Flat-fee brokerage platform launched
Former Commonwealth Bank executive, Andrew Ward, has developed a flat-fee online brokerage platform to take on main players CommSec and CMC Markets.
SelfWealth TRADING charges a flat $9.50 fee regardless of the size of the trade rather than a scaled model that sees investors paying percentage-cased fees that run into the thousands for trades over $100,000.
"The Australian brokerage market was disrupted with the introduction of online brokers CommSec and then CMC Markets in the 1990s, but these models have now become part of the status quo," Ward said.
"SelfWealth TRADING completely disrupts every major broker in Australia, bringing a level of affordability to the 700,000 investors that is currently not available locally."
The core platform sitting behind SelfWealth TRADING is supported by Pershing (a Bank of New York Mellon company) which executes the trades and is a conduit to the Australian Securities Exchange (ASX) and PowerWrap as the market participant.
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