Instinet Holdings Incorporated today announced that it has entered into a definitive agreement to acquire State Street's BlockCross ATS, an industry leading alternative trading system (ATS).
Terms were not disclosed. The transaction is expected to close in approximately 30-60 days, subject to satisfaction of closing conditions.
"The addition of the BlockCross ATS to the Instinet product suite creates a unique liquidity offering helping our clients' pursuit of best execution," said Jonathan Kellner, CEO of Instinet Holdings Incorporated. "This acquisition is another milestone in Instinet's history of delivering industry leading technology and execution services to the global market place."
"This sale will allow us to focus on our core transition management and agency brokerage solutions and areas where we can add the most value for our clients, including continued support of brokerage clients that are also BlockCross subscribers," said Nick Bonn, Global Head of Portfolio Solutions for State Street Global Markets.
The deal is intended to give BlockCross clients continued access to State Street's unique liquidity while leveraging Instinet's capabilities to deploy trading solutions world-wide. Instinet will operate the ATS using the same BlockCross team, who will join Instinet's office in Boston.
About Instinet
As the equity execution services arm of the Nomura Group, Instinet Incorporated's subsidiaries provide independent, agency-model brokerage services to clients throughout the world. Through its advanced suite of electronic trading tools, experienced high-touch trading group and unparalleled access to insightful content and liquidity, Instinet helps institutions lower overall trading costs and ultimately improve investment performance. Over the course of its 45+ year history, Instinet has introduced a range of now industry-standard trading technologies as well as the world's first major electronic trading venue, one of the first U.S. ECNs and the Chi-X businesses. For more information, please visit instinet.com.
