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CMC Markets PLC on Friday said it has struck a partnership with New Zealand’s ASB Bank Ltd. The London-based online trading platform for contracts-for-difference and other financial instruments said it will provide ASB clients with ‘access to market-leading technology and execution’. CMC’s mobile and desktop trading technology will be integrated with ASB Bank’s current technology offering, the FTSE 250 listing said. ‘Integration is expected to take between 12 and 18 months, with the associated costs expected to be largely capitalised and revenue upside proving meaningful in the context of our Invest business. On an ongoing basis, the cost impact is expected to be incremental as the group leverages existing scale to service the business,’ CMC said. ‘ASB customers will receive CMC’s award winning mobile and desktop trading technology, as well as access to over 15 international markets, extensive market research and tax reporting tools.’ ASB, based in Auckland, is one New Zealand’s largest banks. It has around 1.5 million customers. CMC Chief Executive Officer Peter Cruddas said: ‘We are delighted to be announcing this partnership with ASB Bank to deliver our market-leading white label technology. There is no higher endorsement of our company than when a major bank or financial institution trusts our technology to deliver a service to their valued clients and this agreement marks further progress in our ongoing diversification strategy, as our business to business technology and institutional-first approach continue to unlock global opportunities.’ CMC shares rose 0.8% to 309.00 pence each on Friday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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