Clear Street announced that its completed the purchase of the Fox River algorithmic trading business from Instinet. 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. Financial details were not disclosed in the release.
“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 CEO of Clear Street, in a statement.
Fox River will be integrated into Clear Street’s existing prime brokerage business and the firm’s cloud-native service platform, and will enhance electronic trading capabilities.