OpenMarkets partners with IRESS to ramp up trading connectivity
Independent Australian stockbroker OpenMarkets has partnered with IRESS in a bid to provide "high-quality" and "low-cost" trading access to the Australian capital markets by expanding the range of trading front-ends for clients.
The move will allow OpenMarkets' retail and wholesale clients to place trades via IRESS' two flagship trading platforms, IRESS Professional and IRESS Trader.
IRESS managing director of financial markets for Australia and New Zealand, Kirsty Gross, said IRESS was delighted to be supporting OpenMarkets and its clients with "greater choice" and "flexibility".
"We look forward to working with OpenMarkets to provide them with quality, reliable solutions in a fast-changing environment and to support them as they continue to grow their business," she said.
Currently, OpenMarkets is ranked among Australia's top 12 brokers by trading volume.
According to OpenMarkets chief executive Rick Klink, being an "independent technology broker" has allowed the firm to integrate its broking services with a broad range of third-party software providers and tools.
"We had received significant demand from traders and advisers coming on board, who wanted to benefit from OpenMarkets' services but continue to use IRESS," he said.
"This development forms part of our ongoing strategy to provide the broadest trading connectivity capabilities in the industry. {Partnering] with IRESS was always on the agenda, and we are really pleased to work together to give our mutual clients the best possible service."
Behind the trading interfaces, IRESS will also provide OpenMarkets with various solutions including its order management system and connectivity to ASX and Chi-X through IRESS' ‘Best Market Router'.
OpenMarkets is expected to launch its own ‘Smart Order Router' next month.
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
