CMC Markets’ A$25 Million Acquisition of Shares Investing Clients from ANZ

CMC Markets' A$25 Million Acquisition of Shares Investing Clients from ANZ

Maddocks has advised CMC Markets on its agreement with ANZ to transition the bank’s share investing client base to CMC Markets.

The $25 million transaction will see ANZ’s base of 500,000 online investors transition to the CMC Markets platform.

The transaction comes four years after ANZ signed a deal to use the CMC Markets online share trading platform in a white label technology partnership.

The latest transaction will see that white label partnership end, with the transition to the CMC Markets platform expected to take 12 to 18 months.

Following the transition, the share investing clients will benefit from lower brokerage charges across four major international markets and the local Australian market. They will also enjoy a wide range of additional benefits currently unavailable with ANZ, including access to enhanced, market-leading mobile apps and complementary education tools and resources.

CMC Markets is a global provider of online trading and institutional platform solutions. 

ANZ Bank (ASX:ANZ) is an Australian multinational banking and financial services company.

The Maddocks team consisted of Corporate partner Duncan Hall (Picture) and included support from special counsel Greg Palumbo and Scott Mannix.

Involved fees earner: Duncan Hall – Maddocks; Scott Mannix – Maddocks; Gregory Palumbo – Maddocks;

Law Firms: Maddocks;

Clients: CMC Markets Stockbroking Ltd;

Author: Sonia Carcano