CMC Markets says ANZ Bank partnership on track, regulation remains in focus

Maria Nikolova

The company retains its focus on new regulatory requirements, whereas its partnership with ANZ Bank continues to progress and its profitability in the first half of the financial year to end-March 2018 exceeds that from the same period in the preceding year.

Leading online financial trading company CMC Markets Plc (LON:CMCX) has just posted an update for the first half of the financial year to March 31, 2018, indicating increased profits, continued development of institutional partnerships and retained focus on regulatory challenges.

CMC Markets continues the implementation of its stockbroking partnership with ANZ Bank in Australia, which remains on track for delivery next year. Under the terms of the deal, after a transition period, CMC is set to service more than 500,000 ANZ retail stockbroking clients under the ANZ Share Investing (ANZSI) brand. During the transition period, CMC will collaborate with ANZ to provide full integration of the platform with ANZ’s product offering, including margin lending, Internet banking and integrated Grow app.

Regulation is still a key focus for the firm, CMC said in today’s update. The firm stroke a cautious note about any impact any regulatory changes may have on its business, which is a normal announcement to make, given that the UK Financial Conduct Authority (FCA) has not yet announced its new rules for retail CFD providers.

For the time being, CMC’s performance is solid. Profitability in the first half of the current financial year is significantly higher than in the same period in 2017 with both net operating income and revenue per client higher (and marginally higher than H2 2017), on the back of increased client volumes. The strong increase in net operating income in the first six months of the financial year to March 31, 2018 in the face of the small decline in active clients reaffirms the firm’s continuing focus on high-value, experienced clients.

CMC’s latest statement is in line with the comments made by Richard Elston, Head of Institutional at CMC Markets, at the FinanceFeeds London Cup in July this year. Mr Elston said that over the past 12 months, CMC Markets had faced some challenges, including regulatory ones.

“We have the ability to be flexible when these challenges come along, especially in a white-label environment where we have to be able to adapt the technology in line with regulatory demands”, Richard Elston, Head of Institutional, CMC Markets.

Read this next

Retail FX

Orfinex joins Financial Commission as approved broker member

Multi-asset brokerage firm Orfinex has become a member of the Financial Commission, joining the ranks of the self-regulatory organization. This accreditation reassures traders that the firm meets the quality standards set by the commission.

Fintech

Telegram CEO’s Bitcoin stash valued in hundreds of millions

Telegram CEO Pavel Durov revealed that he has held several hundred million dollars in fiat and bitcoin for the past decade.

Digital Assets

Bitcoin drops below $60K as halving just 300 blocks away

Bitcoin fell below the $60,000 mark on April 17, just days before a scheduled reduction in mining rewards, known as the “halving,” which is set to occur on April 20.

Chainwire

New Meme Coin ICO Dogeverse Raises $6 Million After Completing Coinsult Audit

A new multichain meme coin, Dogeverse, has raised $6 million in its presale and recently passed a smart contract audit.

The new meme coin leverages bridge technology, ensuring the token is available across the most prominent on-chain markets.

Retail FX

Interactive Brokers posts Q1 earnings, raises dividend

Interactive Brokers Group Inc (NASDAQ:IBKR) announced its first-quarter financial results for the period ending March 31, 2024. The leading automated global electronic broker reported a GAAP diluted EPS of $1.61 and an adjusted EPS of $1.64.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: USD, FED, Gold  April 17 ,2024

The Fed’s hawkish stance on interest rates is strengthening the US dollar while central banks globally grapple with inflation and economic growth.

Digital Assets

Kraken launches self-custodial wallet, joining competitors like Coinbase

Kraken, the second-largest U.S.-based cryptocurrency exchange, has introduced its own digital wallet, aligning its offerings with those of competitors like Coinbase.

blockdag

BlockDAG’s Lunar Teaser Skyrockets Presale to $17.8M! Polkadot’s Price Soars with Optimism & Chainlink Unveils Updates

Polkadot (DOT) price prediction expects a rally as DOT garners attention for its high development activity, whereas Chainlink launches a new bridging tool. Meanwhile, BlockDAG has entered stage 9, with an impressive $17.8 million garnered in its ongoing presale.

Chainwire

MetaWin Announces Innovative TOKENIZED Tesla Cybertruck Contest on Ethereum’s Base Layer 2 Blockchain

This NFT, which represents full ownership rights to The Cybertruck, has been launched on the Ethereum Base Layer 2 blockchain operated by cryptocurrency giant Coinbase.

<