Clear Street intends to enter the futures clearing market with the acquisition of React Consulting Services and its proprietary, cloud-native futures clearing platform, BASIS.
Upon the integration of BASIS, Clear Street will offer clients everything they need to clear, custody, and finance US equities, options, fixed income, and futures. Full integration of BASIS will be phased, as the company plans to connect the platform to futures exchanges starting in early 2024.
BASIS will be integrated into Clear Street’s existing cloud-native clearing, settlement, execution, and custody platform. Clear Street’s prime brokerage platform currently processes more than 2.5% of the gross notional U.S. equities volume.
“Integrating BASIS will give our customers access to futures alongside our equity, options, and fixed income offering in one platform,” said Sachin Kumar, co-founder and chief technology officer.
Clear Street will onboard 10 employees from React, including co-founders Pat Mayo and Dave Evans, who will both join Clear Street as managing director for Clear Street Technology. The 10 team members will report directly to Kumar.
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