On Thursday, it was announced that Hidden Road has received approval from the Financial Industry Regulatory Authority (FINRA) for its US subsidiary, Hidden Road Partners CIV US LLC, to operate as a broker-dealer.
Hidden Road Secures FINRA Broker-Dealer Licence to Expand Fixed Income Offering
The move comes not long after it was announced that Hidden Road was acquired by Ripple for $1.25 billion.
The licence enables Hidden Road to offer a wider range of regulatory-compliant services—including clearing, financing and execution—to institutional clients in the fixed income market.
The firm’s platform already includes Fixed Income Repo and Global Funding services. However, the approval allows for further growth in traditional financial markets.
“Our broker-dealer registration is a significant step in the development of Hidden Road’s fixed income prime brokerage platform,” said Noel Kimmel, President of Hidden Road. “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.”
In the press release, it is stated that Ripple, a provider of digital asset infrastructure for financial institutions, is expected to bolster Hidden Road’s global capabilities, particularly in becoming one of the largest non-bank prime brokers.
The acquisition is pending regulatory approval and is expected to close in the coming months.
