BMO Financial Group on Wednesday announced the acquisition of fintech electronic trading company Clearpool Group Inc. for an undisclosed amount.
Clearpool Group Inc. is an independent, agency-only broker-dealer and provides its clients with holistic electronic trading solutions. The New York-based company started out in 2014 and uses an algorithmic management system (AMS) with customizable strategies, visual data analytics and a cloud-based client portal.
BMO Financial Group said in a news release that the acquisition will help BMO deliver new capabilities to its electronic trading platform. It will also give BMO access to leading next-generation trading technology and a broker-dealer client base.
“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,” Dan Barclay, chief executive officer of BMO Capital Markets, said in a news release.
In May 2019, Clearpool reported on its website that the company had more than 120 AMS clients, “executing approximately two per cent of the U.S. equity market volume.”
Some services Clearpool Group’s AMS system offers are custom routing protocols, the ability to set passive and aggressive urgency levels, dispatcher logic management, auction participation, sizing and volume tracking, among others.
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The deal comes as BMO has been establishing partnerships with a number of fintech companies. In 2018, the bank announced partnerships with two award-winning Chicago-based tech startups, Genivity and SpringFour. Both companies received awards in the BMO Harris/1871 FinTech Partnership program.
Genivity is an AI software platform helping advisors engage clients through life-stage, health-risk and elder-care cost planning. SpringFour is a financial wellness platform helping improve payment performance, reducing delinquencies and increasing customer engagement by connecting customers with appropriate non-profit resources in their area.