Top Sites>Clearpool Group

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# Clearpool Group

## Sitemaps

- [XML Sitemap](https://clearpoolgroup.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Pages

- [Homepage](https://clearpoolgroup.com/) - Transparency, trust and control in algorithmic trading Clearpool’s Algorithmic Management System (AMS) is transforming electronic trading with a fully customizable suite of algorithmic trading tools, offering total visibility and control from strategy to execution.
- [Quarterly 606 Disclosure](https://clearpoolgroup.com/quarterly-606-disclosure/) - Disclosure of Order Routing (SEC Rule 606)/Quarterly Customer Notification In accordance with SEC Rule 606, Clearpool Execution Services, LLC (“CES”) is providing its customers with this quarterly notice regarding a customer’s right to information concerning the routing of their orders for execution. CES is required to publish quarterly statistics regarding its customer agency order routing
- [Clearpool Disclosure Statement](https://clearpoolgroup.com/clearpool-disclosure-statement/)
- [Privacy Policy-OLD](https://clearpoolgroup.com/privacy-policy-old/) - The Clearpool Group Commitment to Privacy The Clearpool Group is committed to maintaining your confidence and trust, and accordingly maintains the following Privacy Policy to protect personal information you provide online. To make this notice easy to find, it appears on our home page (www.clearpoolgroup.com) and at every point that personally identifiable information may be
- [Contact us](https://clearpoolgroup.com/contact-us/) - Fill out the below form and a Clearpool representative will get back to you.
- [Careers](https://clearpoolgroup.com/about/careers/) - Are you passionate about technology & finance? Let’s create some FinTech together. Learn more about life as a Clearpooligan.
- [Privacy Policy](https://clearpoolgroup.com/privacy-policy/) - OUR COMMITMENT TO YOU Clearpool and its affiliates are committed to respecting and protecting the privacy and confidentiality of personal information you have entrusted to us. The practices described in this Privacy Code are subject to applicable laws in the states in which we operate. They are also subject to other applicable privacy policies and
- [About](https://clearpoolgroup.com/about/) - Launched in 2014 and based in New York, Clearpool Group, Inc. is an electronic trading software provider and agency broker dealer.
- [Clearpool Execution Services](https://clearpoolgroup.com/solutions/clearpool-executions-services/) - Clearpool Execution Services in an agency broker-dealer.
- [Terms of Use](https://clearpoolgroup.com/terms-of-use/) - Terms and Conditions of Use Access to the Clearpool website defined below is provided by Clearpool and/or its affiliates. For purposes of this agreement, “Clearpool” shall mean Clearpool and its affiliates including BMO Financial Group, and their respective officers, partners and employees. The “Clearpool” site shall mean the website of Clearpool available to the general
- [Press Releases](https://clearpoolgroup.com/about/press-releases/) - https://clearpoolgroup.com/clearpool-signs-its-first-license-agreement-with-a-europe-based-broker-atlantic-equities-strengthening-its-market-position-in-europe/
- [Solutions](https://clearpoolgroup.com/solutions/) - Clearpool's solutions allow you to possess the tools and insights to effectively collaborate and manage your own algorithmic trading technology at scale.
- [Venue Analysis](https://clearpoolgroup.com/solutions/venue-analysis/) - Clearpool’s Venue Analysis provides market participants with an independent solution to evaluate venues across the equities market. It’s a forensic tool that examines venue performance on a monthly or quarterly basis—providing you with actionable data to analyze and optimize performance. Use it to help validate your routing protocols to demonstrate best ex.
- [VA Free Trial Sign Up](https://clearpoolgroup.com/va-free-trial-sign-up/)
- [Algorithmic Management System](https://clearpoolgroup.com/solutions/algorithmic-management-system/) - A complete, cloud-based algorithmic trading platform providing pre-trade compliance & risk checks, custom configurability of algorithmic strategies and routing protocols, and advanced analytics for greater transparency and control throughout the electronic trade life cycle.
- [Resources](https://clearpoolgroup.com/insights/resources/)
- [Request a demo](https://clearpoolgroup.com/request-a-demo/) - Seeing is believing. Let us show you how to take control of your algorithmic trading.
- [Recent Press](https://clearpoolgroup.com/about/recent-press/)
- [Giving](https://clearpoolgroup.com/about/giving/) - The Clearpool Charitable Giving Program invests our time, commitment and financial resources toward a diversity of programs and initiatives.
- [Partners](https://clearpoolgroup.com/about/partners/) - Lorem ipsum dolor sit amet, consectetur adipiscing elit. Morbi faucibus sem sed nisi commodo commodo. Proin porttitor a tortor at viverra.
- [Videos](https://clearpoolgroup.com/insights/videos/)
- [Insights](https://clearpoolgroup.com/insights/)

## Insights

- [Joe Wald on Trends Within Electronic Trading](https://clearpoolgroup.com/insight/joe-wald-on-trends-within-electronic-trading/)
- [Greenwich Report: Globalization of Algorithmic Equity Trading: A Buy-Side View](https://clearpoolgroup.com/insight/greenwich-report-globalization-of-algorithmic-equity-trading-a-buy-side-view/) - To achieve the crucial goal of best execution, an increasingly sophisticated and data-driven buy side is now more than ever seeking out sell-side partners that match their requirements. This study uncovers the similarities and differences in perspectives among buy-side traders in North America, the European Union and the United Kingdom concerning: Best execution Algo platform and venue
- [Comment Letter on Proposed Reg NMS Updates](https://clearpoolgroup.com/insight/comment-letter-on-proposed-reg-nms-updates/)
- [Comment Letter on Order Competition Rule](https://clearpoolgroup.com/insight/comment-letter-on-order-competition-rule/)
- [Comment Letter on Access to Real-Time Market Data](https://clearpoolgroup.com/insight/comment-letter-on-access-to-real-time-market-data/)
- [TheTRADE Speaks With BMO Capital Markets About its New Algo Trading Offering](https://clearpoolgroup.com/insight/thetrade-speaks-with-bmo-capital-markets-about-its-new-algo-trading-offering/) - Reporting from TradeTech Europe 2022, The TRADE speaks with Joe Wald about the launch of BMO Capital Markets’ algorithmic trading services in EMEA and how the bank is approaching some of the key features on the wish list of traders, by offering an empirical, iterative and collaborative approach.
- [Amid the Pandemic, Market Structure Continues to Evolve](https://clearpoolgroup.com/insight/amid-the-pandemic-market-structure-continues-to-evolve/)
- [Comment Letter on NMS Plan Fee Amendments](https://clearpoolgroup.com/insight/comment-letter-on-nms-plan-fee-amendments/)
- [Comment Letter on Consolidated Equity Market Data](https://clearpoolgroup.com/insight/comment-letter-on-consolidated-equity-market-data/)
- [Comment Letter on TSX Market-On-Close Modernization Proposal](https://clearpoolgroup.com/insight/comment-letter-on-tsx-market-on-close-modernization-proposal/)
- [Advancements in Order Types and New Exchanges Underscore Market’s Shift to Execution Quality](https://clearpoolgroup.com/insight/advancements-in-order-types-and-new-exchanges-underscore-markets-shift-to-execution-quality/) - In 2020, the U.S. equity market's focus shifted from speed and cost to greater transparency and execution quality. This move towards greater transparency and a renewed focus on execution quality led to several regulatory initiatives, the launch of three new exchanges, and innovations in order types, like IEX's D-Limit. Download the paper.
- [Comment Letter on Periodic Auctions](https://clearpoolgroup.com/insight/comment-letter-on-periodic-auctions/)
- [606(b)(3) is Only an Appetizer](https://clearpoolgroup.com/insight/606b3-is-only-an-appetizer/) - Democratizing access to order-routing data has only whetted asset managers’ appetite and sparked a market for additional data offerings. Read the Tabb Forum paper here.
- [Greenwich Associates Report: Rule 606(b)(3) and Beyond](https://clearpoolgroup.com/insight/greenwich-associates-report-rule-606b3-and-beyond-the-ever-evolving-search-for-good-better-and-best-liquidity/)
- [Clearpool's Comment Letter on Market Data Infrastructure](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-market-data-infrastructure/)
- [Clearpool's Comment Letter on the New Equity Consolidated Data Plan](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-the-new-equity-consolidated-data-plan/)
- [Clearpool's Comment Letter on IEX D-Limit Order Type](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-iex-d-limit-order-type/) - Read the comment letter.
- [Amended Rule 606: Greater Transparency in Capital Markets](https://clearpoolgroup.com/insight/amended-rule-606-greater-transparency-in-capital-markets/) - Read the summary here.
- [How to Unleash the Full Power of Algo Wheels](https://clearpoolgroup.com/insight/how-to-unleash-the-full-power-of-algo-wheels/)
- [Clearpool's Comment Letter on Procedure for NMS Plan Fee Amendments](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-procedure-for-nms-plan-fee-amendments/)
- [Clearpool's Comment Letter on Odd Lot Inclusion in the SIP](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-odd-lot-inclusion-in-the-sip/)
- [Clearpool's Comment Letter With Additional Views on the EDGA Speed Bump](https://clearpoolgroup.com/insight/1095/) - Providing our additional views on the order instituting proceedings to approve or disapprove the Cboe EDGA Exchange (“EDGA”) proposed rule change to introduce a delay mechanism, or “speed bump.
- [Algo Wheels: Best Execution, Workflow Solution, or Both?](https://clearpoolgroup.com/insight/algo-wheels-best-execution-workflow-solution-or-both/)
- [2019 Viewpoints](https://clearpoolgroup.com/insight/2019-viewpoints/) - Clearpool Group's 2019 Viewpoints on Rethinking the Current Market Structure Read the paper here.
- [2018 Viewpoints](https://clearpoolgroup.com/insight/2018-viewpoints/) - Clearpool Group's 2018 Viewpoints on Trading and Market Structure Read the paper here.
- [Waters Rankings 2019 Winner's Interview: Clearpool](https://clearpoolgroup.com/insight/waters-rankings-2019-winners-interview-clearpool/) - At the 2019 Waters Rankings, Clearpool was named the best algorithmic trading providers by WatersTechnology’s readers. Brian Schaeffer, president and founder of Clearpool Group, lays out how the company is expanding into new geographies and building out its product lines.
- [Clearpool's Comment Letter on Expanding the OTC Equity Trading Volume Data FINRA Publishes](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-expand-otc-equity-trading-volume-data-published-on-finras-website/) - Read the comment letter.
- [Don’t Fear Fragmentation](https://clearpoolgroup.com/insight/dont-fear-fragmentation/) - Watch the video.
- [Clearpool's Comment Letter on the Cboe EDGA Speed Bump](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-the-cboe-edga-speed-bump/) - Clearpool's views on the proposed introduction of a speed bump on the Cboe EDGA Exchange. Read the comment letter.
- [Greenwich Associates Report: Money in Motion: How the Sell Side Can Differentiate and Win Market Share](https://clearpoolgroup.com/insight/greenwich-associates-report-money-in-motion-how-the-sell-side-can-differentiate-and-win-market-share/)
- [Fragmentation vs. Liquidity: Can Technology Resolve the Debate?](https://clearpoolgroup.com/insight/fragmentation-vs-liquidity-can-technology-resolve-the-debate/)
- [Powered by Clearpool.](https://clearpoolgroup.com/insight/powered-by-clearpool/)
- [Man + Machine: What the Buy Side Will Demand of Their Brokers](https://clearpoolgroup.com/insight/man-machine-what-the-buy-side-will-demand-of-their-brokers/)
- [Man + Machine: Becoming an Effective "Execution Consultant"](https://clearpoolgroup.com/insight/man-machine-becoming-an-effective-execution-consultant/)
- [Man + Machine: How the Sell Side Can Differentiate Themselves](https://clearpoolgroup.com/insight/man-machine-how-the-sell-side-can-differentiate-themselves/)
- [Man + Machine: Evolution of the Buy/Sell Side Relationship](https://clearpoolgroup.com/insight/man-machine-evolution-of-the-buy-sell-side-relationship/)
- [Man + Machine: Tools to Empower Sales Traders](https://clearpoolgroup.com/insight/man-machine-tools-to-empower-sales-traders/)
- [Man + Machine: Evolution of the Sales Trader Role and Responsibilities](https://clearpoolgroup.com/insight/man-machine-evolution-of-the-sales-trader-role-and-responsibilities/)
- [Man + Machine: The Right Way to View Technological Disruption](https://clearpoolgroup.com/insight/man-machine-the-right-way-to-view-technological-disruption/)
- [Man + Machine: Opportunities To Embrace Technological Change](https://clearpoolgroup.com/insight/man-machine-opportunities-to-embrace-technological-change/)
- [Man + Machine: Technological Change of the Equities Trading Landscape](https://clearpoolgroup.com/insight/how-technological-change-transformed-the-equities-trading-landscape/)
- [Clearpool's Comment Letter on SEC Roundtable on Market Data and Market Access](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-sec-roundtable-on-market-data-and-market-access/) - The Clearpool Group (“Clearpool”) welcomes the opportunity to provide its views on the issues to be examined at the SEC Roundtable on Market Data and Market Access (“Roundtable”). Launched in 2014 and based in New York, Clearpool Group is an independent agency broker-dealer and provider of tools to assist other broker-dealers in the areas of
- [Execution Transparency: Redefining the Algo](https://clearpoolgroup.com/insight/nam-nisl-magna-2/) - Joe Wald is intervieed by Larry Tabb regarding Transformation of Execution Transparency and Algorithmic Control
- [Clearpool's Comment Letter to the SEC Regarding NYSE Access and Connectivity Fees](https://clearpoolgroup.com/insight/clearpools-comment-letter-to-the-sec-regarding-nyse-access-and-connectivity-fees/) - As an independent agency broker-dealer, and provider of tools to assist other broker-dealers in routing, execution, pre- and post-trade compliance and risk monitoring, we have a significant interest in ensuring that the fees exchanges charge for access and connectivity services are fair and equitable, and allow for the most orderly, efficient and competitive markets possible.
- [Clearpool Review: Tick Size Pilot Program Overview](https://clearpoolgroup.com/insight/clearpool-review-tick-size-pilot-program-overview/) - On May 6, 2015, the SEC issued an order approving a plan under the National Market System (NMS) for the National Securities Exchanges and FINRA to implement a Tick Size Pilot Program, which is a data-driven test to evaluate whether or not widening the tick size for securities of smaller capitalization companies would positively impact
- [AITE Report: Next Generation Vendors Fill the Gap](https://clearpoolgroup.com/insight/aite-report-next-generation-vendors-fill-the-gap/) - Key trends driving adoption of white-label execution services: Outsourcing trend driven by cost management pressures Commoditization of U.S. equities market Regulator pressures and changes Mid-Tier brokers desire to remain relevant The buy-side's increasing sophistication To request the full report, click here.
- [Greenwich Associates Report: Control and Transparency](https://clearpoolgroup.com/insight/greenwich-associates-report-control-and-transparency-how-the-buy-side-seeks-to-manage-their-broker-network/) - Greenwich Associates released results from an independent study Control and Transparency – How the Buy Side Seeks to Manage Their Broker Network, commissioned by Clearpool analyzing the expectations the buy side has of their brokers as they demand more transparency and control in order routing. To request the full report, click here.
- [Clearpool Review: Tick Size Pilot Insights](https://clearpoolgroup.com/insight/clearpool-review-tick-size-pilot-insights/) - Clearpool's initial observations of the Tick Size Pilot (TSP). Read the paper here.
- [Clearpool's Comment Letter on Bats Market Close](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-bats-market-close/) - We believe that the Bats Market Close will introduce much needed competition to the markets and is another step in addressing issues raised by the fees charged by exchanges for the various products and services provided to market participants. Click here to view the comment letter.
- [Clearpool's Comment Letter on Nasdaq's Midpoint Extended Life Order (MELO)](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-nasdaqs-midpoint-extended-life-order-melo/) - We believe that the Midpoint Extended Life Order provides an important option to investors in the execution of their orders, particularly for institutional investors seeking to execute in large-size. Click here to read the full comment letter.
- [Clearpool's Comment Letter on the SEC Proposal to Conduct a Transaction Fee Pilot for NMS Stocks](https://clearpoolgroup.com/insight/clearpools-comment-letter-on-the-sec-proposal-to-conduct-a-transaction-fee-pilot-for-nms-stocks/) - We believe the time is long overdue to address conflicts of interest around order routing and order execution, including conflicts arising from access fees, liquidity rebates, and related incentives to route orders in today's markets. Click here to view the comment letter.
- [Tick Size Pilot: Year in Review](https://clearpoolgroup.com/insight/tick-size-pilot-year-in-review/) - Clearpool's continued observations of the Tick Size Pilot (TSP). Read the paper here.
- [Greenwich Associates Report: Venue Analytics - Routing a Path to Best Execution](https://clearpoolgroup.com/insight/greenwich-associates-report-venue-analytics-routing-a-path-to-best-execution/) - Greenwich Associates released results from an independent study Venue Analytics: Routing a Path to Best Execution, commissioned by Clearpool analyzing the buy side's need to analyze the performance of their executing broker's routing protocols and the venues they access. To request the full report, click here.
- [Brokers Must Collaborate with Buy Side on Best Ex](https://clearpoolgroup.com/insight/brokers-must-collaborate-with-buy-side-on-best-ex/)
- [Joe Wald Interview With Tabb Group](https://clearpoolgroup.com/insight/donec-dolor-eu-hendrerit-ultrices-ultricies-2/) - CEO Joe Wald discusses his advocacy for institutional transparency with Matt Simon, TABB Group.

## News

- [STA Open Call - Reg NMS & Order Competition Rule](https://clearpoolgroup.com/news/sta-open-call-reg-nms-order-competition-rule/) - On December 14, 2022, the SEC proposed four rule filings relating to wholesale changes to equity market structure. The comment period for letters expired March 31, during which numerous leading industry firms responded with the submission of comment letters on the proposals. On this Open Call, we discuss two of these four proposals, SEC Proposals on
- [Trends within Electronic Trading](https://clearpoolgroup.com/news/trends-within-electronic-trading/) - Hear from Joe Wald, BMO Capital Markets’ head of electronic trading, from the floor of TradeTech on the Globalization of Equity Algorithmic Trading. Watch the interview.
- [Making Headway in Uncertain Times](https://clearpoolgroup.com/news/making-headway-in-uncertain-times/) - Joe Wald, managing director, and head of electronic trading at BMO Capital Markets spoke to Best Execution about the advances in electronic trading over both time and geography. Read the interview.
- [Changing the Face of Financial Services: Interview with Shelley Eleby](https://clearpoolgroup.com/news/changing-the-face-of-financial-services-interview-with-shelley-eleby/) - To highlight the important work and impressive achievements of women in financial services, the STA Women in Finance Committee is pleased to conduct this interview series. These interviews span women from all areas of the industry and aim to inspire the next generation of women in finance. For this edition, we spoke with Shelley Eleby, Managing Director
- [Fireside Friday with… Joe Wald](https://clearpoolgroup.com/news/fireside-friday-with-joe-wald/) - The TRADE is delighted to present a brand new series of Fireside Friday interviews. Coming to you each week, these intimate one-on-one chats will bring you market insights from some of the industry's biggest names and most innovative pioneers. In our first of the series, we're delighted to sit down with Joe Wald, head of electronic trading
- [Market Structure Wave: Joe Wald on Best Ex and Reg NMS 2.0](https://clearpoolgroup.com/news/market-structure-wave-b-joe-wald-on-best-ex-and-reg-nms-2-0/) - In this edition of the Market Structure Wave video series, Joe Wald, Managing Director and Co-Head of Electronic Trading at BMO Capital Markets, talks about best execution from a global perspective, as well as developments that have made global trading more efficient and less costly. Watch the interview.
- [Plans for Equity Market Structure Revamp Stimulate Debate](https://clearpoolgroup.com/news/plans-for-equity-market-structure-revamp-stimulate-debate/) - SEC Chairman Gary Gensler’s plan to revamp the rules for U.S. stock trading is stirring debate among market participants, arguing whether the sweeping overhaul is necessary, while others favor a holistic review. Read the article.
- [The TRADE On The Ground – Building out BMO’s electronic offering in Europe](https://clearpoolgroup.com/news/the-trade-on-the-ground-building-out-bmos-electronic-offering-in-europe/) - The TRADE caught up with Michael Green, managing director and COO of EMEA electronic trading at BMO Capital Markets where he breaks down the firm’s plans to re-create the success of its electronic trading service in the European markets and outlines BMO’s client’s needs. Watch the interview.
- [Clearpool Wins Best Smart Order Routing System](https://clearpoolgroup.com/news/clearpool-wins-best-smart-order-routing-system/) - Clearpool wins Best Smart Order Routing System in TradingTech Insight Awards - USA 2022. See the winner's report.
- [The TRADE Speaks with BMO Capital Markets About its New Algo Trading Offering](https://clearpoolgroup.com/news/the-trade-speaks-with-bmo-capital-markets-about-its-new-algo-trading-offering/) - Reporting from TradeTech Europe 2022, The TRADE speaks with Joe Wald, managing director, co-head of electronic trading about the launch of BMO Capital Markets’ algorithmic trading services in EMEA and how the bank is approaching some of the key features on the wish list of traders, by offering an empirical, iterative and collaborative approach. Watch
- [TradeTech: AI-Enabled Algo Developments Will Drive Price Discovery](https://clearpoolgroup.com/news/tradetech-ai-enabled-algo-developments-will-drive-price-discovery/) - Decisions must be based on data, but you cannot ignore the human element, finds TradeTech panel. Joe Wald, managing director and co-head of electronic trading at BMO Capital Markets, emphasised that data has to achieve three elements: it must empirical, iterative, and collaborative. Read the article.
- [London Stock Exchange Welcomes BMO Capital Markets Celebrating the Launch of Electronic Trading in Europe](https://clearpoolgroup.com/news/london-stock-exchange-welcomes-bmo-capital-markets-celebrating-the-launch-of-electronic-trading-in-europe/) - BMO Financial Group is a highly diversified global financial services provider based in North America. BMO is bringing its Electronic Trading Operations to EMEA Markets, launching its electronic trading services for institutions and broker-dealers. Read the article.
- [BMO Expands Electronic Trading Operations for Institutions and Broker Dealers to EMEA Markets](https://clearpoolgroup.com/news/bmo-expands-electronic-trading-operations-for-institutions-and-broker-dealers-to-emea-markets/) - NEW YORK, NY and LONDON, UK / ACCESSWIRE / May 10, 2022 / BMO Financial Group (BMO) (NYSE:BMO)(TSX:BMO) today announced the expansion of 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 its ongoing commitment to
- [BMO Launches Algo Suite for European Equities](https://clearpoolgroup.com/news/bmo-launches-algo-suite-for-european-equities/) - BMO Capital Markets is launching algorithmic trading in European equities where the Canadian bank believes it can gain market share due to its systematic approach to trading, market structure proficiency and modern technology. Read the article.
- [Sell-Side Technology Awards 2022: Best sell-side automated trading platform—Clearpool](https://clearpoolgroup.com/news/sell-side-technology-awards-2022-best-sell-side-automated-trading-platform-clearpool/) - Clearpool AMS named Best Sell-Side Automated Trading Platform. Read the article here.
- [Innovation Accelerated in US Equities in 2021](https://clearpoolgroup.com/news/innovation-accelerated-in-us-equities-in-2021/) - Joe Wald, managing director of electronic trading at BMO Capital Markets, said the acceleration of a systematic approach to trading and performance-driven execution have been huge themes which will continue next year... Read the article.
- [Will Overnight Trading Evolve into a 24-Hour Stock Market?](https://clearpoolgroup.com/news/will-overnight-trading-evolve-into-a-24-hour-stock-market/) - With the surge in retail trading and meme stocks over the past 18 months, some industry observers say that demand for overnight trading in U.S. stocks has picked up and that the dream of 24-hour trading in U.S. equities is not far off. Read the article.
- [More Innovation Welcomed in US Equities](https://clearpoolgroup.com/news/more-innovation-welcomed-in-us-equities/) - Looking forward to continued innovation in US equity markets this year after new venues and order types launched in 2020. Read the article.
- [Levelling the Playing Field in US Equities](https://clearpoolgroup.com/news/levelling-the-playing-field-in-us-equities/) - Q&A with Joe Wald, Managing Director & Co-Head of Electronic Trading at BMO Capital Markets Read the article.
- [Algorithmic Trading Deep Dive: Transparency, Control And Best Execution](https://clearpoolgroup.com/news/algorithmic-trading-deep-dive-transparency-control-and-best-execution/) - This episode of The Fintech Files features Joe Wald, serial entrepreneur and intrapreneur, and explores the world of algorithmic trading for institutional investors. Listen to the podcast.
- [PureStream Aims To Revolutionise Block Trading](https://clearpoolgroup.com/news/purestream-aims-to-revolutionise-block-trading/) - PureStream Trading Technologies is aiming to launch the first US equity trading venue that allows institutions to trade blocks algorithmically with orders being matched in a stream of liquidity. Read the article.
- [IEX Increases Lit Volume With D-Limit Order](https://clearpoolgroup.com/news/iex-increases-lit-volume-with-d-limit-order/) - Displayed share at IEX Group has risen from 10% to 30% of total trading volume since it introduced a new order type last year, which the exchange said has demonstrated improved execution quality. Read the article.
- [Market Data, Best Execution and Technology – Interview with Joe Wald](https://clearpoolgroup.com/news/market-data-best-execution-and-technology-interview-with-joe-wald/) - In another installment of the Trading Evolved series of discussions with thought leaders in the financial services industry, Ari Burstein, President, Capital Markets Strategies, spoke with Joe Wald, Managing Director, Co-Head of Electronic Trading, BMO Capital Markets. The interview covered a number of issues of significance around market data, best execution, and technology, among other trading and market
- [SEC’s Market Data Infrastructure Rule Not Easily Said or Done](https://clearpoolgroup.com/news/secs-market-data-infrastructure-rule-not-easily-said-or-done/) - The finalized equities market infrastructure reforms will make a difference, but some market participants are calling for additional clarity. Read the article.
- [Industry Supports SEC Market Data Rule](https://clearpoolgroup.com/news/industry-supports-sec-market-data-rule/) - Yesterday the US Securities and Exchange Commission adopted the rule for a national market system plan governing the public dissemination of consolidated equity market data: Read the article.
- [New Trade Routing Data Is Just First Step](https://clearpoolgroup.com/news/new-trade-routing-data-is-just-first-step/) - In July this year a long-awaited rule from the US Securities and Exchange Commission came into full effect with the aim of helping the buy side achieve better execution by getting more data and information about their trades. Read the article.
- [Equity Market Structure Wrestles with “Inaccessible Liquidity”](https://clearpoolgroup.com/news/equity-market-structure-wrestles-with-inaccessible-liquidity/) - Equity market participants are learning about new stock exchange launches, new order types, and periodic auctions bringing innovation and competition to the equity trading landscape. But concerns about the unintended consequences of retail orders being executed in the off-exchange world seemed to be a huge issue for buy-side traders at the STA 2020 Market Structure
- [Global Trading Podcast: Update on U.S. Equity Market Structure](https://clearpoolgroup.com/news/global-trading-podcast-update-on-u-s-equity-market-structure/) - Ray Ross and Joe Wald, Co-Heads of Market Structure at BMO Capital Markets, discuss current developments in U.S. equity market structure with GlobalTrading Editor Terry Flanagan. Listen to the podcast.
- [Bank On It Podcast: Episode 348 Featuring Joe Wald](https://clearpoolgroup.com/news/bank-on-it-podcast-episode-348-featuring-joe-wald/) - In this episode the host John Siracusa chats remotely with Joe Wald Co-founder & CEO of Clearpool Group. Clearpool Group is a trading software and execution innovator for an evolving equity market microstructure. They were recently acquired by BMO, this is the second time having Joe as a guest on the show, during this interview they talk about how the
- [At Clearpool, New Owner, Same Innovation](https://clearpoolgroup.com/news/at-clearpool-new-owner-same-innovation/) - It has been an eventful year to date for Clearpool Group, as the trading-technology provider was acquired by BMO Financial amid a global pandemic. Read the article.
- [STA Podcast: Transparency Conflicts of Interest & Best Execution](https://clearpoolgroup.com/news/sta-podcast-transparency-conflicts-of-interest-best-execution/)
- [BMO MD: CAT Should Not See Further Delays](https://clearpoolgroup.com/news/bmo-md-cat-should-not-see-further-delays/) - The consolidated audit trail (CAT) must move forward despite remaining data privacy concerns, says Joe Wald, managing director, BMO Capital Markets. Read the article.
- [Court Derails SEC Efforts for Market Reforms](https://clearpoolgroup.com/news/court-derails-sec-efforts-for-market-reforms/) - With several SEC setbacks, investors are not expecting much progress on efforts to increase transparency and control trading fees. Investors' hopes for major reform of exchange practices and fees are dimming considerably, following two recent legal setbacks for the Securities and Exchange Commission. On June 16, a much-anticipated transaction fee pilot program designed to examine
- [Post-Flash Crash Fixes Bolstered Markets During Coronavirus Selloff](https://clearpoolgroup.com/news/post-flash-crash-fixes-bolstered-markets-during-coronavirus-selloff/) - Abrupt plunge in 2010 prompted effort to shore up stock market’s electronic underpinnings Read the article.
- [The Lighthouse Series with CEO Joe Wald](https://clearpoolgroup.com/news/the-lighthouse-series-with-ceo-joe-wald/) - The Lighthouse Series features a weekly Q&A where Edison Partners asks five simple questions to one of their CEOs. Read the interview with Joe Wald - the co-founder and CEO of Edison's recently exited portfolio company, Clearpool.
- [Clearpool Announces the Completion of its Acquisition by BMO Financial Group](https://clearpoolgroup.com/news/clearpool-announces-the-completion-of-its-acquisition-by-bmo-financial-group/) - Acquisition accelerates the development of Clearpool’s leading electronic trading solutions NEW YORK, NY / ACCESSWIRE / April 6, 2020 / Clearpool Group (Clearpool), a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer, today announced that BMO Financial Group (NYSE, TSX: BMO) has completed its previously announced acquisition of the company. Terms
- [Buy Side Awaits Trade-Routing Data](https://clearpoolgroup.com/news/buy-side-awaits-trade-routing-data/) - Regulators are pulling back the curtain on trade order routing. Read the article.
- [Reforming the SIP with Odd Lots and Competing Consolidators](https://clearpoolgroup.com/news/eforming-the-sip-with-odd-lots-and-competing-consolidators/) - With attention riveted on volatile stock and bond markets and the economic fallout from the COVID-19 pandemic, brokers and asset managers are focused on keeping up with the high volumes of market data and trades. Read the article.
- [In a First, Nyse Will Close Its Trading Floor and Conduct Remote Trading Amid Coronavirus Pandemic](https://clearpoolgroup.com/news/ronavirus-pandemic/) - On Monday, March 23, New York Stock Exchange (NYSE) will close its trading floor indefinitely, with traders and market makers working remotely as concerns of contagion continue to disrupt every facet of the financial markets. Read the article.
- [SEC Data Proposal: It’s a Start](https://clearpoolgroup.com/news/sec-data-proposal-its-a-start/) - The U.S. Securities and Exchange Commission hit a straight shot down the fairway. The regulator’s Feb. 14 proposal to modernize the data infrastructure that underpins institutional trading has been generally well-received by market participants, who note among other things that the plan would bring much-needed improvements to the Securities Information Processor, the industry data utility. Read the
- [Why an Algo-Trading Software Firm Caught BMO's Eye](https://clearpoolgroup.com/news/why-an-algo-trading-software-firm-caught-bmos-eye/) - Recently, BMO Financial Group agreed to buy Clearpool Group, a New York-based provider of trading software and an independent broker-dealer operating in the U.S. and Canada. Read the article.
- [Clearpool To Accelerate Expansion After Acquisition by BMO](https://clearpoolgroup.com/news/clearpool-to-accelerate-expansion-after-acquisition-by-bmo/) - Joe Wald, chief executive and co-founder of Clearpool Group, said the electronic trading software provider and independent agency broker-dealer is positioned to grow geographically and into other asset classes after its acquisition by BMO Financial Group. See the article.
- [Clearpool Group Inc. Agrees to be Acquired by BMO Financial Group](https://clearpoolgroup.com/news/clearpool-group-inc-agrees-to-be-acquired-by-bmo-financial-group/) - Acquisition enables Clearpool to accelerate the development of its electronic trading solutions for the modern market microstructure across multiple asset classes and regions NEW YORK / ACCESSWIRE / January 22, 2020 / Clearpool Group (Clearpool), a New York-based provider of holistic electronic trading solutions and an independent agency broker-dealer, today announced that it has entered into a
- [Wall Street Eyes Final Act of Stock Market Reforms in 2020](https://clearpoolgroup.com/news/wall-street-eyes-final-act-of-stock-market-reforms-in-2020/) - Some of Wall Street's most divisive trading feuds could come to a head in 2020. Read the article.
- [What’s Up @ClearpoolGroup? A Twitter Story](https://clearpoolgroup.com/news/whats-up-clearpoolgroup-a-twitter-story/) - Markets Media visited trading-technology provider @ClearpoolGroup on Thu. Dec 13. See the story.
- [Clearpool Aims to Democratise Electronic Trading With Algorithmic Management System](https://clearpoolgroup.com/news/clearpool-aims-to-democratise-electronic-trading-with-algorithmic-management-system/) - Clearpool, a New York based provider of electronic trading solutions, is building out technology designed to democratise electronic trading through the provision of transparency, trust and control. Read the article.
- [2019 Women in Finance Awards Announced](https://clearpoolgroup.com/news/2019-women-in-finance-awards-announced/) - Samantha Stogsdill of Clearpool wins Excellence in Operations. See the full list.
- [Market Data and Trading Costs](https://clearpoolgroup.com/news/1100/) - The proliferation of data has greatly improved institutional trading desks’ ability to analyze their own transactions along with broader market activity for clues on how to trade better. Read the article.
- [Online Broker Battlefield Shifts from Costs to Execution Quality](https://clearpoolgroup.com/news/online-broker-battlefield-shifts-from-costs-to-execution-quality/) - As trading costs go to zero, trade execution become more important. Read the article.
- [TCA Q&A: Dave Cushing, Clearpool](https://clearpoolgroup.com/news/tca-qa-dave-cushing-clearpool/) - Clearpool Group in June appointed trading and market strategies expert and Transaction Cost Analysis pioneer Dave Cushing as Advisor. Markets Media recently caught up with Cushing to discuss the state of TCA. Read the article.
- [Market Transparency Assessed](https://clearpoolgroup.com/news/market-transparency-assessed/) - How much do stakeholders of institutional trades know about the routing and execution of their transactions and their overall costs to trade? Read the article.
- [IEX’s First Fees Buck Data Charge Trend](https://clearpoolgroup.com/news/iexs-first-fees-buck-data-charge-trend/) - IEX keeps its data fee-free, but announces charges for costly and inefficient "logical ports." Read the article.
- [IEX Proposes Lower Cost Exchange Connection Fee](https://clearpoolgroup.com/news/iex-proposes-lower-cost-exchange-connection-fee/) - Exchange operator IEX Group submitted a fee filing Friday to the Securities and Exchange Commission aimed at providing transparency into the cost of connecting to exchanges. Read the article.
- [Devil in the Data as Funds Call for Scrutiny of LSE's Refinitiv Deal](https://clearpoolgroup.com/news/devil-in-the-data-as-funds-call-for-scrutiny-of-lses-refinitiv-deal/) - Some trading and investment firms are calling for competition regulators to scrutinize London Stock Exchange’s (LSE.L) proposed $27 billion takeover of financial information provider Refinitiv to prevent further market data price hikes. Read the article.
- [Waters Rankings 2019: Best Algorithmic Trading Provider: Clearpool](https://clearpoolgroup.com/news/waters-rankings-2019-best-algorithmic-trading-provider-clearpool/) - The winner for best algorithmic trading provider this year is Clearpool. It’s quite the coup for the New York-based company, which is only five years old. Read the article.
- [Waters Rankings 2019: All the Winners](https://clearpoolgroup.com/news/waters-rankings-2019-all-the-winners/) - This year's Rankings featured several companies that were involved in major acquisitions over the last 12 months. Read the article.
- [Clearpool Software Would Consider Analytics Acquisitions, CEO Says](https://clearpoolgroup.com/news/clearpool-software-would-consider-analytics-acquisitions-ceo-says/) - Clearpool, a New York-based electronic trading software provider, would look at acquisitions of complementary capabilities, such as in the analytics arena, said CEO Joe Wald. Read the article.
- [Brokers Cry SOS on Rule 606](https://clearpoolgroup.com/news/brokers-cry-sos-on-rule-606/) - While the industry has been granted a delay for SEC Rule 606, more guidance is necessary to move forward. Read the article.
- [Investors Hail SEC Guidelines on Exchanges](https://clearpoolgroup.com/news/investors-hail-sec-guidelines-on-exchanges/) - Recent actions by the SEC to bring greater transparency into exchange fees and practices — despite legal pushback from the major exchanges — are raising institutional investors' hopes that meaningful change is on the horizon. Read the article.
- [Clearpool Expands Analytics Intellectual Capital, Appointing Dave Cushing as Advisor](https://clearpoolgroup.com/news/clearpool-expands-analytics-intellectual-capital-appointing-dave-cushing-as-advisor/) - Trading and market strategies expert brings buy side insights to Clearpool NEW YORK, NY / ACCESSWIRE / June 10, 2019 / Clearpool Group (Clearpool), a provider of holistic electronic trading solutions and an independent agency broker-dealer, today announced the appointment of David Cushing as Advisor to the firm to focus on expanding its trade analytics solutions. Specifically,
- [Clearpool Group to Ring Opening Bell of Toronto Stock Exchange, Celebrating Expansion into Canadian Market](https://clearpoolgroup.com/news/clearpool-group-to-ring-opening-bell-of-toronto-stock-exchange-celebrating-expansion-into-canadian-market/) - Company Opens Clearpool Execution Services (Canada) Limited and Officially Launches its Algorithmic Management System (AMS) Infrastructure for Canadian Markets NEW YORK, NY / ACCESSWIRE / May 30, 2019 / Clearpool Group (Clearpool), a provider of holistic electronic trading solutions and an independent agency broker-dealer, will ring the opening bell at the Toronto Stock Exchange (TSX) on Thursday,
- [Appetite for Disruption:The Business and Regulation of FinTech podcast: Clearpool](https://clearpoolgroup.com/news/ppetite-for-disruptionthe-business-and-regulation-of-fintech-podcast-clearpool/) - Appetite for Disruption chats with folks from Clearpool, a financial services firm that provides a wide variety of technology tools and routing infrastructure to sell-side broker-dealers to help them seek best execution for their institutional clients. Listen to the podcast.
- [Trading Technology Q&A: Joe Wald, Clearpool](https://clearpoolgroup.com/news/trading-technology-qa-joe-wald-clearpool/) - Clearpool won Best Algorithmic Trading Company at the 2019 Markets Choice Awards. Markets Media caught up with Joe Wald, CEO and a Founder at Clearpool, to learn more. Read the article.
- [Best Execution Demands Challenge Inst’l Sales at Smaller Shops](https://clearpoolgroup.com/news/best-execution-demands-challenge-instl-sales-at-smaller-shops/) - Smaller asset managers may lose out on mandates if they don’t have the resources to analyze their trades and negotiate for lower costs and best execution. Read the article.
- [Bank On It Podcast: Featuring Joe Wald](https://clearpoolgroup.com/news/bank-on-it-podcast-featuring-joe-wald/) - Every week the show host John Siracusa talks with impressive fintech leaders and entrepreneurs, through conversation uncovers the remarkable stories behind them, their creations and the most important topics in fintech. In this episode the host John Siracusa chats with Joe Wald, co-founder and the CEO of Clearpool Group. Listen to the podcast.
- [CEO Chat: Joe Wald, Clearpool](https://clearpoolgroup.com/news/ceo-chat-joe-wald-clearpool/) - Markets Media recently caught up with Joe Wald, CEO and a Founder at Clearpool Group, to discuss the need for securities brokers to differentiate. Read the article.
- [SEC Chief Wants Smaller Investors to Have Better, Faster Stock Data](https://clearpoolgroup.com/news/sec-chief-wants-smaller-investors-to-have-better-faster-stock-data/) - The government wants smaller investors to have better access to real-time information about stock prices as part of an effort to reduce the advantage big firms have in paying for faster stock-data feeds, a top securities official said Friday. Read the article.
- [SEC Scrutinizes Fairness of Stock Exchange Pricing](https://clearpoolgroup.com/news/sec-scrutinizes-fairness-of-stock-exchange-pricing/) - The U.S. Securities and Exchange Commission is investigating whether the multi-tiered pricing system used by stock exchanges favors large brokers at the expense of small ones, according to a person familiar with the matter. Read the article.
- [Exchanges, Investors Face Off Over SEC Transaction Fee Pilot](https://clearpoolgroup.com/news/exchanges-investors-face-off-over-sec-transaction-fee-pilot/) - The battle for a wholesale review of how exchanges charge their customers ramped up as the exchanges moved to legally stop an upcoming SEC transaction fee pilot program before it begins. Read the article.
- [NYSE Is Suing the SEC](https://clearpoolgroup.com/news/nyse-is-suing-the-sec/) - The financial world was rocked Friday morning when the president of the New York Stock Exchange announced, in an op-ed piece in The Wall Street Journal, it would be suing its regulator, the Securities and Exchange Commission (SEC). Read the article.
- [All 3 Major US Stock Exchanges Unite to Sue Regulator Over Trading Experiment](https://clearpoolgroup.com/news/all-3-major-us-stock-exchanges-unite-to-sue-regulator-over-trading-experiment/) - The largest U.S. stock exchanges are taking the SEC to court as tensions over their business models reach a fever pitch across Wall Street. Read the article.
- [Miami Equities Exchange Gets Tepid Response](https://clearpoolgroup.com/news/miami-equities-exchange-gets-tepid-response/) - After years of discussing the possible launch of a US equities exchange, the parent company of the Miami Options Exchange plans to dive into the crowded market sometime in early next year, reported the Wall Street Journal on March 4. Read the article.
- [Regulation and Innovation Collide in the Best Possible Way](https://clearpoolgroup.com/news/regulation-and-innovation-collide-in-the-best-possible-way/) - Compliance with new standards might very well end up optimizing best ex for everyone Read the article.
- [Best Ex Requires the Best Tools](https://clearpoolgroup.com/news/best-ex-requires-the-best-tools/) - The potential to optimize execution quality through collaboration can be realized by leveraging the right technology Read the article.
- [The Power of One](https://clearpoolgroup.com/news/the-power-of-one/) - By aligning technology and goals, buy-side traders can gain a competitive advantage. Read the article.
- [Wall Street’s Biggest Traders Are Building Their Own Exchange](https://clearpoolgroup.com/news/wall-streets-biggest-traders-are-building-their-own-exchange/) - Does the U.S. need another stock exchange? Read the article.
- [IEX Slams 'Egregious' Market Data Fees at Other U.S. Exchanges](https://clearpoolgroup.com/news/iex-slams-egregious-market-data-fees-at-other-u-s-exchanges/) - NEW YORK (Reuters) - Stock exchange operator IEX Group on Tuesday challenged rival bourses to better justify the fees they charge brokers for market data, especially compared to the “dramatic, and at times egregious” difference to what it actually costs to produce. Read the article.
- [It’s No Anomaly – Personal Relationships Matter Big Time in Algorithmic Trading](https://clearpoolgroup.com/news/its-no-anomaly-personal-relationships-matter-big-time-in-algorithmic-trading/) - Relationships are experiencing a comeback, and technology is making them more collaborative and productive than ever. Read the article here.
- [US SIPs Must Evolve or Face Uncertain Future](https://clearpoolgroup.com/news/us-sips-must-evolve-or-face-uncertain-future/) - For decades, the vibrant and competitive patchwork quilt of US equities markets functioned smoothly thanks in no small part to the fact that the information flow from these fragmented markets was controlled via two official consolidated tapes of equities market data—the Consolidated Tape Association administered by the New York Stock Exchange, and the Unlisted Trading
- [In Trading, 'Control' Is an 8-Letter Word – Commentary by Joe Wald in Markets Media](https://clearpoolgroup.com/news/in-trading-control-is-an-8-letter-word-commentary-by-joe-wald-in-markets-media/) - The leitmotif of equity trading over the past ten years has been one of control. More specifically, those in control of trading at the expense of other market participants. Reg NMS, designed to remedy inequities of the specialist and Nasdaq dealer duopoly, produced a fragmented marketplace that gave way to diminished transparency in the trading
- [Guggenheim Securities Deploys Autonomy from Clearpool Group](https://clearpoolgroup.com/news/guggenheim-securities-deploys-autonomytm-from-clearpool-group/) - Guggenheim’s Electronic Trading is Powered by Clearpool NEW YORK, September 9, 2015 – Clearpool Group today announced that Guggenheim Securities has confirmed a software licensing agreement for Autonomy, Clearpool’s private label algorithmic trading platform introduced earlier this year. Clearpool is a next-generation trading software development and agency execution business. “Autonomy offers a high level of
- [Clearpool Secures a Multi-Million Dollar Investment from Edison Partners](https://clearpoolgroup.com/news/clearpool-secures-a-multi-million-dollar-investment-from-edison-partners/) - Rapidly Growing Clearpool to Step Up Plans for Further Innovations in its Electronic Trading Software Development and Go-to-Market Strategy NEW YORK, December 1, 2015 – Clearpool Group today announced it has received an $8 million investment from growth equity firm, Edison Partners. Clearpool is a next-generation, electronic trading software development and agency execution business; its
- [‘AMS’ Gives Brokers a Leg Up](https://clearpoolgroup.com/news/ams-gives-brokers-a-leg-up/) - For brokers below the rarefied air of the so-called bulge bracket, trading as efficiently as the Goldman Sachses and Morgan Stanleys of the world can be an uphill battle. Innovation is leveling the field of competition, specifically with a recently launched offering that’s meant to complement the OMS and EMS trading-desk mainstays. “The algorithmic management
- [Clearpool Algos In the Cloud](https://clearpoolgroup.com/news/clearpool-algos-in-the-cloud/) - With an overwhelming selection of algorithms to choose from, traders have the right to be picky. It was that train of thought that gave rise to algorithmic management systems (AMSs), platforms that give traders the tools to build bespoke algorithms, customized to the preferences or unique characteristics of their trading styles. Entering the space in
- [The War Between Wall Street Traders Just Stepped Up a Notch](https://clearpoolgroup.com/news/the-war-between-wall-street-traders-just-stepped-up-a-notch/) - A war of words between Wall Street traders just stepped up a notch. It's a battle that has been playing out for some time, typically between market participants behind closed doors. Read the article.
- [Clearpool Weighs In on NYSE Access Fees](https://clearpoolgroup.com/news/clearpool-weighs-in-on-nyse-access-fees/) - Say it ain’t so, New York Stock Exchange. Joe Wald, chief executive officer at agency broker Clearpool, is saying no to proposed changes in access and connectivity fees that the NYSE Group family of exchanges is looking to charge. These fees, he argues in a comment letter to the U.S. Securities and Exchange Commission, are
- [Clearpool Launches New Corporate Identity](https://clearpoolgroup.com/news/clearpool-launches-new-corporate-identity/) - NEW YORK, Jan. 12, 2017 /PRNewswire/ -- Clearpool unveils their new corporate identity with a new website and logo as part of a corporate rebranding initiative announced today. The new brand identity better reflects the company's mission to deliver advanced trading technologies and the highest quality of service to their partners. Clearpool's CEO and co-founder, Joe
- [‘Color’ in an Electronic Market](https://clearpoolgroup.com/news/color-in-an-electronic-market/) - In a complex electronic marketplace, buy side — sell side communication ain’t what it used to be. The evolution of electronic markets depersonalized, to an extent, the relationship between investment managers and the brokers who buy and sell on their behalf. More recently, the fragmentation and increased complexity of the market have siloed the two
- [Tick Size Pilot Insights: Clearpool](https://clearpoolgroup.com/news/tick-size-pilot-insights-clearpool/) - According to Clearpool analysis of the Tick Size Pilot results, impact costs have improved, spreads and quotes have increased, and market center volumes have shifted. The firm’s initial observations of the changes in market microstructure may be showing signs of improved liquidity capture for institutional investors who wish to trade small cap stocks. Read the
- [Spotlighting ‘Best Ex’](https://clearpoolgroup.com/news/spotlighting-best-ex/) - Regulators are leaning on market participants to prove trade execution was in fact best execution, raising the bar for sell-side brokers and their buy-side clients alike. Read the article.
- [Raising the Bar on Venue Analysis](https://clearpoolgroup.com/news/raising-the-bar-on-venue-analysis/) - A player with a .300 batting average seems like an attractive pinch-hit option, late in a tie game with two on and two out. But consider who’s sitting next to him. That player is a .260 hitter, but he hits .320 against left-handed pitchers, his on-base plus slugging (OPS) is .800, and he has four
- [MiFID II: The Big Picture](https://clearpoolgroup.com/news/mifid-ii-the-big-picture/) - To describe the fast-approaching second iteration of Markets in Financial Instruments Directive as detailed would be an understatement. Rules for non-discriminatory access between trading venues and central counterparties. Specifications of non-discriminatory pricing for systemic internalisers. Deferrals from pre-trade transparency. Cross-subsidization of research. Best-execution reporting. Read the article.
- ['Best Ex' Democratizes](https://clearpoolgroup.com/news/best-ex-democratizes/) - Ensuring that the purchases and sales of securities for an investment portfolio happen as seamlessly as possible is increasingly a collective endeavor. New regulations, technological advances and an increasingly transparency-oriented market mindset are disseminating the responsibility of best execution beyond the confines of sell-side spreadsheets. Read the article.
- [Brokers Help Buy Side 'Color' Trades](https://clearpoolgroup.com/news/brokers-help-buy-side-color-trades/) - Despite some premature prognostications, the sell side / buy side trading relationship is not dead. To the contrary, the buy side still wants their sell-side trader, whether high- or low-touch, to be a part of their execution strategy. As such, the sell-side trader is being asked by their institutional counterpart to empower them with the
- [Collaboration Achieves Best Execution](https://clearpoolgroup.com/news/collaboration-achieves-best-execution/) - As the securities trading market demands new levels of transparency and control, and regulators require more accountability, innovations in trading technology are creating new, more collaborative relationships among market participants. Read the article here.
- [Transaction Fee Pilot Seeks Data](https://clearpoolgroup.com/news/transaction-fee-pilot-seeks-data/) - Why did my trade execute at Venue X rather than Venue Y or Venue Z? The answer to that investment manager’s question *should* be because Venue X provided the highest-quality liquidity based on the intent or goal of the trade and the most efficient execution to capture that liquidity. But the reality is not so
- [The Next Level of Transparency is Collaboration](https://clearpoolgroup.com/news/the-next-level-of-transparency-is-collaboration/) - Increased collaboration between the buy side and sell side has provided more transparency into the market, making execution more efficient and allowing platforms like algorithmic management systems to sharpen strategies. Read the article here.
- [Advances in Venue Analysis: Brian Schaeffer, Clearpool](https://clearpoolgroup.com/news/advances-in-venue-analysis-brian-schaeffer-clearpool/) - The equities execution business has become increasingly challenging. Commissions are down, more and more flow is automated, and liquidity is fragmented. As a result, measuring execution performance is difficult, and traditional transaction cost analysis is insufficient. Enter: venue analysis. Watch the video here.
- ['Conditioning' Venue Analysis](https://clearpoolgroup.com/news/conditioning-venue-analysis/) - In a fragmented marketplace with numerous trading venues, finding the ‘other side’ of a block trade is the eternal challenge for institutional desks. A seemingly underutilized tool to improve execution of these large orders, commonly defined as 10,000 shares minimum, is venue analysis. This is especially important for conditional venues, which allow traders to expand
- [Seeing the Market More Clearly](https://clearpoolgroup.com/news/seeing-the-market-more-clearly/) - MiFID II, the revised iteration of the Markets in Financial Instruments Directive, came into force in January 2018. Although a European directive, MiFID II applies to all firms that trade in European markets, and thus has a global reach. It is meant to incorporate new market practices, many made possible by advances in technology, as
- [Assessing the Equity-Trading Evolution](https://clearpoolgroup.com/news/assessing-the-equity-trading-evolution/) - It is commonly perceived that technological disruption in a given industry displaces human workers. Machine replaces man, end of story. The reality is not that simple, or gloomy. Technology can completely remake how business is done — eliminating certain job functions in the process — but it presents an opportunity as well. A person who
- [Conference Chatter: Cboe Floats Repealing Basic Market Rule to Fix Wall Street's Data Cost Concerns](https://clearpoolgroup.com/news/conference-chatter-cboe-floats-repealing-basic-market-rule-to-fix-wall-streets-data-cost-concerns/) - Wall Street's mounting concerns over exchanges' market data feeds could be resolved by abolishing a key part of the regulation that governs U.S. stock markets, a top Cboe Global Markets Inc. executive said. Read the article.
- [SEC Ruling Takes Aim at Stock-Exchange Profits](https://clearpoolgroup.com/news/sec-ruling-takes-aim-at-stock-exchange-profits/) - In recent years, U.S. stock exchanges thought they had a guaranteed profit machine that could revive their sagging businesses: selling market data at ever-higher prices to a captive audience of Wall Street banks and traders. On Tuesday, the Securities and Exchange Commission unanimously ruled against the New York Stock Exchange and Nasdaq Inc. in a
- [Future Growth of Exchanges' Key Data Businesses Uncertain After SEC Ruling](https://clearpoolgroup.com/news/future-growth-of-exchanges-key-data-businesses-uncertain-after-sec-ruling/) - A recent SEC ruling has cast a shadow of uncertainty over the future of a key business line for the three major U.S. stock exchange operators. In a unanimous decision, the SEC's five members said that Intercontinental Exchange Inc.-owned New York Stock Exchange and Nasdaq Inc. did not justify particular fee hikes to certain market data products, instead siding
- [A Holistic Approach to Trading](https://clearpoolgroup.com/news/a-holistic-approach-to-trading/) - Both real-time and historical trade performance analytics are important when it comes to taking an informed and holistic approach to trading in today’s market microstructure. As the buy side establishes best execution practices, the way they evaluate their brokers and the adjustments they make to their trading strategies are largely reliant on the algorithmic and
- [In Market Data, Size Matters](https://clearpoolgroup.com/news/in-market-data-size-matters/) - As almost every institutional broker and buy-side investment firm will tell you, market data ain’t cheap. But in addition to the cost, does the system also disadvantage smaller players? Some market participants say yes. Read the article here.
- [Buy Side, Meet Sell Side](https://clearpoolgroup.com/news/buy-side-meet-sell-side/) - Equities-trading technology has democratized, enabling smaller brokers to offer a trading platform that can compete head-to-head with Wall Street’s biggest Bulge Bracket firms. Now that the right tools and technology exist, it’s how the sell side uses them that really matters. Read the article here.
- [Sales Traders = Execution Consultants](https://clearpoolgroup.com/news/sales-traders-execution-consultants/) - The equities trading landscape has evolved, and technology is more important than ever. What does this mean for the sales trader, the individual most squarely on the front lines of the market? Read the article here.
- [Clearpool Signs Its First License Agreement With a Europe-Based Broker, Atlantic Equities, Strengthening Its Market Position in Europe](https://clearpoolgroup.com/news/clearpool-signs-its-first-license-agreement-with-a-europe-based-broker-atlantic-equities-strengthening-its-market-position-in-europe/) - NEW YORK, July 31, 2018 /PRNewswire/ -- Clearpool Group, a provider of holistic electronic trading solutions designed to bring greater transparency to broker routing and independent agency broker-dealer execution services, is announcing its first license agreement with a Europe-based broker, Atlantic Equities LLP. As part of an algorithmic trading partnership, Clearpool is licensing its Algorithmic Management System (AMS)
- [Clearpool Announces Multi-Year Algorithmic Management System (AMS) License Agreement with Piper Jaffray](https://clearpoolgroup.com/news/clearpool-announces-multi-year-algorithmic-management-system-ams-license-agreement-with-piper-jaffray/) - NEW YORK, July 12, 2018 /PRNewswire/ -- Clearpool Group, Inc. (Clearpool), a provider of advanced electronic trading software and independent agency broker-dealer execution services, and Piper Jaffray Companies (NYSE: PJC), a leading investment bank and asset management firm, are pleased to announce a strategic multi-year algorithmic trading partnership. "We are excited to strengthen our partnership with Piper Jaffray to a license agreement,"
- [Clearpool Launches Venue Analysis](https://clearpoolgroup.com/news/clearpool-launches-venue-analysis/) - A Forensic Tool for Examining Venue Performance Across the Equities Market Clearpool's Venue Analysis allows subscribers to view performance of venues on a monthly or quarterly basis. Interactive data visualizations make it easy to understand and drill into venue performance. Brokers and asset managers use Venue Analysis to analyze performance and collaborate to optimize the
- [Clearpool Group and BMO Capital Markets Announce Strategic Technology Partnership](https://clearpoolgroup.com/news/clearpool-group-and-bmo-capital-markets-announce-strategic-technology-partnership/) - 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
- [Healthy Markets Association Announces Expansion of Its Board and Appointment of New members Stuart George, Don Pontes, Jr. and Ray Ross](https://clearpoolgroup.com/news/healthy-markets-association-announces-expansion-of-its-board-and-appointment-of-new-members-stuart-george-don-pontes-jr-and-ray-ross/) - Today, the Healthy Markets Association announced the expansion of its Board of Directors and appointment of three new members, Stuart George, Don Pontes, Jr., and Ray Ross. The new board members are representatives of Healthy Markets members, Macquarie Investment Management, Americas; California Public Employee Retirement System (CalPERS); and Clearpool, respectively. “We’re thrilled to welcome Stu,
- [Sterling Trading Tech Signs Exclusive Global License Agreement With Clearpool Group for the Fusion Trading Platform](https://clearpoolgroup.com/news/sterling-trading-tech-signs-exclusive-global-license-agreement-with-clearpool-group-for-the-fusion-trading-platform/) - CHICAGO, IL – July 18, 2017 – Sterling Trading Tech (STT) announced today an exclusive global license agreement for Fusion, a leading trading platform from Clearpool Group, Inc. Following the license, STT will be the only authorized provider of Fusion, and will offer Fusion to the trading community. STT provides the professional trading community with
- [Clearpool Launches Real-Time Trade Visualization Dashboards](https://clearpoolgroup.com/news/clearpool-launches-real-time-trade-visualization-dashboards/) - Functionality Enabling Brokers to Conceptualize Performance and Provide Market Color Sets New Standard in Algorithmic Trading NEW YORK, March 29, 2017 /PRNewswire/ -- Clearpool, a provider of advanced electronic trading software and independent agency broker-dealer execution services, announced the launch of a series of dashboards available in its Algorithmic Management System (AMS) Client Portal. The client
- [The Healthy Markets Association has welcomed OppenheimerFunds, Clearpool, and MayStreet, and has launched its comprehensive Market Analytics Platform.](https://clearpoolgroup.com/news/the-healthy-markets-association-has-welcomed-oppenheimerfunds-clearpool-and-maystreet-and-has-launched-its-comprehensive-market-analytics-platform/) - Healthy Markets Association Announces Expansion and Launch of the Healthy Markets Research Institute’s Market Analytics Platform WASHINGTON, DC (PRWEB) FEBRUARY 13, 2017 Today, the Healthy Markets Association, an investor-focused not-for-profit coalition focused on improving the capital markets, announced the addition of three new members, as well as the launch of its groundbreaking Market Analytics Platform.
- [Clearpool Seeks to Validate the Need for Transparency and Control in Electronic Trading – The Evolution of the Buy Side/Sell Side Relationship](https://clearpoolgroup.com/news/clearpool-seeks-to-validate-the-need-for-transparency-and-control-in-electronic-trading-the-evolution-of-the-buy-sidesell-side-relationship/) - January 25, 2017 07:30 AM Eastern Standard Time NEW YORK--(BUSINESS WIRE)--Today Greenwich Associates released results from an independent study Control and Transparency – How the Buy Side Seeks to Manage Their Broker Network, commissioned by Clearpool analyzing the expectations the buy side has of their brokers as they demand more transparency and control in order
- [Autonomy Named 'Best Sell-Side Automated Trading Platform' by Waters](https://clearpoolgroup.com/news/autonomy-named-best-sell-side-automated-trading-platform-by-waters/) - Clearpool’s AMS (Algorithmic Management System) Seen as a Breakout Success NEW YORK, April 27, 2016 – Clearpool Group today announced that Autonomy™ was named “Best Sell-Side Automated Trading Platform” at the fourth annual Sell-Side Technology Awards hosted here on April 21st by Waters magazine. The Clearpool AMS (algorithmic management system) was also recognized as “Best
- [Clearpool Group Joins the IPC Financial Markets Network](https://clearpoolgroup.com/news/clearpool-group-joins-the-ipc-financial-markets-network/) - NEW YORK, Oct. 18, 2016 /PRNewswire/ – IPC, a leading global provider of secure, compliant communications and networking solutions for the financial markets community, and Clearpool Group, a service provider of electronic trading software solutions and independent agency broker dealer execution services, today announced that Clearpool Group has joined the IPC Financial Markets Network. IPC’s

## Team

- [Shelley Eleby](https://clearpoolgroup.com/team/shelley-eleby/) - Shelley Eleby is responsible for product marketing, equity market structure thought leadership/communications, and raising the overall awareness and brand equity of BMO Electronic Trading. Prior to the sale of Clearpool Group to BMO Capital Markets, Shelley was Chief Marketing Officer. A seasoned product marketing leader in finance, publishing, and advertising technology. Shelley is a data-driven
- [Ray Ross](https://clearpoolgroup.com/team/ray-ross/) - Ray is the technical innovator and leader of operations for BMO's Electronic Trading, Ray leads the creation and deployment of electronic trading technologies and shares responsibility for the overall growth and success of the electronic division. Ray oversees all software development, network infrastructure, market connectivity, implementation and support. Ray has nearly two decades of industry
- [Joe Wald](https://clearpoolgroup.com/team/joseph-wald/) - Joe is responsible for BMO’s Electronic Trading vision and strategic direction. He identifies and executes on growth opportunities and shares responsibility for the overall growth and success of the electronic division. Joe has a proven track record, years of industry experience, thought leadership, and public speaking. Prior to the sale of Clearpool Group to BMO
- [Tom Cammarata](https://clearpoolgroup.com/team/senior-managing-director-project-management/) - Tom Cammarata heads the Operations, IT and Product Management groups at Clearpool and partners with the other members of the team to drive the success of business development programs. He has more than 20 years of industry experience in leading cross-functional teams to deliver a broad range of front, middle and back office initiatives. Prior
- [Brian Schaeffer](https://clearpoolgroup.com/team/brian-schaeffer/) - Brian is President and a Founder of Clearpool Group. Brian is responsible for leading all aspects of Clearpool’s revenue growth and business development. Prior to Clearpool, Brian was CEO of Van der Moolen Capital Markets, one of the largest listed global trading and technology companies. Earlier in his career Brian was a top specialist on the New York
- [Abhishek Kundu](https://clearpoolgroup.com/team/abhishek-kundu/) - Abhishek Kundu manages quantitative analysis and collaborates on product development at Clearpool. Previously, he was a vice president at KCG Holdings (formerly Knight Capital Group), where he worked in algorithmic trading and quantitative analysis for Knight Direct, the firm’s agency algorithmic business. Earlier, he was a programmer and analyst at Analog Devices. Abhishek holds a
- [Parag Patel](https://clearpoolgroup.com/team/parag-patel/) - Parag Patel oversees software development at Clearpool. Previously, he was a director at Knight Capital Group. While there, Parag managed teams that supported the firm’s ETF trading desk with technology solutions to service their market making and institutional business. Earlier, he processed various exchange feeds to provide real time and low latency data to Knight’s
- [Samantha Stogsdill](https://clearpoolgroup.com/team/samantha-stogsdill/) - Samantha Stogsdill oversees operations and clearing at Clearpool. Samantha has over 20 years experience in financial operation management. Prior to Clearpool she was managing director of electronic client support and settlements at KCG Americas LLC (formerly Knight Capital Markets). In that role, Samantha was responsible for supporting clients, and monitoring and mitigating firm risk. She also
- [Charles Gomes](https://clearpoolgroup.com/team/charles-gomes/) - Charles Gomes has a passion for technology and automation. He leads the IT team at Clearpool and his group handles the core infrastructure of the firm, architecting a scalable infrastructure including servers, networks, workstations and information security. An early entrepreneur and innovator Charles has created infrastructure for start-ups and has always aligned his expertise with