BMO Financial Group completes acquisition of Clearpool
Clearpool will remain a separate brand under BMO Financial Group.
Clearpool Group, a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer, today announces that BMO Financial Group has finalized its acquisition of the company. Terms of transaction were not disclosed.
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.
Joseph Wald, CEO of Clearpool, commented:
“From inception, Clearpool has been committed to delivering innovative trading solutions that provide complete transparency and control to market participants. 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.
Ray Ross, CTO and Co-Founder of Clearpool, said:
“We have long admired BMO’s commitment to innovation. 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.”
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.