BMO expands etrading for Institutions and broker dealers to EMEA

Dan Barnes

BMO Financial Group has expanded its electronic trading footprint in Europe, Middle East, and Africa (EMEA), launching its electronic trading services for institutions and broker-dealers outside of North America for the first time.

As part of a ‘digital first’ strategy, BMO reports it is focused on driving speed, innovation, and efficiency by leveraging technology, data and analytics to try and drive customer growth and deepen relationships.

BMO acquired Clearpool Group in 2020 to accelerate the development of its electronic trading solutions for the modern market microstructure across multiple asset classes and regions. Prior to the acquisition, BMO used the Clearpool Algorithmic Management System (AMS) for its institutional electronic trading offering.

Post-acquisition, in the US and Canada, BMO’s institutional electronic trading has continued to get support amongst asset managers and hedge funds. The firm is investing and adding resources to leverage the AMS in its services and continuing to support the 120+ broker-dealer Clearpool clients currently active on the AMS software.

Joe Wald, managing director and co-head of electronic trading, BMO Capital Markets.

“Our goal is to expand our capabilities to institutions and broker-dealers in EMEA,” said Joe Wald, managing director and co-head of electronic trading, BMO Capital Markets. “The European markets have many of the same trading technology needs as North American markets that we have been able to successfully address. Our expertise in market microstructure and developing financial technology puts us in a great position to have an outsized, positive impact. We’re excited to bring solutions to market participants and help navigate the ever-changing markets in Europe, the Middle East and Africa.”

The total electronic offering, for institutions and broker-dealers, was recognised as the ‘Best Sell Side Trading Desk’ at the Markets Media Choice Awards 2022.

“Our global trading infrastructure has a distributed architecture and data center footprint that is optimised for minimal latency and designed locally to the regions we serve,” said Michael Green, COO and head of EMEA electronic trading. “Launching our product in EMEA is a testament to our team’s dedication and commitment to transforming electronic trading globally.”

In preparation for the launch, BMO has made prominent senior management, operations and sales hires in EMEA. New hires include: Green; Yashar Asl, EMEA electronic sales; Kavel Patel, EMEA electronic sales; and Toby Benzie, EMEA broker dealer Sales. BMO has an established presence in London, Paris and Dublin and opened a new London office in January 2022.

©Markets Media Europe, 2022