Clear Street, a native cloud financial technology company, has entered into a definitive agreement to acquire the algorithmic trading business of Instinet Fox River.
Fox River provides a comprehensive suite of algorithmic execution solutions in US and Canadian equities. These offerings are aimed at buy and sell firms, including many of the industry’s top volume-driven funds.
Chris Pento, CEO and Co-Founder of Clear Street, said:
“Fox River’s leading algorithmic trading capabilities add another key element to our value chain offering. Known for its high-performance algos, white-glove service and flexible platform, Fox River has a long-standing and loyal customer base based on proven and respected products and services. This transaction further strengthens our suite of products tailored to quantitatively focused clients. We welcome the Fox River team to Clear Street.”
Gerry Milligan, President and Head of Americas, Instinet, said:
“This transaction provides clear benefits to both companies. It allows Instinet to streamline its existing Execution Services and continue to focus our investment efforts on our core Algorithmic Platform. Additionally, we believe the Fox River platform will be an excellent addition to Clear Street’s product suite.”
Fox River will ultimately be integrated into Clear Street’s existing business, complementing the firm’s cloud brokerage services platform, enhancing the firm’s electronic trading capabilities.
Clear Street Investment Banking advised Clear Street of the transaction, which is expected to close in the third quarter of 2024, pending the satisfaction of customary closing conditions. Financial terms were not disclosed.