Clear Street to Acquire Fox River Algorithmic Trading Business from Instinet
2024年7月17日 - 1:00AM
ビジネスワイヤ(英語)
Enhances Equity Trading Capabilities for
Buy-Side and Sell-Side Customers
Clear Street (“Clear Street”, “the Company”), 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.
About Clear Street
Clear Street is modernizing the brokerage ecosystem. Founded in
2018, Clear Street is a diversified financial services firm
replacing the legacy infrastructure used across capital markets.
The firm started from scratch by building a completely cloud-native
clearing and custody system designed for today’s complex, global
market. In December 2023, Clear Street received a third tranche of
Series B funding from Prysm Capital, increasing its Series B to
$685 million and the firm’s valuation to $2.1 billion.
Clear Street’s proprietary platform adds significant efficiency
to the market while focusing on minimizing risk, redundancy, and
cost for clients. Clear Street’s goal is to create a single
platform for every asset class, in every country, and in any
currency. For more information, visit https://clearstreet.io.
Clear Street does not provide investment, legal, regulatory,
tax, or compliance advice. Consult professionals in these fields to
address your specific circumstances. These materials are: (i)
solely an overview of Clear Street’s products and services; (ii)
provided for informational purposes only; and (iii) subject to
change without notice or obligation to replace any information
contained therein.
Products and services are offered by Clear Street LLC as a
Broker Dealer member FINRA and SIPC and a Futures Commission
Merchant registered with the CFTC and member of NFA. Additional
information about Clear Street is available on FINRA BrokerCheck,
including its Customer Relationship Summary and NFA BASIC | NFA
(futures.org).
Copyright © 2024 Clear Street LLC. All rights reserved. Clear
Street and the Shield Logo are Registered Trademarks of Clear
Street LLC
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version on businesswire.com: https://www.businesswire.com/news/home/20240716868841/en/
Press Contact: Ashley DeSimone
press@clearstreet.io or SEC Newgate
ClearStreet@SECNewgate.co.uk