Clear Street Completes Purchase of Fox River Algorithmic Trading Business from Instinet

NEW YORK – October 1, 2024 – Clear Street (“Clear Street”, “the Company”), a cloud-native financial technology firm on a mission to modernize the brokerage ecosystem, announced today that the firm has completed the purchase of the Fox River algorithmic trading business from Instinet. Clear Street Investment Banking advised Clear Street on the transaction, which was announced on July 16, 2024. 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.

“We are thrilled to welcome the Fox River team to Clear Street. 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 Chief Executive Officer of Clear Street.

Fox River will be integrated into Clear Street’s existing prime brokerage business and the firm’s cloud-native service platform, as well as enhancing the Company’s electronic trading capabilities.