Online stockbroker, OpenMarkets has entered into a reciprocal partnership with multi-asset class trading and investment specialist, Saxo Capital Markets aimed at sharing technology solutions.
Announcing the arrangement this week, the two companies said the partnership would allow OpenMarkets’ clients to have access to Saxo’s extensive list of global equities with multi-currency settlement, while Saxo clients would now be able to invest in Australian shares through a Holder Identification Number (HIN) structure.
Commenting on the arrangement, Saxo Capital Markets Australia chief executive, Ben Smoker said it represented the collaboration of two fintech powerhouses in the online broking industry in Australia.
“We are providing the international equities trading engine and technology to OpenMarkets, giving them access to over 19,000 global stocks across 36 different exchanges.,” he said.
The joint statement said that, for OpenMarkets, the alliance with Saxo allowed it to become a truly global trading platform, bypassing significant development time and expense to provide its clients with a broader range of trading options.