LONDON (ShareCast) - (ShareCast News) - Online retail trading provider CMC Markets announced a major new stockbroking partnership with Australia and New Zealand Banking Group on Wednesday.
The FTSE 250 firm said the transaction would result in CMC becoming the second largest stockbroker in Australia by both number of clients and trades executed.

Following a transition period, CMC will service more than 500,000 ANZ retail stockbroking clients under the ANZ Share Investing brand.

It will provide leading technology, customer service and execution via an ANZ-branded stockbroking platform, the board said.

Gross revenue received from CMC's stockbroking business was projected to increase by approximately AUD 40m.

CMC said the deal would leverage the scalability of its existing stockbroking technology, providing ANZ retail stockbroking clients with access to its technology, customer service and execution via an ANZ-branded stockbroking platform, which included full integration with ANZ's wider product offering

Its board added that the long-term agreement, with one of Australia's largest financial institutions, included a commitment by CMC to work with ANZ to bring "new and innovative features" to ANZ retail stockbroking clients

"I am delighted to announce a significant transaction for the CMC Group which will result in our Australian stockbroking business becoming the clear number two online broker in Australia," said CEO Peter Cruddas.

"ANZ is a high-quality partner with whom we have an excellent relationship and this transaction demonstrates their confidence in CMC's technology capability, the quality of our people and our commitment to Australia.

"I particularly look forward to welcoming ANZ staff as part of the CMC team in due course."

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