Acquisition accelerates the development of Clearpool’s leading electronic trading solutions
NEW YORK, NY / ACCESSWIRE / April 6, 2020 / Clearpool Group (Clearpool), a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer, today announced that BMO Financial Group (BMO) has completed its previously announced acquisition of the company. Terms of transaction were not disclosed.
“From inception, Clearpool has been committed to delivering innovative trading solutions that provide complete transparency and control to market participants,” said Joseph Wald, CEO of Clearpool. “BMO’s acquisition of Clearpool will fuel our strategic growth and provide our partners with a more robust AMS that will continue empowering them to achieve better quality executions.”
The acquisition emphasizes BMO’s priority to be a provider of innovative technology to a global client base and adds new capabilities to their electronic offering.
“We have long admired BMO’s commitment to innovation,” said Ray Ross, CTO and Co-Founder of Clearpool. “BMO’s desire to deliver exceptional client experiences, drive an innovation mindset, and activate a high performance culture will accelerate Clearpool’s product development and enhance our ability to deliver a technology that will enable our clients to own a unique and differentiated algorithmic trading solution.”
Clearpool will remain a separate brand under BMO Financial Group as well as a separate broker-dealer with information barriers to secure clients’ confidential information.
In connection with the transaction, Financial Technology Partners acted as financial advisor and Morgan, Lewis, & Bockius LLP, Murphy & McGonigle and Stikeman Elliott LLP acted as legal counsel to Clearpool. BMO Capital Markets acted as financial advisor and Debevoise & Plimpton LLP and Osler, Hoskin & Harcourt LLP acted as legal counsel to BMO.
Launched in 2014 and based in New York, Clearpool Group, Inc. offers holistic electronic trading solutions and provides independent agency broker-dealer execution services. With over 100 Algorithmic Management System (AMS) clients and executing approximately 2% of the US equity market volume, Clearpool empowers market participants to achieve better quality execution in an evolving equity market microstructure and competitive landscape.
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American-based financial services provider offering corporate, institutional and government clients access to a complete range of products and services including equity and debt underwriting, corporate lending and project financing, mergers and acquisitions advisory services, securitization, treasury management, market risk management, debt and equity research and institutional sales and trading. With approximately 2,700 professionals in 33 locations around the world, including 19 offices in North America, BMO Capital Markets works proactively with clients to provide innovative and integrated financial solutions.
BMO Capital Markets is a member of BMO Financial Group (BMO) one of the largest diversified financial services providers in North America with $880 billion total assets as of January 31, 2020.
BMO Capital Markets, Toronto
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