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Instinet closes purchase of State Street's alternative trading system

Instinet Holdings Inc. has completed the acquisition of State Street Corp.'s alternative trading system, BlockCross ATS.

Terms of the deal were not disclosed.

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