Clear Street to Acquire Fox River Algorithmic Trading Business from Instinet
Summary
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. “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. 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.