Firms: Maddocks (CMC Markets Sotckbroking Ltd); Ashurst (ANZ Bank and Share Investing Ltd)
Deal: CMC Markets Stockbroking Ltd has signed a contract with ANZ to provide its online stockbroking platform.
Key players: The Maddocks team advising CMC Markets Stockbroking Ltd (CMC) was led by special counsel Brendan Tomlinson. He was assisted by partners Andrew McNee and Bruce Heddle, special counsels Arlene Colquhoun and Olivia Hillier and associates Jack Evans and Julian Law.
Deal significance: A technology outsourcing agreement finalised between CMC, ANZ Bank and Share Investing Ltd this week. CMC is a part of the global online retail financial services group, known as CMC Group. CMC’s platform is expected to be utilised by over 500,000 ANZ retail stockbroking clients.
The deal allows the bank to use the CMC-owned online stockbroking platform under a white label arrangement with ANZ branding.
According to Maddocks, the exposure will push CMC Markets into second place for biggest Australian stockbroker in terms of clients and trades executed.
“This is a fantastic result for CMC Markets, and we are delighted to partner with them on this transaction,” Maddocks partner Andrew McNee said.
Maddocks special counsel Brendan Tomlinson, who led the deal, 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,” he said.