Clearpool to provide BMO with a fully customizable Algorithmic Management System
NEW YORK, April 10, 2018 /PRNewswire/ -- Clearpool Group (Clearpool), a provider of advanced electronic trading software and independent agency broker-dealer execution services, announced a multi-year strategic partnership with BMO Capital Markets (BMO), the investment and corporate banking arm of BMO Financial Group (NYSE: BMO) (TSX: BMO). Clearpool will license its Algorithmic Management System (AMS) infrastructure to BMO to execute Canadian equities for their institutional clients.
"We are very proud to embark upon this partnership with BMO," said Joe Wald CEO of Clearpool. "Our award-winning AMS will empower BMO to deliver a suite of fully customizable algorithms, have control and transparency in their routing protocols, and provide them with comprehensive real-time performance and routing analytics. Expanding into Canada and Europe is part of our global commitment to develop electronic trading solutions that bring forth transparency to promote fair and equitable markets."
As part of the strategic partnership BMO will have access to Clearpool's Smart Order Router, providing cross-border access to US and Canadian Equity Markets. In addition, current Clearpool clients will have the ability to trade Canadian equities via the AMS.
"We are excited to work with Clearpool as the exclusive Canadian dealer to offer the AMS platform to clients trading Canadian equities," said Aine O'Flynn, Head of Global Equity Products at BMO Capital Markets. "It is an opportunity for us to leverage an electronic trading infrastructure that helps clients with the customization, execution, analysis and optimization of algorithmic strategies. Electronic trading is a key strategic priority for us and this partnership reinforces BMO's commitment to the space in Canada."
Launched in 2014 and based in New York, Clearpool Group, Inc., offers advanced electronic trading software and provides independent agency broker dealer execution services. With over 100 AMS clients and executing approximately 2% of the US equity market volume, Clearpool's algorithmic management system empowers market participants to take control of better quality execution by delivering advanced electronic trading solutions for an evolving equity market microstructure and competitive landscape.
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American-based financial services provider, with approximately 2,500 professionals in 30 locations around the world, including 16 offices in North America, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. 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 US$591.6 billion total assets as at January 31, 2018.