Maddocks advises on major technology outsourcing agreement
Maddocks advised CMC Markets Stockbroking Ltd on agreement with the ANZ Bank and Share Investing Limited
Friday 10 March 2017
Maddocks has advised CMC Markets Stockbroking Ltd on a significant agreement with the ANZ Bank and Share Investing Limited, which will see CMC Markets provide online stockbroking services to ANZ clients.
Under the contract finalised this week, CMC Markets will provide its online stockbroking platform to ANZ under a white-labelling arrangement with ANZ branding.
The platform will service more than 500,000 ANZ retail stockbroking clients, which will result in CMC Markets becoming the second-largest stockbroker in Australia by both number of clients and trades executed.
CMC Markets is a part of the CMC Group, which is a leading global provider of online retail financial services.
The Maddocks team on the matter was led by special counsel Brendan Tomlinson and included partners Andrew McNee and Bruce Heddle, special counsels Arlene Colquhoun and Olivia Hillier and associates Jack Evans and Julian Law.
Brendan said that the matter was a complex and heavily negotiated transaction.
‘In the end this is a great result for our client and a significant move by them in the Australian market.’
Andrew said: 'This is a fantastic result for CMC Markets and we are delighted to partner with them on this transaction.’
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