Prime Broker acquires cloud-native futures clearing system
Clear Street (“Clear Street”, “the Company”), a New York-based independent prime broker, announced today that it intends to begin the acquisition of React Consulting Services, LLC (“React”) and its associates in the entering the futures clearing market proprietary, cloud-native futures clearing platform BASIS.
BASIS will be integrated with Clear Street’s existing cloud-native clearing, settlement, execution and custody platform. Clear Street’s prime brokerage platform currently processes more than 2.5% of gross notional US equity volume.
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“By integrating BASIS, our clients will have seamless access to futures alongside our equity, options and fixed income offerings on one platform,” said Sachin Kumar, co-founder and chief technology officer. “This acquisition accelerates our product development timeline and brings us closer to a single platform for every asset class, in every country and in every currency.”
Clear Street will welcome 10 new employees from React, including co-founders Pat Mayo and Dave Evans, both of whom will join Clear Street as Managing Directors of Clear Street Technology. The 10 team members bring decades of futures experience and report directly to Kumar.
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“The React team shares Clear Street’s vision for a unified prime brokerage platform and strongly believes in the company’s mission to build a modern financial infrastructure for today’s institutions,” Mayo said.
Once BASIS is integrated, Clear Street will provide customers with everything they need to clear, hold and fund US equities, options, fixed income and futures. The full integration of BASIS will be gradual as the company plans to connect the platform to futures exchanges from early 2024. Clear Street’s expansion into futures clearing is subject to regulatory approval.
“We are excited to join Clear Street and accelerate the company’s entry into futures on its cloud-native platform,” added Evans.
Clear Street recently announced the closing of the second tranche of its $435 million Series B capital increase, valuing the company at $2.0 billion. The expansion into futures and fixed income supports Clear Street’s plans to expand its reach into new markets and asset classes, accelerate future product offerings, increase availability for all market participants, and offer solutions for clients who rely on a single platform want to migrate.
About Clear Street:
Clear Street is building the financial infrastructure for today’s institutions. Founded in 2018, Clear Street is an independent, non-bank prime broker replacing the legacy infrastructure used in the capital markets. The company started from scratch, building a fully cloud-native clearing and custody system designed for today’s complex, global marketplace. Clear Street’s proprietary prime brokerage platform significantly increases the efficiency of the market while focusing on minimizing risk and costs for clients. The company’s goal is to create a single source of information for every asset class, in every country and in every currency. Visit https://clearstreet.io for more information.
Clear Street does not provide investment, legal, regulatory, tax or compliance advice. Consult professionals in these areas to address your specific circumstances. These materials are: (i) an overview of Clear Street’s products and services only; (ii) provided for informational purposes only; and (iii) the information contained herein is subject to change without notice or obligation to supersede.
Products and services of Clear Street LLC, member FINRA and SIPC. For more information on Clear Street, including the client relationship summary, visit FINRA BrokerCheck.
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