In a statement, OpenMarkets said the trade was placed by boutique financial planning company Quill Group Financial Planners and was “executed directly” with an unnamed “major managed funds provider” through its trading hub.
Speaking to InvestorDaily, OpenMarkets managing director Rick Klink said the multi-asset trading hub (MATH), which operates in a similar manner to the ASX settlement service mFund, was established to provide clients access to funds that “aren’t available on the [mFund] service”.
“What we have found is some of our clients who actually have the products they want us to execute are currently not included in the mFund range,” Mr Klink said.
“mFund is for short-form PDS or simple PDS. What we have started with straight away is international products, so this is already kind of an extension to mFund,” he said.
“[Also] for the client, and it kind of looks the same as mFund in terms of what we do, it is a more simplistic process and we can expand it more rapidly across more managed fund types,” Mr Klink said.
Mr Klink also said OpenMarkets’ “roadmap” for its trading hub will be to introduce execution capabilities across fixed income products and international equities in the first quarter of 2015.
OpenMarkets said MATH is available to financial advisers and intermediaries and will be also be offered to the retail market in 2015.
The brokerage rebranded from Camerons following the 2013 acquisition, with Mr Clink explaining they have “repurposed the licence”.
“It is a really good licence in that we are a full stockbroking firm so we trade, settle and clear, which is unusual for the industry because a lot of stockbrokers have outsourced a lot of their clearing to the likes of Pershing,” he said.
In October 2013 the ASX welcomed OpenMarkets – its first new online broker since 2007 – as a new market participant.
