Hidden Road Partners, a leading global credit network for institutions, has announced the launch of Route28, a groundbreaking Synthetic Prime Brokerage service. This new offering is set to transform OTC Swaps trading across all major asset classes, including FX, Equities, Commodities, Digital Assets, Energy, and Rates, establishing Hidden Road Partners as a pivotal player in the institutional trading landscape.
Operating under Hidden Road’s FCA-regulated UK entity, Hidden Road Partners CIV UK Ltd, Route28 leverages cutting-edge front-end and matching technology from Crossover Markets. This launch positions Hidden Road as one of the select prime brokers worldwide providing comprehensive cross-margining and margin financing across Cash/Spot, Cleared Derivatives, and OTC Swaps products in all major asset classes. Developed in collaboration with leading global hedge funds, brokers, and principal market-making firms, Route28 is designed to meet the evolving needs of today’s sophisticated trading environment.
Michael Higgins, Global Head of Business Development at Hidden Road Partners, emphasized the strategic importance of Route28, stating, “Route28 is a direct result of Hidden Road’s commitment to delivering more efficient credit intermediation services. We have seen a significant demand for solutions covering FX, Equities, Commodities, and Digital Assets, and introducing a Synthetic Prime Brokerage offering – particularly one without clearing or technology fees – was a natural progression to meet our clients’ requirements.”
The launch of Route28 is strongly supported by a network of prominent market participants, including Capital.com, FXCM, Pepperstone, oneZero, Gold-i, PrimeXM, and Argamon Markets, demonstrating the industry’s confidence in Hidden Road Partners’ innovative approach. These hidden road partners are among the world’s largest market makers, proprietary trading firms, quantitative hedge funds, brokers, liquidity aggregators, and technology providers.
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, commented on the technology partnership, “Hidden Road continues to drive efficiency across institutional trading, and we are proud that CROSSx is the technology powering Route28. CROSSx is engineered for continuous operation with speed and performance that rivals any offering across asset classes. We believe that superior speed and performance are key to reducing trading costs, allowing Route28 customers to benefit from competitive spreads across a broad spectrum of products.”
Launch partners have expressed significant enthusiasm for the Route28 offering, highlighting its potential to enhance trading experiences and market efficiency.
Rupert Osborne, Head of Dealing at Capital.com, noted, “Capital.com is dedicated to providing our clients with an exceptional trading experience, and we are constantly seeking innovative solutions to improve the quality, cost-effectiveness, and liquidity of our services. We are excited to partner with Route28 and recognize Hidden Road’s commitment to retail brokers like us by offering access to diverse markets through their synthetic prime brokerage product. We are particularly impressed by Crossover Markets’ crucial role in delivering this cutting-edge product and are confident in their team’s technological expertise to establish CROSSx as a leading ECN in the industry.”
Brendan Callen, CEO of FXCM, added, “The introduction of Route28 marks another important advancement in making institutional trading more efficient. Synthetic prime brokerage offers balance sheet and funding efficiencies compared to traditional financing, and we are eager to bring these advantages to our clients, ultimately enhancing their trading experience.”
Elan Bension, Founder of Argamon Markets, remarked, “We are thrilled to collaborate with Route28 as a single credit counterparty for OTC Swaps. Route28 enables us to consolidate our trading with a partner supported by the world’s leading market makers while benefiting from cross-margining across asset classes. This is the most significant innovation in the prime brokerage space in decades.”
Tamas Szabo, Group CEO at Pepperstone, stated, “Pepperstone is committed to providing an unparalleled trading experience and continuously seeks innovative ways to enhance the quality, affordability, and liquidity of our offerings. We are excited to be a launch partner with Route28 and acknowledge Crossover Markets’ pivotal role in enabling this innovative product. With our confidence in the CROSSx team and their technological capabilities, we believe they are well-positioned to become industry leaders.”
Andrew Ralich, CEO and Co-Founder of oneZero, commented, “As a global leader in multi-asset enterprise trading technology solutions, oneZero is excited to play a critical role in this progressive liquidity and credit offering, now accessible to over 250 brokers, banks, and hedge funds within the oneZero ecosystem. Hidden Road’s selection of oneZero as part of their liquidity and risk infrastructure underscores our ongoing commitment to institutional innovation.”
Tom Higgins, Founder and CEO of Gold-i, remarked, “The institutional crypto market is rapidly evolving, and certain participants are emerging as key players. Hidden Road is undoubtedly one of them, pioneering innovative prime brokerage solutions for crypto spot and perpetuals. Their continued innovation with the Route28 synthetic swap offering is highly anticipated by our clients. It mirrors the performance of exchange-traded perps but at a significantly lower cost. Gold-i is pleased to have integrated our crypto module within MatrixNET with Route28, providing our clients with seamless access.”
Clive Diethelm, Founder of PrimeXM, concluded, “PrimeXM has always prioritized transparency, efficiency, and flexibility. Supporting direct integration between client instances of PrimeXM’s XCore system and innovative products like Hidden Road’s Route28 reflects this commitment. We aim to provide our institutional clients with streamlined and reliable solutions, reducing latency, eliminating overhead, and minimizing third-party risks for a more unified and efficient trading ecosystem.”
Route28 represents a significant advancement in synthetic prime brokerage, offering institutional clients enhanced efficiency, cost-effectiveness, and broader market access through hidden road partners. By leveraging cutting-edge technology and fostering strong industry collaborations, Hidden Road Partners is reshaping the future of institutional trading.
About Hidden Road
Hidden Road Partners is constructing the global credit network for institutions, facilitating seamless access to both traditional and digital markets. Operating without conflicts of interest and built on a modern technology framework, they simplify and reduce costs associated with prime brokerage, clearing, and financing. For further details, please contact in**@hi********.com.
About Crossover Markets
Crossover Markets is a digital asset trading technology firm dedicated to addressing the unique liquidity demands of institutions within the cryptocurrency markets. CROSSx, their execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine, featuring order logic that allows clients to select their trading counterparties. Led by a team with extensive experience in FX trading, prime brokerage technology, and artificial intelligence, Crossover Markets is leading the next wave of institutional engagement in the crypto market. For more information, please visit crossovermarkets.com.
