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Highlights
- CMC Markets to provide ASB clients with advanced trading technology across web and mobile platforms.
- Integration is expected to span 12-18 months, with strategic financial benefits anticipated.
- CMC will join NZX as a full participant, reinforcing its commitment to the region.
CMC Markets (LSE:CMC), a global leader in financial technology and trading solutions, has entered into a long-term strategic partnership with one of New Zealand's major financial institutions, ASB Bank ("ASB"). This collaboration is expected to deliver state-of-the-art trading platforms and international market access to ASB’s expansive client base.
Enhanced Trading Experience for ASB Clients
The partnership, announced today, will see CMC Markets equipping ASB customers with its award-winning web and mobile trading technology. The fully branded ASB trading platforms will integrate seamlessly with ASB Bank's existing technological infrastructure, offering clients access to over 15 international markets, robust market research capabilities, and efficient tax reporting tools.
"Our partnership with ASB marks a transformative milestone, ensuring ASB’s clients can harness the full power of CMC's innovative trading technology," CMC stated. The firm is confident that the platform's comprehensive features will significantly enhance the trading experience for New Zealand investors.
Strategic and Financial Impact
The integration of CMC’s technology with ASB’s services will take approximately 12 to 18 months to complete. During this period, costs related to the project will be predominantly capitalized. Once operational, the collaboration is expected to deliver substantial revenue benefits, particularly impacting CMC’s growing Invest business. From a financial standpoint, ongoing expenses related to the venture are projected to be incremental, leveraging CMC’s current scale to manage new operations efficiently.
Commitment to the ANZ Region
CMC Markets' deep-rooted commitment to the Australia-New Zealand region is further demonstrated by its role as Australia’s second-largest stockbroker, managing over A$70 billion in assets under administration (AUA) and serving more than one million share trading accounts. A significant stipulation of this new partnership requires CMC to become a full trading, settling, and clearing participant of NZX, the New Zealand stock exchange. This step emphasizes the company's long-term vision and strategic positioning in the regional market.
By joining the NZX, CMC Markets affirms its dedication to bolstering trading opportunities and enhancing the financial landscape for investors across New Zealand. "We are excited to strengthen our presence in the ANZ region and provide cutting-edge technology that aligns with ASB's commitment to excellence," a CMC spokesperson remarked.
