Fintech Acquisition Delivers Modern, Cloud-Based Electronic Trading Platform With Visual Data Analytics and Customizable Algorithmic Strategies
BMO Financial Group announced that it has completed the acquisition of Clearpool Group, Inc., a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer operating in the U.S. and Canada.
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BMO announced the acquisition on January 22, 2020. The transaction delivers powerful new capabilities to BMO’s electronic trading platform. As the nature of equity trading shifts to increased emphasis on electronic trading, the acquisition of Clearpool demonstrates BMO’s commitment to delivering leading edge trading technology to its global client base.
Clearpool continues to be a separate broker-dealer with information barriers to secure clients’ confidential information.
The acquisition is not expected to have a significant impact on the financial results of the bank and will reduce CET1 ratio by approximately 10bps.
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In connection with the transaction, BMO Capital Markets acted as financial advisor and Debevoise & Plimpton LLP and Osler, Hoskin & Harcourt LLP acted as legal counsel to BMO. Financial Technology Partners acted as financial advisor and Morgan, Lewis, & Bockius LLP, Murphy & McGonigle and Stikeman Elliott LLP acted as legal counsel to Clearpool.
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