Ripple Prime Expanded Into Delta One Business in August
The firm launched new equity derivative services to provide institutional clients access to asset returns without direct ownership.
Updated on Sept. 25, 2026 in Stock Markets
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Ripple Prime introduced a Delta One business in August 2026 to offer clients total return swaps. This development follows a period of rapid institutional expansion for the non-bank prime broker.
Why it matters
By adding Delta One capabilities, the firm aims to broaden its equities offerings for clients who prefer to track an asset's performance without the complexities of direct ownership. This strategy follows a series of capital raises and acquisitions designed to increase the firm's reach in U.S. financial markets.
Ripple Prime now maintains over $1 billion in regulatory net capital, bolstered by a $275 million senior unsecured note issuance in August 2026. The firm also secured a $200 million debt facility from Neuberger Specialty Finance to support ongoing service expansions.
The players
Ripple Prime
A non-bank prime broker providing trade execution, repo platforms, and digital asset services to institutional clients.
Hidden Road
A prime brokerage firm acquired by Ripple Prime that handles $3 trillion in annual cleared volume.
Neuberger Specialty Finance
A financial institution providing capital and debt facilities to support market participants.
Kroll
A global risk and financial advisory firm that provides credit ratings and valuation services.
The details
The new Delta One desk allows institutional clients to execute total return swaps, which provide the financial return of an asset without the investor needing to hold the underlying security. Ripple Prime operates this service as a non-bank broker, intentionally excluding proprietary trading and traditional investment banking divisions from its model. This follows its 2025 acquisition of Hidden Road for $1.25 billion, an entity which generates $3 trillion in annual cleared volume.
Timeline
March 2025: Fixed income repo platform launched.
2025: Acquisition of Hidden Road completed.
November 2025: Digital asset spot prime brokerage capabilities launched.
August 2026: Delta One business launched and notes issued.
Money Landscape
The firm's growth follows the standard regulatory net capital requirements for non-bank prime brokers operating in the United States. This expansion marks a continuation of the firm's pivot toward integrated equity and digital asset services.
These shifts in the institutional brokerage space influence the accessibility and costs of derivatives for large-scale portfolios. Investors looking at these products should consult a professional to understand how swaps affect portfolio risk exposure and tax implications.
The takeaway
Institutional brokers are increasingly diversifying their service desks to capture more volume within the U.S. equities market. Investors interested in derivative-based strategies should review their current risk management documents and discuss the role of total return swaps with a financial professional.
Further reading
For more on the current environment for institutional trading, visit Stock Markets.
Source note: This article includes information reported by Markets Media.
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