Clearpool Group, an electronic trading solutions provider and an independent agency broker-dealer, announced this Monday that the BMO Financial Group has now acquired it.

In a statement filed through the London Stock Exchange’s news service, the New York-headquartered firm said that the completion of the transaction would accelerate the development of its electronic trading solutions.

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The terms of the transaction, such as how much BMO paid to acquire Clearpool, were not disclosed. However, the broker-dealer will remain as a separate brand under the BMO Financial Group.

Commenting on the acquisition, Joseph Wald, CEO of Clearpool, said in the statement: “From inception, Clearpool has been committed to delivering innovative trading solutions that provide complete transparency and control to market participants. 

“BMO’s acquisition of Clearpool will fuel our strategic growth and provide our partners with a more robust AMS that will continue empowering them to achieve better quality executions.”

BMO acquires Clearpool as equity trading nature shifts

According to the statement, as the nature of equity trading is changing to an increased emphasis on electronic trading, the acquisition highlights the fact the BMO’s priority is to be a provider of technology to a global client base. 

BMO Capital Markets is a full-service North American based financial services provider, servicing corporate, institutional, and government clients.

“We have long admired BMO’s commitment to innovation,” added Ray Ross, CTO and Co-Founder of Clearpool, in the statement. “BMO’s desire to deliver exceptional client experiences, drive an innovation mindset, and activate a high performance culture will accelerate Clearpool’s product development and enhance our ability to deliver a technology that will enable our clients to own a unique and differentiated algorithmic trading solution.”

BMO first announced the acquisition earlier this year on the 22nd of January 2020. The deal provides the financial services firm with robust new capabilities to its electronic trading platform.