New York and Toronto (ots/PRNewswire) - - BMO Financial Group (NYSE,
TSX: BMO) today announced that it has entered into a definitive
agreement to acquire 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. The transaction is
subject to receipt of required regulatory approvals and other
customary conditions and is currently expected to close in the
calendar second quarter. Terms were not disclosed.
* Fintech acquisition delivers modern, cloud-based electronic
trading platform with visual data analytics and customizable
* Emphasizes BMO's priorities to provide innovative technology to
clients and expand in areas of opportunity and strength
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.
Founded in 2014, Clearpool has approximately 60 employees and over
100 clients, primarily U.S. broker dealers who utilize the company's
trading technology and execution services. Its Algorithmic Management
System (AMS) provides a fully customizable suite of algorithmic
trading tools designed to service the best execution needs of
institutional clients. Clearpool is a 2019 Waters Rankings Winner -
Best Algorithmic Trading Provider and a recipient of the 2019 Markets
Choice Awards - Best Algorithmic Trading Company.
"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 it
gives us access to leading next-gen trading technology and a
broker-dealer client base."
On closing, Clearpool will be a separate broker-dealer with
information barriers to secure clients' confidential information.
"Clearpool's business was built on providing transparency and control
to all market participants," said Aine O'Flynn, Managing Director and
Head of Global Equity Products, BMO Capital Markets. "We are
committed to maintaining those principles."
"We are very excited to join BMO," said Joseph Wald, CEO and
Co-Founder, 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. None of this would be possible without our
employees, clients, and advocates who continue to shape our vision of
transparency and collaborative trading solutions."
Electronic trading is a rapidly growing portion of the global equity
secondary commission/fee pool. A 2018 report by Greenwich Associates
estimates that 73% of global equity flows are executed electronically
and for more liquid developed markets, the rate is likely over 90%.
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
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American-based
financial services provider offering corporate, institutional and
government clients access to a complete range of products and
services including equity and debt underwriting, corporate lending
and project financing, mergers and acquisitions advisory services,
securitization, treasury management, market risk management, debt and
equity research and institutional sales and trading. With
approximately 2,700 professionals in 33 locations around the world,
including 19 offices in North America, BMO Capital Markets works
proactively with clients to provide innovative and integrated
BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX:
BMO) one of the largest diversified financial services providers in
North America with $852 billion total assets as at October 31, 2019.
Launched in 2014 and based in New York, Clearpool Group, Inc. offers
holistic electronic trading solutions and provides independent agency
broker-dealer execution services. With over 100 Algorithmic
Management System (AMS) broker-dealer clients and executing
approximately 2% of the US equity market volume, Clearpool empowers
market participants to achieve better quality executions in an
evolving equity market microstructure and competitive landscape.
Certain statements in this press release are forward-looking
statements under the United States Private Securities Litigation
Reform Act of 1995 (and are made pursuant to the 'safe harbour'
provisions of such Act) and applicable Canadian securities
legislation. These forward-looking statements include, but are not
limited to, statements with respect to the expected closing of the
proposed transaction, plans for the acquired business and the
financial impact of the proposed transaction and are typically
identified by words such as "believe", "expect", "anticipate",
"intend", "estimate", "plan", "will", "should", "may", "could" and
other similar expressions.
By their nature, forward-looking statements are based on various
assumptions and are subject to inherent risks and uncertainties. We
caution readers of this press release not to place undue reliance on
our forward-looking statements as the assumptions underlying such
statements may not turn out to be correct and a number of factors
could cause actual future results, conditions, actions or events to
differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements. Such factors
include, but are not limited to: the possibility that the proposed
transaction does not close when expected or at all because required
regulatory approvals and other conditions to closing are not received
or satisfied on a timely basis or at all; the terms of the proposed
transaction may need to be modified to satisfy such conditions; the
anticipated benefits from the proposed transaction are not realized
in the time frame anticipated or at all as a result of changes in
general economic and market conditions, interest and exchange rates,
monetary policy, laws and regulations (including changes to capital
requirements) and their enforcement, and the degree of competition in
the geographic and business areas in which Clearpool's business
currently operates; the ability to promptly and effectively integrate
Clearpool's business; reputational risks and the reaction of
Clearpool's customers and employees to the transaction; diversion of
management time on transaction-related issues; and those other
factors set out on page 68 of BMO's 2019 Annual Report to
Shareholders. We caution that the foregoing list is not exhaustive of
all possible factors. These factors should be considered in addition
to other uncertainties and potential events, and the inherent
uncertainty of forward-looking statements.
BMO does not undertake to update any forward-looking statement,
whether written or oral, that may be made, from time to time, by the
organization or on its behalf, except as required by law.
BMO Media Contacts: Julie Smithers, Toronto, Julie.Smithers@bmo.com,
Digital press kit: http://www.ots.at/pressemappe/PR140561/aom
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