BMO to acquire cloud-based trade execution platform

By Staff | January 22, 2020 | Last updated on January 22, 2020
1 min read
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BMO Financial Group has announced it will acquire American fintech firm Clearpool Group Inc., the provider of a cloud-based trade execution platform.

Clearpool, based in New York, is an independent agency broker-dealer that provides electronic trading solutions to clients in the U.S. and Canada. It has more than 100 clients, mostly U.S. broker dealers, that use its trading technology and execution services, according to a release.

With Clearpool’s technology, BMO aims to introduce new capabilities to its electronic trading platform. In a statement, Dan Barclay, CEO of BMO Capital Markets, said the acquisition gives BMO “access to leading next-gen trading technology and a broker-dealer client base.”

The transaction, which is subject to regulatory approval, is expected to close in the second quarter 2020. Terms of the deal were not disclosed.

Upon closing, Clearpool will remain a separate broker-dealer with barriers in place to ensure clients’ confidential information is secure, the release said.

Advisor.ca staff

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.