Marketech picks up Opentrader client base

Perth-based Marketech has struck a deal to buy Opentrader’s retail client book as it seeks to angle into the space it says will be left vacant by stock market trading platform Iress.

Under the agreement, an initial 6,500 Opentrader clients will be moved to Marketech's ASX data and trading platform Marketech Focus.

Former stockbroker Travis Clark took control of Marketech in 2020 and since then has focused on developing a trading platform he believes fills a gap in the market.

The deal is expected to boost Marketech’s client portfolio holdings to over $400 million and comes as stock market trading platform Iress gears up to shut off its retail trading platform.

“Conventional online share trading companies have been solely reliant on Iress as their default option for serious traders, stockbrokers and professionals,” Marketech chief executive Mr Clark said.

"We’ve made it accessible to the normal retail investor, because limiting their access in relation to the professionals doesn’t support a fair, orderly and transparent market."

For Opentrader parent company Openmarkets Group, the deal will allow it to exit its retail share broking service and turn its focus to clearing and market infrastructure services. 

Marketech Focus will continue to use Openmarkets for these services.