{"id":46356,"date":"2022-08-22T13:28:30","date_gmt":"2022-08-22T17:28:30","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/wall-street-crypto-giants-line-up-to-back-startup-prime-broker\/"},"modified":"2022-08-23T03:29:02","modified_gmt":"2022-08-23T07:29:02","slug":"wall-street-crypto-giants-line-up-to-back-startup-prime-broker","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/wall-street-crypto-giants-line-up-to-back-startup-prime-broker\/","title":{"rendered":"Wall Street, crypto giants line up to back startup prime broker"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0509ea5dbd1]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0509ea5dbd1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Wall Street, crypto giants line up to back startup prime broker<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0509ea632c1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">August 22, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0509ea651e6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This article was written by Yueqi Yang. It appeared first on the Bloomberg Terminal.<\/i><\/p>\n<p class=\"bi-text\">Some of the world\u2019s biggest trading houses and cryptocurrency firms are backing a small startup that aims to ease Wall Street\u2019s entry into crypto trading by tackling counterparty risks and conflicts of interest.<\/p>\n<p>Hidden Road Partners, a prime brokerage focused on digital assets and foreign exchange, completed a $50 million funding round last month that included\u00a0Citadel Securities, as well as the investment arms of cryptocurrency exchanges FTX Trading Ltd. and Coinbase Global Inc. Now it\u2019s in discussions with hedge funds and many of the top 20 global banks about providing access to trade or hedge their crypto risks, executives at the firm said.<\/p>\n<p>The recent crypto meltdown has heightened the importance of managing counterparty risks, after influential crypto hedge fund\u00a0Three Arrows Capital\u00a0defaulted and crypto lenders and brokers such as\u00a0Celsius Network Ltd.\u00a0and\u00a0Voyager Digital Ltd.\u00a0filed for bankruptcy protection. Such credit risks could hamper traditional funds\u2019 interests in trading directly with cryptocurrency firms.<\/p>\n<p>\u201cThe recent episode with crypto lenders has made it abundantly clear that the industry is in need of better real-time credit risk management,\u201d said\u00a0Ramnik Arora, general partner at FTX\u2019s venture arm. \u201cHidden Road is making it easier for risk-conscious borrowers to access credit markets, reducing systemic risk for the ecosystem.\u201d<\/p>\n<p>For banks or other institutions that can\u2019t hold digital assets directly, the firm allows them to post dollars as collateral in a \u201ctri-party\u201d setup with a custodian, and receive profits and losses in dollars. Clients can trade with exchanges as well as liquidity providers including\u00a0Virtu Financial Inc.,\u00a0Optiver BV\u00a0and\u00a0Wintermute Trading Ltd.<\/p>\n<p>The startup is entering a crowded space where an increasing number of crypto platforms and brokers are vying for institutional traders. But unlike many others, Hidden Road said its pure-play structure would eliminate potential conflict of interests, such as front-running a customer\u2019s trade to make a profit through a proprietary-trading unit.<\/p>\n<p>\u201cHidden Road does not trade,\u201d\u00a0Justin Chow, the firm\u2019s head of digital assets, said in an interview, adding that it doesn\u2019t make markets, doesn\u2019t do over-the-counter deals and doesn\u2019t do any venture capital. \u201cAnd we do not sell our clients data, so we do not provide liquidity as a principle using our own capital and balance sheet.\u201d<\/p>\n<p>While Hidden Road provides clearing and financing for customers\u2019 trading activities, \u201cthe client has to execute those trades themselves,\u201d Chow said. \u201cWe are working with our client, not against them.\u201d<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Crypto market analysis, data, and insight, delivered monthly to your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_25347508309152372\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/account\/newsletters\/crypto\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Top executives<\/h2>\n<p class=\"bi-text\">Founded in 2018 by\u00a0Marc Asch, formerly with Steven Cohen\u2019s hedge fund SAC Capital and Point72 Asset Management, Hidden Road started with foreign-exchange services and expanded into digital assets in October.\u00a0Laine Litman, who was head of FICC and co-head of crypto at Virtu Financial, joined as president this year. Hidden Road, based in the British Virgin Islands and named after the street in Massachusetts where Asch grew up, has more than 80 employees globally including in New York, London and Singapore.<\/p>\n<p>The firm takes on counterparty risks on behalf of the client and the crypto exchange or market maker. That means if a counterparty defaults, the startup would be on the hook for completing the defaulted side of the trade. In exchange, Hidden Road\u2019s prime-brokerage fee incorporates this aspect of credit risk.<\/p>\n<p>Unlike a traditional bank, Hidden Road doesn\u2019t carry a large balance sheet to lend to its clients. Instead, it raises capital from investors such as pension funds and pays them a return on capital, which it generates by providing financing to clients for their trading activities. Hidden Road itself mitigates risks by using a real-time system, which sets risk limits and requires portions of collateral upfront.<\/p>\n<p>Hidden Road said it plans to enter futures and options clearing. The goal is to allow clients, such as hedge funds and prop-trading firms, to lower borrowing costs for trading strategies by netting credit risk and positions across asset classes.<\/p>\n<p>With the crypto downturn, institutional investors are \u201cclearly relieved with the fact that the market has given them an opportunity to breathe and to play catch-up with their research,\u201d Chow said.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0509ea69fe2]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0509ea69fe2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    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Citadel Securities, Coinbase, FTX joined in July funding round.<\/p>\n","protected":false},"author":1686,"featured_media":40833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"3320","footnotes":""},"categories":[453,444],"tags":[767,581,574,445],"series":[],"class_list":["post-46356","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","tag-767","tag-cryptocurrency","tag-news","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wall Street, crypto giants line up to back startup prime broker | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Hidden Road offers financing for funds to trade crypto, FX. 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