Clearpool, a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer, has entered a definitive agreement to be acquired by BMO Financial Group, parent of BMO Capital Markets. Clearpool expects the acquisition to accelerate development of its trading technology and provide infrastructure to become a global provider of a multi-asset electronic trading solution.
Founded in 2014, Clearpool has 60 employees and over 100 clients, primarily US broker dealers that use the company’s trading technology and execution services. Its Algorithmic Management System (AMS) provides a customisable suite of algorithmic trading tools designed to service the best execution needs of institutional clients.
As part of the acquisition, which is expected to close in the second quarter of 2020, Clearpool will remain an independent offering. BMO will support the company in developing new trading solutions for current and future clients, while Clearpool clients will maintain access to the technology and open architecture platform as the company continues to evolve its trading offering.
“BMO Capital Markets is accelerating its strategic priorities of delivering exceptional client experiences, driving an innovation mindset, activating a high performance culture and simplifying how we do business,” says said Dan Barclay, CEO at BMO Capital Markets. “The acquisition of Clearpool is consistent with these priorities and gives us access to leading next-gen trading technology and a broker-dealer client base.” BMO will also take on the Clearpool team.