Hidden Road ready for rush hour after FCM approval

Prime broker is trading “trillions” of notional with “a few hundred” counterparties in FX and crypto

Credit: Risk.net montage

When Hidden Road Partners joined CME Group’s roster of futures commission merchants (FCMs) in January, it took the industry by surprise. Since 2008, the number of firms clearing client trades on the exchange has dwindled from more than 150 to fewer than 65. Hidden Road was only the second new entrant in more than a decade.

“When Hidden Road submitted its application to be an FCM, they thought we had ticked the wrong box,” jokes Michael Higgins, the firm’s global head of business development.


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