The planned purchase, which is anticipated to finalize in Q3 of this year, will see Clear Street include Fox River's algorithmic execution solutions tailored to US and Canadian equity markets.

Clear Street, now valued at $2.1 billion, offers institutional investors and traders cloud-native clearing, custody, and prime brokerage services.

It is anticipated that the purchase would improve Clear Street's electronic trading capabilities and fortify its offer for buy-side and sell-side enterprises, including quant-driven funds.

According to Chris Pento, CEO and co-founder of Clear Street, the acquisition would add "another key component to the value chain we offer" and "further bolster our suite of products tailored toward quantitatively focused clients."

The deal "allows Instinet to streamline our existing Execution Services offering and continue to concentrate our investment efforts on our core Algorithmic platform," says Gerry Milligan, president and head of Instinet's Americas division.

The financial details of the agreement have not been revealed, and it is still subject to typical closing conditions.

Only one week has passed since Clear Street announced Edward Tilly, the former head of the CBOE, as its new president.