SelfWealth awards brokerage mandate

ASX-listed trading platform SelfWealth has renewed its clearing, settlement and execution (CS&E) mandate with retail broker OpenMarkets, in a move that it says demonstrates the two fintech’s shared objective of disrupting the status quo.

The agreement will begin in January 2021 on a three-year term, with an option to extend upon mutual agreement.

Since first partnering three years ago, the two fintechs have made significant market gains, they said.

As of June 2020, OpenMarkets ranks as the fourth largest retail broker for turnover, only surpassed by CommSec, CMC Markets and nabtrade. Trading through the SelfWealth platform has also increased, up 299% year-on-year since 2017.

SelfWealth managing director Rob Edgley said the partnership would help the trading platform continue to grow and innovate.

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Source: SelfWealth awards brokerage mandate | Financial Standard