Clear Street is a financial infrastructure and technology company that built a cloud-native capital markets platform for sophisticated investors, including hedge funds, broker-dealers, high-net-worth traders, ETF issuers, and multi-manager platforms. Founded in 2018, Clear Street built its platform from scratch on a single real-time ledger that unifies trading, clearing and custody, risk management, and financing across asset classes — equities, options, futures, security-based swaps, fixed income, FX, and digital assets. Unlike legacy providers that stitch together multiple siloed systems, Clear Street runs all client activity through one platform, giving clients a real-time view of their positions, balances, and risk. Clear Street generates revenue across two categories: net financing (~66% of revenue), which is the spread earned on margin lending, securities lending, repo, and security-based swap financing; and transactions (~34%), which includes commissions, clearing fees, locate fees, and investment banking. Net financing revenue is spread-based rather than rate-sensitive, and scales primarily with the volume of interest-bearing client balances. Clear Street argues the platform benefits from significant operating leverage, as incremental revenue from new clients requires minimal incremental cost since all activity runs on the same infrastructure. The company is expanding geographically into Canada, the U.K., and Asia-Pacific via its pending acquisition of Boom Securities, while also deepening its investment banking business, which launched in late 2023 and reached top-20 status among U.S. equity underwriters.