Trading platforms see record use
The COVID-19 pandemic saw Australia’s equity markets become a hive of activity throughout March, as self-directed investors moved to protect their portfolios from the crisis’ economic fallout.
Investment platform SelfWealth released its quarterly results earlier this week, which revealed an accelerated growth of traders on the platform, to the tune of a 48% increase on the prior quarter.
The firm’s acting chief executive Rob Edgley said it was clear that the pandemic’s economic fallout was responsible for the explosion in active traders on the platform.
“There is no doubt that the recent market volatility and the ultra-low interest rate environment has created significant interest in the stock market,” Edgley said.
The increase pushed the platform’s active trader headcount beyond 30,000, to 32,313. Additionally, the firm said the current market environment has triggered a “large uptick” in inbound enquiries from advisers.
“The sales team grew this quarter in order to support several bulk transition opportunities and the growing pipeline of licensees, advisers and other intermediaries interested in the platform,” SelfWealth said.
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