Clear Street, a financial technology firm focused on the brokerage ecosystem, is to acquire Instinet’s Fox River algorithmic trading business, which provides algorithmic execution solutions in US and Canadian equities.

Fox River's clients include buy and sell-side firms, including many quant-driven funds.

In a press statement, 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. Known 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 toward quantitatively focused clients. We welcome the Fox River team to Clear Street.”

Gerry Milligan, President & Head of the Americas at Instinet, added: “This 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’s product suite.”

Fox River ultimately will be integrated into Clear Street’s existing business, complementing the firm’s prime brokerage platform.

Clear Street Investment Banking advised Clear Street on the transaction, which is expected to close in Q3 2024, pending the satisfaction of customary closing conditions. Financial terms were not disclosed.