CMC Markets has announced a long-term strategic partnership with ASB Bank, one of New Zealand’s leading financial institutions, aimed at enhancing online trading services for ASB customers. This collaboration will integrate CMC’s advanced trading technology into an ASB-branded web and mobile platform, providing clients with superior market access and execution capabilities.

The integration process is going to take 12 to 18 months, with costs primarily capitalized. CMC expects meaningful revenue growth from this partnership, which will particularly benefit its investment business. The ongoing cost impact is going to be incremental as CMC leverages its existing infrastructure to support the new venture.

ASB customers will gain access to CMC’s state-of-the-art mobile and desktop trading platforms, enabling them to trade across more than 15 international markets. Additionally, clients will benefit from comprehensive market research and tax reporting tools, enhancing their trading experience.

ASB Bank Partnership with CMC Markets to Enhance Trading 

As part of the agreement, CMC Markets will also become a full participant in the New Zealand Exchange (NZX), taking on responsibilities for trading, settling, and clearing transactions. Notably, this partnership does not require any regulatory or shareholder approvals.

CMC Markets CEO, Lord Peter Cruddas, expressed enthusiasm about the partnership, stating, “We are happy to be announcing this partnership with ASB Bank. This agreement marks further progress in our ongoing diversification strategy and demonstrates the trust that a major bank places in our technology.”

Jonathan Oram, ASB’s Executive General Manager of Corporate Banking, highlighted the significance of the partnership, noting, “By investing in this collaboration with CMC, we will further enhance our offering for ASB customers looking to buy or sell shares and other market-listed securities.”

As both companies focus on innovation and customer satisfaction, they are well-positioned to meet the evolving needs of investors in New Zealand. This partnership not only strengthens ASB’s competitive edge in the financial services sector but also underscores CMC Markets’ commitment to expanding its footprint in the region, paving the way for a more dynamic trading landscape in New Zealand.

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