Clear Street set to acquire Fox River algorithmic trading business from Instinet
Clear Street, an independent prime broker based in New York, US, has entered into an agreement to acquire Fox River, the algorithmic trading business of fellow brokerage firm Instinet.
Clear Street to acquire Instinet’s Fox River business
Expected to close in Q3 this year, the proposed deal will see Clear Street integrate Fox River’s algorithmic execution solutions specific to US and Canadian equities.
Currently valued at $2.1 billion, Clear Street provides cloud-native clearing, custody and prime brokerage services to institutional investors and traders.
The acquisition is expected to strengthen Clear Street’s offering for buy and sell-side firms, including quant-driven funds, and enhance its electronic trading capabilities.
Chris Pento, CEO and co-founder of Clear Street, says the deal “further bolsters our suite of products tailored toward quantitatively focused clients” and will provide “another key component to the value chain we offer”.
Gerry Milligan, president and head of the Americas for Instinet, adds that the transaction “allows Instinet to streamline our existing Execution Services offering and continue to concentrate our investment efforts on our core Algorithmic platform”.
The deal remains subject to customary closing conditions and financial terms have not been disclosed.
The announcement comes just a week after Clear Street named former CBOE chief Edward Tilly as its new president.
