Clearpool Group, a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer, is to be acquired by BMO Financial Group (NYSE, TSX: BMO).
The transaction is subject to receipt of required regulatory approval and other customary conditions and is currently expected to close in the second quarter.
Terms of the transaction were not disclosed.
Founded in 2014 and led by Joseph Wald, CEO, Clearpool Group offers holistic electronic trading solutions and provides independent agency broker-dealer execution services. The firm has approximately 60 employees and over 100 clients, primarily U.S. broker dealers who utilize the company’s trading technology and execution services. Its Algorithmic Management System (AMS) provides a fully customizable suite of algorithmic trading tools designed to service the best execution needs of institutional clients.
The acquisition positions Clearpool to accelerate the next step in its platform development and provide the infrastructure to become a global, multi-asset class electronic trading solution. As part of this strategic acquisition, Clearpool clients will maintain access to the technology and open architecture platform.
Led by Dan Barclay, CEO, BMO Capital Markets is a 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. The firm has approximately 2,700 professionals in 33 locations around the world, including 19 offices in North America.