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January 23, 2020

BMO enhances electronic trading capabilities with Clearpool purchase

BMO Financial Group has agreed to buy electronic trading solutions specialist and agency broker-dealer Clearpool Group for an undisclosed sum.

The deal is aimed at strengthening Canadian firm BMO’s electronic trading platform.

Clearpool will continue to serve as a separate broker-dealer upon deal conclusion in the second quarter of 2020.

The firm will also have barriers to maintain the security of client data that is confidential. The deal awaits regulatory nod.

BMO Capital Markets CEO Dan Barclay said: “BMO Capital Markets is accelerating on our strategic priorities of delivering exceptional client-experiences, driving an innovation mindset, activating a high performance culture and simplifying how we do business.

“The acquisition of Clearpool is consistent with these priorities as it gives us access to leading next-gen trading technology and a broker-dealer client base.”

Headquartered in New York, Clearpool offers algorithmic trading tools through its Algorithmic Management System (AMS).

The firm, set up in 2014, has a staff headcount of around 60 and a client base of more than 100.

Clearpool CEO and co-founder Joseph Wald said: “The acquisition positions us well to accelerate the next step in our platform development and provide the infrastructure to become a global, multi-asset class electronic trading solution.”

In 2018, BMO Financial Group entered into an agreement to acquire KGS-Alpha Capital Markets, a New York-based fixed income broker-dealer focusing on US mortgage (MBS) and asset-backed securities (ABS).

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