Clear Street to Acquire Fox River Algorithmic Trading Business from Instinet

Enhances Equity Trading Capabilities for Buy-Side and Sell-Side Customers

NEW YORK--(BUSINESS WIRE)--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.

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