Clear Street to acquire Fox River algorithmic trading business
17 July 2024 US
Image: nespix/stock.adobe.com
Clear Street has entered into an agreement to acquire Instinet鈥檚 Fox River algorithmic trading business.
Fox River provides a suite of algorithmic execution solutions in US and Canadian equities, catering to buy and sell side firms, including quant-driven funds.
The firm will be integrated into Clear Street鈥檚 business, where it will complement the firm鈥檚 cloud-native prime brokerage platform, enhancing its electronic trading capabilities.
The transaction will close in Q3 2024, pending the satisfaction of customary closing conditions.
Commenting on the acquisition, Clear Street鈥檚 CEO and co-founder, Chris Pento, says: 鈥淔ox River鈥檚 leading algorithmic trading capabilities add another key component to the value chain we offer.
鈥淜nown 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 towards quantitatively focused clients.鈥�
Gerry Milligan, president and head of the Americas at Instinet, adds: 鈥淭his 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.
"Additionally, we believe that the Fox River platform will be a great complement to Clear Street鈥檚 product suite.鈥�
Fox River provides a suite of algorithmic execution solutions in US and Canadian equities, catering to buy and sell side firms, including quant-driven funds.
The firm will be integrated into Clear Street鈥檚 business, where it will complement the firm鈥檚 cloud-native prime brokerage platform, enhancing its electronic trading capabilities.
The transaction will close in Q3 2024, pending the satisfaction of customary closing conditions.
Commenting on the acquisition, Clear Street鈥檚 CEO and co-founder, Chris Pento, says: 鈥淔ox River鈥檚 leading algorithmic trading capabilities add another key component to the value chain we offer.
鈥淜nown 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 towards quantitatively focused clients.鈥�
Gerry Milligan, president and head of the Americas at Instinet, adds: 鈥淭his 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.
"Additionally, we believe that the Fox River platform will be a great complement to Clear Street鈥檚 product suite.鈥�
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