CMC Markets Extends Technology Partnership With Westpac

CMC Markets Stockbroking has been chosen as the preferred vendor to extend its long-term technology and platform partnership with Westpac Banking Corporation. This strategic move strengthens the collaboration between the two institutions and enhances Westpac’s online share trading services, including Westpac Share Trading (WST) and St.George Directshares (DS). 

Through this partnership, CMC will integrate its advanced trading technology with Westpac’s current digital infrastructure, ensuring customers benefit from seamless access to global markets and powerful trading tools. Moreover, after the 12-month integration period, CMC will give Westpac and St.George customers access to its cutting-edge trading platforms across desktop and mobile. CMC will largely capitalise the associated integration costs, while the projected revenue upside will significantly strengthen its Australian CMC Invest business.

CMC Markets Extends Technology Partnership With Westpac

On an ongoing basis, the financial impact will remain incremental as the Group continues to leverage its technology, scale, and expertise to deliver exceptional service. As part of the arrangement, Westpac and St.George clients will enjoy access to advanced trading features, real-time market insights, and future roadmap developments. 

Furthermore, this collaboration not only enhances user experience but also marks a major milestone for CMC Markets Stockbroking, which currently manages over A$90 billion in assets under administration and serves more than 1.2 million share trading accounts. Post-integration, the business expects to service around 40% more customers and increase domestic trading volumes by approximately 45%. Notably, the transaction does not require any regulatory or shareholder approval, allowing for a smooth implementation process. 

Commenting on the development, CMC Markets Group CEO, Lord Peter Cruddas, said, “This is a significant and exciting opportunity for CMC Markets and reinforces our proven success in technology partnerships with major banks. We are proud to deliver best-in-class solutions and an exceptional trading experience to investors.” Meanwhile, Westpac Managing Director, Private Wealth, Ashley Stewart, added, “Following an extensive review, we selected CMC Markets Stockbroking for its leadership in online share trading. Together, we aim to deliver innovative features and a superior user experience integrated with our online banking platform.”

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