Ripple Prime Launched Delta One Trading Business
The broker expanded into equity derivatives to provide clients access to total return swaps without direct asset ownership.
Updated on Sept. 25, 2026 in Stock Markets
Live Poll
Do you trust non-bank prime brokers as reliable alternatives to traditional banking institutions for financial services?
In August 2026, Ripple Prime launched a Delta One business to broaden its equities capabilities and reach a wider client base. This move follows a period of rapid product expansion and corporate growth for the firm.
Why it matters
The introduction of Delta One desks allows the firm to offer clients exposure to asset returns while bypassing the need for direct ownership, positioning the broker to compete for more sophisticated equity trading volume.
Ripple Prime maintains over $1 billion in regulatory net capital and recently closed a $275 million private placement of senior unsecured notes. The firm also secured a $200 million debt facility from Neuberger Specialty Finance.
The players
Ripple Prime
Ripple Prime is a non-bank prime broker that provides execution and clearing services without maintaining proprietary trading or investment banking divisions.
Hidden Road
Hidden Road is a prime brokerage firm that was acquired by Ripple Prime for $1.25 billion to expand its market infrastructure.
Neuberger Specialty Finance
Neuberger Specialty Finance is a financial institution that provided a $200 million debt facility to support Ripple Prime operations.
Kroll
Kroll is an independent risk and financial advisory firm that issued a BBB investment-grade rating to a Ripple Prime legal entity in April 2026.
The details
The Delta One desk facilitates total return swaps, enabling clients to replicate the performance of underlying assets through derivatives rather than physical holdings. Ripple Prime operates as a non-bank prime broker, explicitly avoiding participation in proprietary trading, investment banking, or wealth management.
Timeline
The fixed income repo platform was launched in March 2025.
The acquisition of Hidden Road was completed in 2025.
Digital asset spot prime brokerage capabilities launched in November 2025.
The Delta One business was launched in August 2026.
A private placement of $275 million in senior unsecured notes closed in August 2026.
Market Dynamics
The move reflects the broader industry shift where non-bank prime brokers increasingly challenge traditional institutions by offering specialized derivative products. This trend highlights the ongoing fragmentation of equity markets as firms move to capture niche liquidity pools.
This development increases the available infrastructure for institutional clients to access synthetic equity exposure without direct asset custody. Retail investors should note that such shifts generally increase market liquidity and competition among prime brokers.
The takeaway
The expansion of the Delta One desk signifies a strategic move by non-bank players to capture equity derivative volume previously dominated by traditional investment banks. Clients now have access to broader swap-based investment strategies that allow for capital efficiency.
Further reading
For more on evolving brokerage capabilities, see our Stock Markets section.
Source note: This article includes information reported by Markets Media.
Live Poll
Do you trust non-bank prime brokers as reliable alternatives to traditional banking institutions for financial services?
