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Instinet completes purchase of BlockCross ATS from State Street

First Published 14th August 2017

Jonathan Kellner, Instinet

Jonathan Kellner, Instinet

New York - Instinet has completed the purchase of the BlockCross ATS, the alternative trading system, from State Street.

Instinet announced its intention to purchase the BlockCross ATS from State Street on June 22, 2017. The terms were not disclosed.

"I am pleased to confirm that we have completed the purchase of the BlockCross ATS. This acquisition expands our ability to source unique liquidity and block trading opportunities for our clients as they seek best execution," said Jonathan Kellner, CEO of Instinet Holdings Incorporated.

Instinet's algorithmic trading strategies, including its marquee Nighthawk algorithm, have been integrated into the BlockCross front end. The firm will operate the BlockCross ATS using the same BlockCross team, who joined Instinet's office in Boston.