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      Clear Street Set To Acquire Instinet's Fox River Algorithmic Trading Business

      Published: just now

      Clear Street logo

      Clear Street announced today its plans to acquire the Fox River algorithmic trading business from Instinet. The acquisition is expected to significantly enhance Clear Street's equity trading capabilities for both buy-side and sell-side customers.

       

      Fox River, known for its comprehensive suite of algorithmic execution solutions in US and Canadian equities, has built a reputation serving a diverse clientele, including some of the industry's leading quant-driven funds. The acquisition is set to bolster Clear Street's offerings in the quantitative trading space.

       

      Chris Pento, CEO and Co-Founder of Clear Street, emphasised the strategic importance of the acquisition. "Fox River's leading algorithmic trading capabilities add another key component to the value chain we offer," Pento stated. "Known for their high-performance algos, white-glove service and flexible platform, Fox River has a longstanding and loyal client base, built on proven and respected products and services."

       

      The move appears to be mutually beneficial for both companies. Gerry Milligan, President & Head of the Americas at Instinet, commented on the transaction: "This transaction provides clear benefits to both firms. It allows Instinet to streamline our existing Execution Services offering and continue to concentrate our investment efforts on our core Algorithmic platform. Additionally, we believe that the Fox River platform will be a great complement to Clear Street's product suite."

       

      Clear Street plans to integrate Fox River into its existing business, complementing the firm's cloud-native prime brokerage platform and enhancing its electronic trading capabilities. This integration aligns with Clear Street's mission to modernise the brokerage ecosystem, which began with the development of a cloud-native clearing and custody system designed for today's complex, global market.

       

      The transaction, advised by Clear Street Investment Banking, is expected to close in Q3 2024, subject to customary closing conditions. Financial details of the deal were not disclosed.

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