Clear Street launches U.S. futures clearing and execution

Rick Steves

The launch of futures clearing at Clear Street comes on the heels of the firm’s acquisition of React Consulting Services, LLC (“React”) and its proprietary futures clearing platform, BASIS, in July 2023.

Clear Street has announced the launch of futures clearing and execution services on U.S. exchanges for global clients, including hedge funds, professional trading groups, and family offices.

The New York-based diversified financial services firm now offers emerging funds and large institutions everything they need to clear, custody, execute, and finance U.S. equities and options; clear, custody, and finance fixed-income securities; and clear futures.

Clear Street previously launched professional clearing services for registered market-makers in U.S. equities and options.

Clear Street processes 2.5% of notional U.S. equities volume

The launch of futures clearing at Clear Street comes on the heels of the firm’s acquisition of React Consulting Services, LLC (“React”) and its proprietary futures clearing platform, BASIS, in July 2023.

BASIS was subsequently integrated into Clear Street’s existing cloud-native clearing, settlement, execution, and custody platform. Clear Street currently processes around 2.5% of the notional U.S. equities volume, equivalent to roughly $10 billion worth of activity through its platform.

In December 2023, Clear Street concluded a successful third tranche of Series B funding led by Prysm Capital which increased the firm’s valuation to $2.1 billion.

“A cohesive prime brokerage and futures offering”

Chris Smith, CEO, Clear Street Futures, said: “Intensified competition, increased capital requirements, technological advancements, and evolving global trading dynamics have driven substantial FCM consolidation, leaving many institutional participants like hedge funds, corporates, and professional trading groups with limited clearing options. The current landscape underscores the critical need for a new player with technology that enables firms to navigate the market in real-time amid escalating volatility, regulatory shifts, and rapid changes.”

Chris Pento, CEO and Co-Founder, Clear Street, added: “This launch marks a significant milestone in a multi-year project aimed at establishing a cohesive prime brokerage and futures offering. Clear Street is uniquely positioned to disrupt the market by delivering innovative technology that seamlessly integrates futures with our comprehensive suite of offerings on a unified platform.”

Clear Street is a member of the following futures exchanges, offering access to a range of products, including indexes, rates, and commodities: CME, ICE US, and NODAL. The Company is actively pursuing memberships with other major global futures exchanges.

Founded in 2018, Clear Street built a completely cloud-native clearing and custody system designed for today’s global market. Its goal is to create a single platform for every asset class, in every country, and in any currency.

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