spot cryptocurrency transactions in a time where institutional adoption of digital assets continues to expand.

“In the non-fungible world of cryptocurrency platforms, Hidden Road has widened trading capacity for institutions by bringing to market fungibility,” said Brandon Mulvihill, co-founder and chief executive of Crossover. 

“We believe this significant removal of operational friction from the ecosystem will materially increase trading volumes and decrease the costs of trading. In this environment, only the truly elite trading technologies will win, so this collaboration is naturally synergistic for Crossover and our flagship product, CROSSx.”

Crossover and Hidden Road’s partnership follows a recent seed investment round, which saw involvement from firms including Flow Traders, Nomura’s Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma and Wintermute Ventures.

“Crossover shares Hidden Road’s desire to institutionalise digital asset market structure by removing conflicts of interest, helping to bring transparency and trust back into the ecosystem,” said Michael Higgins, global head of business development at Hidden Road.

“Their unbundled approach to execution fits well with Hidden Road’s partner- and technology-agnostic philosophy, and we are excited to add them to the credit network.”

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