Ripple Prime launches Delta One for total-return swaps

Ripple Prime has launched a Delta One business that lets institutional clients execute total return swaps on U.S.-listed equities, indices and digital assets. The unit is live on the firm’s global multi-asset prime brokerage platform and is aimed at hedge funds, asset managers and other financial institutions.

Total return swaps allow a client to receive the economic return of an asset without owning it outright. Ripple Prime stated clients can consolidate clearing and financing under a single counterparty and cross-margin exposures across asset classes around the clock to support institutional trading programs that need continuous liquidity and capital efficiency.

The Delta One unit operates within the clearing and financing flow and is separate from market-making or proprietary trading activities. The firm described that arrangement as a conflict-free execution model intended to separate client execution from proprietary positions.

Ripple Prime reported more than $1 billion in regulatory net capital. The company completed an upsized $275 million private placement of senior unsecured notes this month and earlier obtained a $200 million debt facility from funds managed by Neuberger Specialty Finance.

Noel Kimmel, president of Ripple Prime, described the launch as: “The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we’ve built. Clients can now access equities, FX, derivatives, fixed income, and digital asset prime brokerage, clearing, and financing all through a single counterparty that is built for the future of finance: cross-asset, structurally aligned, 24/7. This is in line with what institutional market participants are asking for today, and we are proud to be the ones delivering it.”

The firm added that integrating Delta One into its platform will allow clients to manage cross-asset positions and margin requirements under a single operational and contractual framework.