Clear Street, a cloud-native financial technology firm on a mission to modernize the brokerage ecosystem, has entered into a definitive agreement to acquire Instinet’s Fox River algorithmic trading business. Fox River provides a comprehensive suite of algorithmic execution solutions in US and Canadian equities. These offerings cater to buy and sell-side firms, including many of the industry’s leading quant-driven funds.

Chris Pento, CEO and Co-Founder of Clear Street said, “Fox River’s leading algorithmic trading capabilities add another key component to the value chain we offer. 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. This transaction further bolsters our suite of products tailored toward quantitatively focused clients. We welcome the Fox River team to Clear Street.”

“This transaction provides clear benefits to both firms,” said Gerry Milligan, President & Head of the Americas, Instinet. “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.”

Fox River ultimately will be integrated into Clear Street’s existing business, complementing the firm’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 Q3 2024, pending the satisfaction of customary closing conditions. Financial terms were not disclosed.

Source: Clear Street