Clear Street, a New York-based independent prime broker, is to expand into the futures clearing market with the acquisition of React Consulting Services (React) and its proprietary, cloud-native futures clearing platform, BASIS.

Clear Street (Clear Street), a New York-based independent prime broker, is to expand into the futures clearing market with the acquisition of React Consulting Services (React) and its proprietary, cloud-native futures clearing platform, BASIS.

BASIS will be integrated into Clear Street’s existing cloud-native clearing, settlement, execution, and custody platform. Clear Street’s prime brokerage platform currently processes more than 2.5% of the gross notional US equities volume.

A ten-strong team from React is moving to Clear Street including co-founders Pat Mayo and Dave Evans, who will both join as Managing Directors.

Upon the integration of BASIS, Clear Street will offer clients everything they need to clear, custody, and finance US equities, options, fixed income, and futures. Full integration of BASIS will be phased, as the company plans to connect the platform to futures exchanges starting in early 2024. Clear Street’s expansion into futures clearing is subject to regulatory approval.