OpenMarkets, one of the leading stockbrokers in Australia, signed a mutual partnership agreement with Saxo Capital Markets Australia. The firms are combining their efforts to further disrupt traditional broking services.
The companies signed a strategic alliance partnership, aiming to democratize trading and provide better trading conditions to their clients. Clients of Saxo Capital Markets that trade on the Australian Stock Exchange will be obtaining a Holder Identification Number. The unique identifier is issued by the ASX to every Australian broker client that trades shares via the venue.
When using an HIN number, all of the stocks that an investor holds will be allocated directly to the designated broking account. On its part, Saxo Capital Markets will deliver to clients of OpenMarkets access to the Danish broker’s trading product list, which includes over 19,000 shares across 36 exchanges globally.
OpenMarkets is one of the 15 largest brokers in Australia, transacting between $2 and 3.5 billion monthly. The partnership with Saxo Capital Markets secures substantial cost savings for the firm, while delivering to the clients of the Australian brokerage immediate access to exchange listed securities worldwide.
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Saxo Bank will be able to provide access to the HIN infrastructure to its own clients, marking a one of a kind offering. Historically, HIN-based stockbrokers for Australian shares and custodian-based brokers that deal with stocks globally have been segregated.
Commenting on the news, the CEO of OpenMarkets, Andrea Marani, stated: “Our partnership with Saxo will result in us being able to offer trading in global securities from one cross-collateralised cash account and we will do this at competitive brokerage and FX rates.”
“Thanks to our new partner, Saxo will be the first broker to offer a HIN solution on a singular, consolidated multi-asset trading platform. This differentiates us from other multi-asset brokers who also offer access to local shares, but do not have HIN,” Mr Smoker added.
OpenMarkets Australia is a full market participant of the ASX, Chi-X, NSX and SIM VSE, where the firm trades, clears and settles its own trades.
The company was founded in 2012 and rapidly grew into one of the largest brokers in Australia. The firm was founded by computer programmer Rick Klinck in 2009. From the get go, the brokerage was designed to be an automated broker aimed at providing a competing alternative to big banks.