BMO to buy Clearpool

BMO to buy Clearpool

Bank of Montreal has agreed to buy New York-based trading technology outfit Clearpool Group. Financial terms were not disclosed.

Founded in 2014, Clearpool has about 60 employees and over 100 clients, primarily US broker dealers who use its trading technology and execution services.

Once the deal goes through, BMO says Clearpool clients will maintain access to its technology and open architecture platform.

The unit will remain independent post-acquisition, with information barriers to secure clients' confidential information.

Joseph Wald, CEO, Clearpool, says: "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."

The deal - reported to be worth around $100 million - is expected to close in the second quarter, subject to regulatory approval.

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