Clear Street enters futures clearing market with React acquisition
13 July 2023 US
Image: 鏄� 鍛�/stock.adobe.com
New York-based prime broker Clear Street has acquired React Consulting Services, marking its entry into the futures clearing market.
React鈥檚 proprietary cloud-based futures clearing platform, BASIS, will be integrated into Clear Street鈥檚 existing cloud-based clearing, settlement, execution and custody platform.
The full integration of BASIS is expected to occur in phases beginning in early 2024, and, once completed, will offer clients the ability to clear, custody and finance US equities, options, fixed income and futures, the firm says.
Ten new employees will join Clear Street from React, including co-founders Pat Mayo and Dave Evans. Both Mayo and Evans will assume the role of managing director of Clear Street Technology.
This group of employees will all report to Sachin Kumar, co-founder and chief technology officer of Clear Street.
The acquisition follows Clear Street鈥檚 recent US$435 million series B capital raise.
Commenting on the acquisition, Mayo says: 鈥淭he React team shares Clear Street鈥檚 vision for a unified prime brokerage platform and believes deeply in the company鈥檚 mission to build modern financial infrastructure for today鈥檚 institutions.鈥�
Kumar adds: 鈥淭his acquisition accelerates our product development timeline and brings us closer to a single platform for every asset class, in every country and in any currency.鈥�
React鈥檚 proprietary cloud-based futures clearing platform, BASIS, will be integrated into Clear Street鈥檚 existing cloud-based clearing, settlement, execution and custody platform.
The full integration of BASIS is expected to occur in phases beginning in early 2024, and, once completed, will offer clients the ability to clear, custody and finance US equities, options, fixed income and futures, the firm says.
Ten new employees will join Clear Street from React, including co-founders Pat Mayo and Dave Evans. Both Mayo and Evans will assume the role of managing director of Clear Street Technology.
This group of employees will all report to Sachin Kumar, co-founder and chief technology officer of Clear Street.
The acquisition follows Clear Street鈥檚 recent US$435 million series B capital raise.
Commenting on the acquisition, Mayo says: 鈥淭he React team shares Clear Street鈥檚 vision for a unified prime brokerage platform and believes deeply in the company鈥檚 mission to build modern financial infrastructure for today鈥檚 institutions.鈥�
Kumar adds: 鈥淭his acquisition accelerates our product development timeline and brings us closer to a single platform for every asset class, in every country and in any currency.鈥�
← Previous industry article
Zodia Custody and Hidden Road Partners collaborate on digital asset solution
Zodia Custody and Hidden Road Partners collaborate on digital asset solution
Next industry article →
SFTs are risky, complex and difficult to understand for some retail clients, says ESMA
SFTs are risky, complex and difficult to understand for some retail clients, says ESMA
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
