Instinet, the equity execution services unit of Nomura Group, has agreed to take over BlockCross ATS, an alternative trading system owned by State Street, for an undisclosed sum.
The existing BlockCross team will join Instinet’s Boston office as part of the deal.
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Instinet Holdings Incorporated CEO Jonathan Kellner said: “The addition of the BlockCross ATS to the Instinet product suite creates a unique liquidity offering helping our clients’ pursuit of best execution. “
The deal is anticipated to be completed in around 30-60 days, subject to customary conditions.
State Street Global Markets global head of portfolio solutions Nick Bonn added: “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.”
