Jonathan Kellner, Instinet
New York - Instinet Holdings has entered into a definitive agreement to acquire State Street's BlockCross ATS, the alternative trading system.
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."
The deal is intended to give BlockCross clients continued access to State Street's 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.