Saxo Capital Markets has announced the launch of CHESS capabilities for Australian equities, making them one of the only platforms in the world to provide this service.
Saxo, a leading fintech specialist focused on multi-asset trading, will now allow clients to hold Australian equities with the Holder Identification Number (HIN) structure of ASX’s CHESS system.
Saxo Capital Markets Australia chief executive Ben Smoker said that this launch would set Saxo apart.
“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,” he said.
Mr Smoker said by offering the HIN structure, traders would be able to do everything they needed from the one account.
“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,” he said.
The HIN structure for Australian Equities is powered by stockbroking firm OpenMarkets as part of a reciprocal partnerships established with Saxo.
Mr Smoker said the alliance showed that investing in other companies can create a win-win for the consumer.
“Our alliance with OpenMarkets is a good example of a how a partnership approach works in practice, for the benefit of the end-customer,” he said.
The ASX recently announced a move away from the CHESS platform but Mr Smoker said Saxo would be involved in any infrastructure changes.
“Now that we are piped in to CHESS infrastructure via our partners, we look forward to benefiting from any technology upgrades that the ASX delivers on the share settlement front,” he said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]com.au