Posted in: Institutional Capital Markets
One of Australia’s largest and fastest growing retail brokers, Openmarkets, has gone live on GBST’s Retail Clearing Platform, which has been deployed via a Software as a Service (SaaS) model on the Amazon Web Services (AWS*) cloud. The platform, designed for Australian market participants, provides scalable, feature-rich, robust equities and options processing.
Openmarkets will utilise the platform for its equities and Exchange-Traded Option (ETO) clearing and settlement capabilities, intermediary management, risk management, and real-time interfaces into margin lenders and cash management providers.
Denis Orrock, Head of Capital Markets at GBST, said, “We are delighted to include Openmarkets in our growing client base of leading financial institutions. I am proud of our delivery team, who completed this implementation remotely due to Covid-19 in under 12 months. Our industry experts enjoyed bringing their best practice operational capabilities to the Openmarkets project.”
Ivan Tchourilov, CEO at OMG (Openmarkets Group), said, “We selected GBST’s Retail Clearing Platform due to its breadth of system capabilities, plus the fact that it is the choice of many ASX participants gave us greater confidence. It gives us a great foundation to grow faster with the forthcoming CHESS replacement being handled by GBST. The economies of scale it provides make it much more economic than running our own back-office technology. The platform will provide us with automation across the complete post-trade lifecycle for equities and options, client onboarding automation, and firm-wide risk management, that will allow us to focus on delivering leading-edge technology, and an expanded product offering that will benefit the more than 225,000 investors using our systems, holding in excess of $11 billion in assets.”
GBST’s retail broker and clearing clients currently manage over AUD$200 billion in sponsored HIN, cash holdings, and margin loans across GBST platforms. To ensure these firms have continuous connectivity, GBST is funding a multi-million-dollar investment across its Australian post-trade products to facilitate the ASX’s CHESS replacement program, which is due to go live in April 2023. More than 60 percent of all cleared market trades currently travel through GBST’s systems, which processed in excess of $2.2 trillion in trade value during FY21.
*GBST has collaborated with AWS for several years and recently joined the AWS Partner Network (APN) within the Independent Software Vendors (ISV) pathway. This growing partnership has empowered GBST to further develop deep expertise while working together across capital markets solutions to offer a flexible, pay-as-you-go Software as a Service (SaaS) that provides a faster implementation of continuing developments.
Andrew Byrne – Marketing
+61 2 9005 0922