CMC Markets to Enter Long-Term Strategic Partnership with ASB Bank

Under the terms of the agreement, CMC said it will provide ASB Bank with its market-leading technology and execution platform, enabling ASB to offer its customers an online trading platform, complete with access to over 15 international markets, extensive market research, and tax reporting tools.

The integration of CMC’s technology is expected to take between 12 and 18 months. Once complete, ASB customers will be able to trade shares and other securities through an ASB-branded web and mobile platform integrated with the bank’s existing digital offerings.

To facilitate this partnership, CMC Markets said it will become a full trading, settling, and clearing participant of the New Zealand Stock Exchange (NZX). The move highlights the company’s long-term commitment to the ANZ region.

Lord Peter Cruddas, CEO of CMC Markets, commented: “We are delighted to be announcing this partnership with ASB Bank to deliver our market-leading white label technology.

“There is no higher endorsement of our company than when a major bank or financial institution trusts our technology to deliver a service to their valued clients and this agreement marks further progress in our ongoing diversification strategy, as our B2B technology and institutional-first approach continue to unlock global opportunities.”

Jonathan Oram, ASB Executive General Manager of Corporate Banking, highlighted the bank’s commitment to providing innovative financial solutions to its customers and said the platform complements its other investment products and services, including Wealth advisory and KiwiSaver.