Clear Street (“Clear Street,” “the Company”), a cloud-native financial technology company with a mission to modernize the brokerage ecosystem, has entered into a definitive agreement to acquire Instinet’s algorithmic trading business Fox River.
Fox River offers a comprehensive suite of algorithmic execution solutions for U.S. and Canadian equities. These offerings are aimed at buy-side and sell-side companies, including many of the industry’s leading quantitative funds.
Chris Pento, CEO and co-founder of Clear Street, said: “Fox River’s leading algorithmic trading capabilities are another key component of the value chain we offer. Known for its powerful algorithms, world-class service and flexible platform, Fox River has a long-standing and loyal customer base based on proven and respected products and services. This transaction strengthens our product range, which is tailored to quantitatively oriented customers. We welcome the Fox River team to Clear Street.”
“This transaction offers clear benefits to both companies,” said Gerry Milligan, president and head of the Americas at Instinet. “It allows Instinet to streamline our existing Execution Services offering and continue to focus our investment efforts on our core algorithmic platform. Additionally, we believe the Fox River platform will be a great addition to Clear Street’s product suite.”
Fox River will ultimately be integrated into Clear Street’s existing business and complement the company’s cloud-native Prime brokerage platform, enhancing the company’s electronic trading capabilities.
Clear Street Investment Banking advised Clear Street on the transaction, which is expected to close in the third quarter of 2024, subject to the satisfaction of customary closing conditions. Financial details were not disclosed.