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CMC Markets PLC on Monday said it has extended its long-term technology and platform partnership with Westpac Banking Corp, one of Australia’s largest banks. The London-based trading platform said its CMC Markets Stockbroking arm has been selected as Westpac’s preferred vendor, in relation to the bank’s online share trading services, Westpac Share Trading and St George Directshares. Westpac serves around 13 million customers in total. CMC will provide Westpac and St George share trading customers with access to branded web and mobile white label platforms, including integration with the bank’s current technology offering. Integration is expected to take around 12 months, with costs anticipated to be largely capitalised with revenue upside ‘proving meaningful’ to the Australian CMC Invest business, the company said. The cost impact is expected to be incremental on an ongoing basis. ‘This is a significant and exciting opportunity for CMC Markets and continues our strong record in Australia in winning major technology partnerships with major banks. This is testament to our proven success in working with a range of major banking partners,’ said CMC Chief Executive Officer Peter Cruddas. ‘There is no greater validation of our capabilities than when a major institution places their trust in our technology to serve their valued customers. We are committed to delivering investors a market leading user experience and this exciting arrangement is a result of our best-in-class technology, breadth of products and our ambitious roadmap to continue to expand and innovate.’ CMC Markets Stockbroking manages more than A$90 billion, or $59.10 billion, in assets under administration, and serves more than 1.2 million share trading accounts. This new arrangement will result in a ‘meaningful increase’ to the company’s market presence, with the business serving around 40% more customers after integration, with increased domestic volumes of around 45%. Shares in CMC Markets were up 6.0% at 237.00 pence in London on Monday morning. The stock remains down 24% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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