Clear Street has entered into a definitive agreement to acquire Fox River, Instinet’s algorithmic trading business. The deal is expected to close in Q3 2024.
Fox River provides algorithmic execution solutions in US and Canadian equities for both buy- and sell-side firms.
The business will be integrated into Clear Street’s existing business, the firm said, improving its electronic trading capabilities and building on its cloud-native prime brokerage platform.
Commenting on the acquisitions, Clear Street CEO and co-founder Chris Pento 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.”
Gerry Milligan, president and head of the Americas at Instinet, added: “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. We believe that the Fox River platform will be a great complement to Clear Street’s product suite.”
©Markets Media Europe 2024
