Australian stockbroker OpenMarkets teams up with Nomura Research Institute on processing of equity trades
The move expands OpenMarkets’ track record in dealing with leading global players following the company’s recent integration with Saxo Bank.
Australian online stockbroker OpenMarkets is beefing up its back-office capacity thanks to a partnership with Nomura Research Institute Ltd (TYO:4307). OpenMarkets has announced the successful upgrade of its back office technology to NRI Financial Solutions for Broker Dealers provided by the Nomura Research Institute.
The move makes OpenMarkets the first Australian broker to use NRI’s back-office solution for processing equity trades. The move extends OpenMarkets’ track record in dealing with major global players following the company’s recent integration with Saxo Bank.
OpenMarkets transitioned to NRI Financial Solutions for Broker Dealers in order to advance and customize its post-trade multi-asset capabilities as part of its focus on automating processes and increasing scalability.
The transition to the new system involved moving the entire client base to the new ASX settlement PID 1136 after close of business on Friday, July 7th and in time for start of business on Monday, July 10th. The transition is reported to have been smooth and safe.
NRI’s work with OpenMarkets marks another step in the company’s expansion into the Australian securities market technology space. In December 2016, NRI acquired ASX-listed technology company, ASG Group to increase their technology services presence in Australia. Further, NRI Financial Solutions for Broker Dealers is already enabled for ISO 20022 which means a more streamlined transition for NRI clients to ASX’s impending CHESS replacement system.
OpenMarkets CEO, Andrea Marani said, “NRI is an innovative, technology-driven company able to provide OpenMarkets with greater efficiencies and integration capabilities. As OpenMarkets was seeking a more technologically advanced system, one that could efficiently integrate with our internal systems, and accommodate our expanded services (such as the recent integration with Saxo Bank), partnering with NRI was a natural fit.”
One of the key advantages of NRI Financial Solutions for Broker Dealers platform is its flexibility that allows financial securities companies to adapt to the swiftly changing technological and regulatory landscapes. This was seen as a crucial element by OpenMarkets as it expands its business to other international markets.