Saxo Capital Markets, a fintech specialist focused on multi-asset trading and investing, has added a CHESS capability for Australian Equities to its trading and investment platform.
Saxo says this makes it the only platform in the world to provide this service alongside a multi-regional and multi-asset trading and investing offering, enabling a more streamlined process.
As of today, Saxo clients will be able to hold Australian Equities with the Holder Identification Number (HIN) structure of the ASX’s Clearing House Electronic Subregister System (CHESS) in conjunction with the rest of the global securities available on Saxo’s platforms – SaxoTraderGO and SaxoTraderPRO.
Ben Smoker, CEO of Saxo Capital Markets Australia, says: “Every other broker requires investors and traders to switch between accounts and platforms to access different asset classes and different solutions, which is clearly an inefficient and cumbersome process.”
“By offering HIN capability for Aussie Equities alongside International Equities, Bonds, CFDs, FX and the rest of our current offering, traders and investors can access what they need, all from the same account.”
The HIN structure for Australian Equities solution is powered by online stockbroking firm OpenMarkets, as part of a reciprocal partnership established with Saxo in mid-2017. As part of this alliance, Saxo also provides the market infrastructure to allow OpenMarkets offer their own clients access to global equities under a white label model.
“Our alliance with OpenMarkets is a good example of how a partnership approach works in practice, for the benefit of the end-customer. Instead of investing heavily to build everything from scratch, companies can power each other offering their respective capabilities in a win-win,” Smoker says.
In 2015, Saxo transformed its white labelling business with the launch of an open application programming interface (API), providing open access to its market infrastructure for third parties, like OpenMarkets in Australia and more than 120 other financial institutions around the world.
