A digital brokerage service with monthly trading turnover of over $3.5billion has integrated a global multi-asset trading platform into its offering.
OpenMarkets will use Bloomberg's execution management system (EMSX); allowing users to direct equity orders to OpenMarkets and receive live order feedback at their terminal.
OpenMarkets said the move is a step towards opening the platform to overseas investors, with the new integration set to provide the platform with access to the world's largest community of buy-side traders and portfolio managers in the world.
OpenMarkets chief executive officer Andrea Marani said the step was essential for OpenMarkets to provide overseas investors with access to liquidity when looking to trade in the Australian equity market.
"This integration with EMSX will allow overseas brokers and traders to monitor and track their orders in real time and benefit from OpenMarkets' low-cost, best-execution brokerage services," he said.
"It also opens the door to a range of institutional trading business in Australia for OpenMarkets, as well as global brokers wanting access to the Australian equity markets - a natural next step in our strategy of attracting a broader range of financial intermediary clients."
The announcement follows OpenMarkets integration with online trading platform SelfWealth earlier this year. The partnership allowed SelfWealth to access the OpenMarkets API, providing the flat-fee broker with better trading execution and OpenMarkets settlement services.
"This integration takes our company to the next level as it will allow us to scale the business more rapidly while reducing the number of additional resources required to support this growth. The increased automation from the OpenMarkets process will allow SelfWealth employees to focus on new developments and innovations," SelfWealth founder and managing director Andrew Ward said at the time.
"We're also enhancing the user experience with the integration set to speed up the on-boarding process for new users, reducing it from three days to 24 hours, and for those transitioning from brokers, the process will now only take three days instead of up to eight."