Clearpool Group
Clearpool Group provides a cloud-based Algorithmic Management System (AMS) and agency-only execution services to institutional broker-dealers. Operating as a BMO Financial Group subsidiary, the firm serves 120+ broker-dealer clients with transparent, conflict-free electronic trading across US, Canadian, and EMEA markets.
- Company typePrivate
- Founded2014
- HeadquartersNew York, United States
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What Clearpool Group does
Clearpool Group is a New York-based electronic trading technology provider and agency broker-dealer serving institutional capital markets. Founded in 2014 and operating as a wholly-owned subsidiary of BMO Financial Group since April 2020, the firm builds and licenses the Algorithmic Management System (AMS), a cloud-based platform that enables institutional broker-dealers to configure, deploy, and monitor algorithmic trading strategies with pre-trade compliance and risk checks, customizable routing protocols, and full transparency into venue selection. The product portfolio is anchored on AMS and complemented by Venue Analysis, an independent forensic tool for benchmarking venue performance, and Clearpool Execution Services (CES), an agency-only broker-dealer routing to 40+ dark venues and all US exchanges without proprietary trading or conflicts of interest.
Clearpool's revenue model combines multi-year AMS software licensing (subscription/recurring), transaction-based execution fees through CES, subscription-based Venue Analysis access, and OEM/licensing royalties (notably an exclusive global Fusion platform license with Sterling Trading Tech). Pricing is quote-based and not publicly disclosed, with enterprise contracts structured around volume, features, and client size. Go-to-market operates through direct enterprise sales to broker-dealers, white-label/OEM partnerships (Sterling Trading Tech), and channel distribution via BMO Capital Markets, which is both parent and a flagship client-reseller. The firm serves a horizontal customer base of 120+ broker-dealer clients and executes approximately 2% of US equity market volume, with operational offices in New York, London, Toronto, Paris, and Dublin.
Following BMO's April 2020 acquisition, Clearpool operates as a separate brand with information barriers. Leadership includes co-founders Joseph Wald (CEO), Brian Schaeffer (President), and Ray Ross (CTO, formerly Managing Director at Knight Capital Group), with advisor Dave Cushing bringing pioneering TCA expertise from Wellington Management, Lehman Brothers, and ITG. Strategic recognition includes multiple Waters Rankings, Markets Choice Awards, and A-Team Group TradingTech Awards between 2016 and 2022. Headcount is reported in the 51-100 range. Revenue is not publicly disclosed.
Clearpool Group firmographics
Firmographics- Name
- Clearpool Group
- Legal name
- Clearpool Group, Inc.
- Website
- https://clearpoolgroup.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Clearpool Group provides a cloud-based Algorithmic Management System (AMS) and agency-only execution services to institutional broker-dealers. Operating as a BMO Financial Group subsidiary, the firm serves 120+ broker-dealer clients with transparent, conflict-free electronic trading across US, Canadian, and EMEA markets.
- Ownership category
- akta.pro rank
Clearpool Group industry classification
Industry- Product category
- Algorithmic Trading Software
- NAICS
- Securities and Commodity Exchanges (523210)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Single-Dealer Platforms (Multi-Asset) (FSAFAEAG)
- akta.pro secondary industry
- Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF)
Keywords
Where Clearpool Group is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
Clearpool Group business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- AMS Software Licensing: Multi-year license agreements for the Algorithmic Management System to broker-dealers and institutional clients. Cloud-based SaaS model with no hardware maintenance required.
- Agency Execution Services: Execution services through Clearpool Execution Services (CES), an agency-only broker-dealer. CES routes orders anonymously and provides access to 40+ dark venues and all US exchanges.
- Venue Analysis Subscriptions: Subscription-based access to venue performance analytics and peer analysis tools for evaluating and optimizing routing protocols.
- Platform Licensing (Fusion): Exclusive global license agreement with Sterling Trading Tech for the Fusion trading platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Enterprise licensing - custom quotes based on client needs |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
Clearpool Group product offering
Product offeringCore offering
Clearpool Group develops and licenses a cloud-based Algorithmic Management System (AMS) that enables institutional broker-dealers to customize, execute, analyze, and optimize algorithmic trading strategies with full routing transparency and pre-trade compliance. The portfolio also includes Venue Analysis, a forensic analytics tool for benchmarking historical venue performance, and Clearpool Execution Services (CES), an agency-only broker-dealer providing conflict-free liquidity access across 40+ dark venues and all US exchanges.
Product overview
Clearpool Group is a unified platform-plus-modules architecture built around its core Algorithmic Management System (AMS), a cloud-based algorithmic trading platform. The product portfolio consists of three main offerings: (1) the AMS core platform providing pre-trade compliance, custom algorithmic strategy configuration, and advanced analytics; (2) Venue Analysis as an add-on module for historical venue performance forensic analysis; and (3) Clearpool Execution Services (CES), the agency's broker-dealer execution service. The AMS serves as the central technology powering customization, execution, analysis, and optimization of algorithmic trading strategies with total transparency and routing control.
Differentiator
Problem solved
Functional benefit
Brands
- Algorithmic Management System (AMS): A complete, cloud-based algorithmic trading platform providing pre-trade compliance and risk checks, custom configurability of algorithmic strategies and routing protocols, and advanced analytics for greater transparency and control.
- Venue Analysis
- Clearpool Execution Services
Products and services
- Algorithmic Management System (AMS) A complete cloud-based algorithmic trading platform providing pre-trade compliance and risk checks, custom configurability of algorithmic strategies and routing protocols, and advanced analytics for transparency and control throughout the electronic trade lifecycle. Licensed to institutional broker-dealers under multi-year agreements.
- Venue Analysis An independent forensic analytics tool providing market participants with monthly or quarterly venue performance analysis across the equities market. Enables validation of routing protocols and demonstration of best execution under MiFID II and SEC rules.
- Clearpool Execution Services (CES) An independent agency broker-dealer providing institutional clients with conflict-free access to liquidity across 40+ dark venues (including ATSs, conditional venues, market makers, and single dealers) and all US exchanges. CES does not trade against client flow or conduct proprietary trading, and routing protocols are completely transparent.
Quantifiable outcome
- 2% of US equity market volume executed through platform
- +3 more outcomes
Companies that use Clearpool Group
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Clearpool Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Clearpool Group partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- BMO Capital MarketscoreBMO expanded electronic trading operations to EMEA markets using Clearpool AMS. Partnership includes exclusive Canadian dealer arrangement, EMEA launch, and continued investment in technology development.
- Atlantic EquitiescoreFirst Europe-based broker to license AMS for European institutional clients trading US equities. Atlantic Equities uses AMS to provide independent, unconflicted access to US markets and transparent routing logic under MiFID II.
- Piper JaffraycoreMulti-year strategic algorithmic trading partnership. Piper Jaffray licenses AMS to create differentiated electronic trading solution for their institutional clients.
- BMO Capital MarketscoreMulti-year strategic partnership for BMO to license AMS infrastructure for Canadian equities trading. BMO is exclusive Canadian dealer for AMS platform.
- Sterling Trading TechcoreExclusive global license agreement for Fusion trading platform. STT is the only authorized provider of Fusion, offering it to the trading community. STT platforms process 5% of daily US equity volume.
- Healthy Markets AssociationminorClearpool joined as working group member to influence practical market structure reforms and promote transparency in capital markets.
Scale indicators8 records
Recent moves9 records
Expansion highlights6 records
Clearpool Group competitors and assessment
Company assessmentEmerging players
- Vela Trading Systems: Vela provides low-latency market access, algorithmic trading infrastructure, and execution platforms to institutional clients, with overlapping capabilities in electronic equity execution and connectivity.
- Dash Financial Technologies: Dash provides options and equities execution technology and agency broker services to institutional clients, with direct overlap on agency execution and routing transparency versus Clearpool Execution Services.
Broad incumbents
- Virtu Financial: Virtu is a major global electronic market maker and agency execution provider with substantial US equity volume share, competing with CES on execution services while operating a fundamentally different (principal) model.
- Tradeweb: Tradeweb operates institutional electronic trading venues across asset classes (with growing equity capability via acquired platforms), serving many of the same institutional broker-dealer and buy-side clients as Clearpool.
- Bloomberg Tradebook: Bloomberg's agency execution and algorithmic trading arm combines EMS functionality with Bloomberg's broader data and analytics franchise, competing with Clearpool's AMS at bulge-bracket broker-dealers and large buy-side accounts.
Direct peers
- Liquidnet: Liquidnet operates agency-only block trading and dark pool execution with transparency and no proprietary trading positioning, directly mirroring Clearpool Execution Services' conflict-free agency model.
- FlexTrade Systems: FlexTrade provides multi-asset execution management systems and algorithmic trading technology to institutional broker-dealers and buy-side firms, directly overlapping with Clearpool's AMS offering in equity execution and order routing.
- Sterling Trading Tech: Sterling Trading Tech is both an OEM licensee of Clearpool's Fusion platform and a competing provider of OMS/EMS infrastructure to broker-dealers, giving it a unique dual relationship with Clearpool.
- Itiviti (Broadridge Trading and Connectivity): Itiviti (now part of Broadridge) provides multi-asset trading technology including algorithmic trading, connectivity, and analytics, directly competing with Clearpool AMS in equity and derivatives execution.
Others
- Charles River Development (State Street): Charles River provides order management and execution management systems to asset managers and broker-dealers, adjacent to Clearpool's execution analytics and best-execution workflow tools.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Clearpool Group social profiles
Digital presenceClearpool Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Clearpool Group leadership team
Management profileNumber of profiles
Profiles7 records
Clearpool Group subsidiaries and ownership
Company hierarchySubsidiaries1 record
Clearpool Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Clearpool Group M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Clearpool Group
What does Clearpool Group do?
Clearpool Group develops and licenses a cloud-based Algorithmic Management System (AMS) that enables institutional broker-dealers to customize, execute, analyze, and optimize algorithmic trading strategies with full routing transparency and pre-trade compliance. The portfolio also includes Venue Analysis, a forensic analytics tool for benchmarking historical venue performance, and Clearpool Execution Services (CES), an agency-only broker-dealer providing conflict-free liquidity access across 40+ dark venues and all US exchanges.
Is Clearpool Group a public or private company?
Clearpool Group is a private company. It is classified as corporate owned and is currently operating.
When was Clearpool Group founded?
Clearpool Group was founded in 2014. It employs 51 to 100 people.
Where is Clearpool Group based?
Clearpool Group is headquartered in New York, United States, in the North America region.
How does Clearpool Group make money?
Four revenue lines are on record. AMS Software Licensing is the primary driver. The others are agency Execution Services, venue Analysis Subscriptions and platform Licensing (Fusion).
Who are Clearpool Group's main competitors?
Emerging players on record are Vela Trading Systems and Dash Financial Technologies. Broad incumbents are Virtu Financial, Tradeweb and Bloomberg Tradebook. Direct peers are Liquidnet, FlexTrade Systems, Sterling Trading Tech and Itiviti (Broadridge Trading and Connectivity). Charles River Development (State Street) is listed as an others.
Does Clearpool Group have an API?
No public API is recorded for Clearpool Group.
What industry is Clearpool Group in?
Clearpool Group's product category is Algorithmic Trading Software. Its primary akta.pro industry code is FSAFAEAG, Single-Dealer Platforms (Multi-Asset), with a secondary code of FSAEACAF, Clearing Broker / Carrying Broker (FCM & Clearing). Its NAICS code is 523210 and its SIC code is 6211.