OpenMarkets looks to growth
Online trading stockbroker OpenMarkets has declared itself the first company of its type to be launched on the Australian Securities Exchange (ASX) since 2007.
Describing itself as an independently-owned stockbroker specialising in low-cost online trading solutions, OpenMarkets announced this week it was now a full market participant of the ASX, National Stock Exchange of Australia, and SIM VSE.
The announcement said the company had acquired the licence through its purchase of Sydney-based firm Cameron Stockbroking Ltd in May.
It said that, with its own clearing and settlement memberships, OpenMarkets was focused on end-to-end online trading solutions for the retail and wholesale markets and would look to build its client base through partnerships with third party financial services firms.
OpenMarkets chief executive Rick Klink described the firm as a truly independent, low cost brokerage firm.
"While individual and wholesale investors can use the service directly, we also intend to develop and grow the business through an open partnership approach," he said.
"This will see us build relationships and integrate our services with third parties, such as research providers, for the benefit of our mutual clients."
Klink said OpenMarkets was already live with a select group of clients, and would officially launch its retail services soon.
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