CMC Markets and OzForex link up
Macquarie-linked foreign exchange service provider OzForex and contracts for difference (CFD) specialist CMC Markets has entered into a referral agreement aimed at lifting its offerings to foreign exchange traders.
The agreement, which will operate only in Australia, will see OzForex clients able to access a further service via the OzForex website.
Commenting on the arrangement, CMC Markets Asia Pacific managing director David Trew said the foreign exchange market was one of the most liquid markets available and that the agreement with OzForex meant that the two companies would be able to work together to give investors more and easy access.
OzForex chief executive Neil Helm said that because OzForex did not provide any form of margin trading facilities and could not offer any advice or information in relation to foreign exchange margin trading, his company believed the agreement represented a value-add for its clients by providing a referral to a company that could provide the margin trading facility.
Helm said the two companies would look at potentially expanding the referral service outside its existing scope.
AUTHOR
Mike Taylor
Recommended for you
An advice AFSL has seen its license cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR.
The FAAA’s Phil Anderson believes the problem with Dixon Advisory is “much bigger than an advice issue” and the levy to pay for it should be expanded beyond the financial advice sector.
ASIC commissioner Alan Kirkland says the problems regarding advisers recommending clients to invest in the troubled Shield Master Fund are far from being an “isolated incident”.
Advice professionals are being encouraged to proactively engage with their staff on mental wellbeing, with a new report finding a surge in employee exhaustion and stress over the past year.
