Instinet completes acquisition of FIS algo trading business

The firm agreed to buy FIS’ execution services business – formerly known as Fox River – in June.

Instinet has completed its purchase of the FIS’ execution services business just a few months after announcing the deal.

FIS’ execution services unit offers execution solutions including trading algorithms and execution services, including direct market access and sales trading. As part of the deal, Instinet offered FIS staff employment and acquired its assets.

Speaking to The TRADE in June when the deal was announced, chief executive officer at Instinet, Ralston Roberts said: “Our new FIS Execution/Fox River teammates and their algo technology will be a terrific addition to the Instinet family. We are expanding opportunities to help clients achieve better execution, and further building upon our quantitative strategy offerings. The FIS Execution Services/Fox River team is known for building highly customisable strategies by quants, for quants.”

Once fully integrated, the new offering will be called Instinet Fox River Quant Solutions and will be delivered alongside Instinet’s core solutions business. It will initially be rolled out in the Americas with scope for this to expand in the future.

“We have great strategic and cultural alignment, and we believe that the natural synergies of this move will offer significant benefits and new opportunities to all of our clients, old and new,” said Brian Madigan, managing director of the new unit.

“Our goal is to make the transition as smooth as possible, and we’re very eager to hit the ground running and realise the power of this combination.”