Saxo Bank, a Danish multi-asset broker, has entered into partership with OpenMarkets, one of Australia’s fastest-growing online stockbrokers.
Under the terms of the deal, OpenMarkets and Saxo Bank will provide each other with technology solutions to build upon their respective market leading offerings.
Significance of partnership
The agreement will enable clients of Saxo to invest in Australian shares via Holder Identification (HIN) structure.
“Thanks to our new partner, Saxo Bank 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,” said Ben Smoker, CEO at Saxo Capital Markets Australia.
On the other hand, OpenMarkets’ clients will gain the access to Saxo Bank’s extensive list of global equities with multi-currency settlement.
Changing the Australian broking industry
Saxo Capital Markets is a wholly-owned subsidiary of Saxo Bank. It provides traders a choice of over 30,000 assets, including forex, equities, bonds, CFDs etc.
“This represents 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,” said Ben Smoker, CEO at Saxo Capital Markets Australia.
“This is an alliance between two like-minded technology brokers that have complementary services and share a win-win philosophy towards third party integration. 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,” said OpenMarkets’ CEO Andrea Marani.
OpenMarkets is Australia’s next evolution stockbroker. They specialise in technology-driven brokerage services for traders, advisers, intermediaries and financial institutions. Their technology is open to third party integration, with the aim of bringing a more connected world for their traders.