The new brokerage can offer prime brokerage, clearing, and financing services in fixed income assets.
A global credit network for institutions, Hidden Road, reports that its wholly-owned subsidiary, Hidden Road Partners CIV US LLC, can operate as a member broker-dealer of the self-regulatory organization (SRO) the Financial Industry Regulatory Authority (FINRA), which oversees U.S. brokers.
FINRA’s approval “enables Hidden Road to expand its recently launched fixed income prime brokerage platform, which currently includes fixed income repo and global funding services,” according to the announcement. “As a broker-dealer, Hidden Road will now be able to provide new and existing institutional clients with a full suite of regulatory-compliant prime brokerage, clearing, and financing services in fixed income assets.”
“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,” says Noel Kimmel, president of Hidden Road, in a prepared statement. “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.”
Shortly before the FINRA approval, on April 8, 2025, Hidden Road reported that it is being acquired by Ripple — a provider of digital asset infrastructure for financial institutions — for $1.25 billion. “With the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally. The deal is expected to close in the coming months, subject to regulatory approvals,” officials add.
The Hidden Road Partners brokerage serves institutions via access to traditional and digital markets, and offers prime brokerage, clearing and financing services.
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