Fintech
Clear Street to Acquire Instinet’s Fox River Algorithmic Trading Unit
Cloud-based technology company Clear Street has announced plans to acquire an algorithmic execution solutions company focused on the U.S. and Canadian equity markets. Clear Street has entered into an agreement to acquire Instinet’s Fox River algorithmic trading business. The move is aimed at improving the brokerage industry and offering solutions for buy-side and sell-side firms, particularly quant-driven funds in the U.S. and Canadian equity markets.
Commenting on the acquisition plans, Gerry Milligan, President and Head of Americas for Instinet, said: “This transaction offers clear benefits to both companies. It allows Instinet to streamline our execution services offered and we continue to focus our investment efforts on our core algorithmic platform. Additionally, we believe the Fox River platform will be a great complement to Clear Street’s product suite.”
Fox River will be integrated into Free roadexisting business to enhance the firm’s cloud-native prime brokerage platform. This integration aims to enhance Clear Street’s electronic trading capabilities by offering a suite of products tailored to quantitatively focused clients.
According to the official statement, Clear Street Investment Banking advised the transaction, which is expected to close in Q3 2024, pending customary closing conditions. However, financial terms are yet to be disclosed.
Founded in 2018, Clear Street has developed a
cloud-native compensation and a custody system designed to meet the needs of today’s complex global markets. In December 2023, the company closed a third tranche of Series B financing from Prysm Capital, bringing the Series B total to $685 million and valuing the company at $2.1 billion.
Changes at the top of the company
The announcement of the planned acquisition comes amid management changes at Clear Street. Clear Street recently appointed Edward Tilly as PresidentTilly transitions to his new role at the company following a 10-year tenure as Managing Director at CBOE Global Markets, during which he reportedly grew the market capitalization from $2.0 billion to over $18.0 billion.
According to the official statement, his leadership has been highlighted by actions such as the acquisition of BATS Global Markets in 2017 and the launch of financial products such as zero-day options.
Tilly has experience running a publicly traded company, Clear Street. In her new role, she is expected to work with Chris Pento, Clear Street’s Chief Executive Officer, to focus on the company’s growth. She reports to Clear Street’s Board of Directors.
Cloud-based technology company Clear Street has announced plans to acquire an algorithmic execution solutions company focused on the U.S. and Canadian equity markets. Clear Street has entered into an agreement to acquire Instinet’s Fox River algorithmic trading business. The move is aimed at improving the brokerage industry and offering solutions for buy-side and sell-side firms, particularly quant-driven funds in the U.S. and Canadian equity markets.
Commenting on the acquisition plans, Gerry Milligan, President and Head of Americas for Instinet, said: “This transaction offers clear benefits to both companies. It allows Instinet to streamline our execution services offered and we continue to focus our investment efforts on our core algorithmic platform. Additionally, we believe the Fox River platform will be a great complement to the Clear Street product suite.”
Fox River will be integrated into Free roadexisting business to enhance the firm’s cloud-native prime brokerage platform. This integration aims to enhance Clear Street’s electronic trading capabilities by offering a suite of products tailored to quantitatively focused clients.
According to the official statement, Clear Street Investment Banking advised the transaction, which is expected to close in Q3 2024, pending customary closing conditions. However, financial terms are yet to be disclosed.
Founded in 2018, Clear Street has developed a
cloud-native compensation and a custody system designed to meet the needs of today’s complex global markets. In December 2023, the company closed a third tranche of Series B financing from Prysm Capital, bringing the Series B total to $685 million and valuing the company at $2.1 billion.
Changes at the top of the company
The announcement of the planned acquisition comes amid management changes at Clear Street. Clear Street recently appointed Edward Tilly as PresidentTilly transitions to his new role at the company following a 10-year tenure as Managing Director at CBOE Global Markets, during which he reportedly grew the market capitalization from $2.0 billion to over $18.0 billion.
According to the official statement, his leadership has been highlighted by actions such as the acquisition of BATS Global Markets in 2017 and the launch of financial products such as zero-day options.
Tilly has experience running a publicly traded company, Clear Street. In her new role, she is expected to work with Chris Pento, Clear Street’s Chief Executive Officer, to focus on the company’s growth. She reports to Clear Street’s Board of Directors.