NEW YORK--(BUSINESS WIRE)--Clear Street (“Clear Street”, “the Company”), a cloud-native financial technology firm on a mission to modernize the brokerage ecosystem, announced today that the firm has completed the purchase of the Fox River algorithmic trading business from Instinet. Clear Street Investment Banking advised Clear Street on the transaction, which was announced on July 16, 2024. Fox River provides a comprehensive suite of algorithmic execution solutions in U.S. and Canadian equities. These offerings cater to buy and sell-side firms, including many of the industry’s leading quant-driven funds.
“We are thrilled to welcome the Fox River team to Clear Street. Initial client interest has been fantastic so far, given Fox River’s high-performance algos, white glove service, long standing reputation for excellence and loyal client base. This transaction adds another key component to our value chain, particularly for clients who are quantitatively focused, and fits perfectly with our strategy to redefine service and tech functionality across the brokerage ecosystem,” said Chris Pento, Co-Founder and Chief Executive Officer of Clear Street.
Fox River will be integrated into Clear Street’s existing prime brokerage business and the firm’s cloud-native service platform, as well as enhancing the Company’s electronic trading capabilities.
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. 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.
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