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Latest News  + Alternative Assets  + Crypto  + Financial Advisory  |  October 31, 2022
Hidden Road Is Ready for Prime Time, offering prime brokerage, clearing and financing services
By: Joe Palmisano

Hidden Road Is Ready for Prime Time 

Hidden Road announced the launch of its over-the-counter (OTC) prime brokerage for digital assets for US and international counterparties.  

Hidden Road’s credit network facilitates OTC trading between market participants, with trades executed bilaterally between counterparties and intermediated by Hidden Road as the credit counterparty.  

For banks or other institutions that can’t hold digital assets directly, the firm allows them to post dollars as collateral in a “tri-party” setup with a custodian and receive profits and losses in dollars. Clients can trade with exchanges as well as liquidity providers including Virtu Financial Inc., Optiver BV and Wintermute Trading Ltd.  

Founded in 2018 by Marc Asch, formerly with Steven Cohen’s hedge fund SAC Capital and Point72 Asset Management, Hidden Road completed a $50 million funding round in July that included Citadel Securities, as well as the investment arms of cryptocurrency exchanges FTX Trading Ltd. and Coinbase Global Inc. 

The firm has plans to expand its service offering further with the addition of futures and options clearing. The goal is to allow hedge funds and proprietary trading firms to lower borrowing costs for trading strategies by netting credit risk and positions across asset classes. 

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Hidden Road

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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