CMC Markets says delivery of ANZ partnership is in line with projections
Underlining the importance of the Australian market for the company, CMC highlights the deal with ANZ and says all key milestones with regard to the partnership have been met.
Leading online financial trading company CMC Markets Plc (LON:CMCX) has sounded an upbeat note on the progress of its deal with Australia and New Zealand Banking Group Ltd (ANZ) sealed in March this year.
In its Interim Management Statement for the quarter to June 30, 2017, CMC said delivery of the partnership with ANZ remains in-line with the projected timetable, and all key milestones to date have been met. During a 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. As previously guided, the partnership is set to bring more than 250,000 additional active stockbroking clients to CMC’s existing active stockbroking client base, which includes around 50,000 such clients in Australia.
The importance of the deal with ANZ was also underlined by Richard Elston, Head of Institutional at CMC Markets, when he delivered a keynote speech at at the FinanceFeeds London Cup which took place on July 6, 2017. Mr Elston has also stressed the factors that put CMC Markets in the right place to push further into the institutional segment.
During the event, Mr Elston also noted the regulatory challenges CMC Markets has been facing and said that “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”.
Today, in its interim management statement, CMC Markets also mentioned the recent changes to the regulatory landscape. The company said it continues to monitor these changes. With regard to the new CFD regulations in Germany, CMC said it will fully implement the changes by the deadline of August 10, 2017.
Concerning, the UK regulations, as FinanceFeeds has reported, the implementation of the new regulations for the retail CFD sector has been delayed. CMC notes that although there has not yet been a conclusion to the FCA’s consultation in the UK, the company “has not experienced any change in client behaviour as a result of the consultation and therefore sees no impact until any changes proposed are to be implemented by ESMA”.