Clearpool, a provider of e-trading solutions supporting algo trading and an independent agency broker-dealer, has announced that it is to be acquired by BMO Financial Group. The transaction is subject to receipt of required regulatory approval and is currently expected to close in the second quarter. 

Founded in 2014 in New York, Clearpool has approximately 60 employees and over 100 clients, primarily U.S. broker dealers who use its trading technology and execution services. Clearpool is a 2019 Waters Rankings Winner – Best Algorithmic Trading Provider and a recipient of the 2019 Markets Choice Awards – Best Algorithmic Trading Company.

“We are thrilled to be joining BMO Capital Markets,” said Joseph Wald, CEO and Co-Founder of Clearpool. “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.”

“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,” said Dan Barclay, CEO, BMO Capital Markets. “The acquisition of Clearpool is consistent with these priorities as gives us access to leading next-gen trading technology and a broker-dealer client base.”

BMO confirmed that it has acquired Clearpool for its trading technology and experienced team. The firm will remain an independent offering with information barriers to secure client’s confidential information.