Who are Openmarkets, Macquarie and OFX?
As outlined below, there are number of parties involved in the transmission, execution and settlement of your orders.
Marketech engages Openmarkets Australia Limited (Openmarkets) to facilitate the trading and settlement of transactions from your account. This means that Openmarkets acts as your agent in relation to the execution of your orders. Marketech act as an Openmarkets intermediary by communicating your orders, via the Focus platform, to Openmarkets and as such all communication regarding your trading account should come directly to us.
Openmarkets is one of Australia’s largest retail brokers, clearing more than $2 billion in annualised trades per month across more than 99,000 accounts. Openmarkets are:
- An Australian Financial Services Licensee (AFSL 246705);
- A Market Participant of ASX, TMX (formerly Cboe / Chi-X) and NSX; and
- An ASX Clear and Settlement Participant.
For Australian residents, Marketech utilises Macquarie Bank Limited (Macquarie) to provide linked banking services. Macquarie is regarded as one of the "big four" banks in Australia. The banking relationship is directly between you and Macquarie, however Openmarkets are assigned third-party authority in order to be able to settle directly to, and from, your Macquarie bank account.
For non-Australian residents funds will be held in an Openmarkets
trust account, and an OzForex Limited (OFX) foreign exchange service account is
required in order facilitate the transfer of funds to, and from, the account in
Australian dollars. Client
funds held by Openmarkets will be held in accordance with Part 7.8 of the
Corporations Act. OFX were established in 1998 and have grown into a global business with 8 office locations and ~700 staff.