Sanford joins with National Bank

WA-BASED Internet stockbroker Sanford Securities is providing the online share trading systems for the National Australia Bank online trading service launched on 15 February.

Over the past four months Sanford Securities has been engineering the Internet share trading system to be compatible with the NAB’s existing infrastructure.

The NAB’s venture capital arm is to acquire a 15 per cent holding in Sanford Securities staged over a period of time with the bulk transferring when Sanford floats on the Australian Stock Exchange.

Sanford Securities is Australia’s third largest online broker. It has the second most popular Internet site among Australian Internet stockbrokers and averages about 5.2 million hits a day.

The NAB reviewed more than thirty Australian brokers before selecting Sanford.

NAB general manager global product management Bob Price said, unlike some of the bank/broker offerings, the NAB had elected to become a full participant member of the Australian Stock Exchange.

It costs $27 a trade for transactions under $13,500 to use the National OnLine service.

Initially customers will be able to buy and sell any CHESS approved securities, including warrants, listed on the ASX over the Internet or by telephone twenty-four hours a day, seven days a week.

Other features planned for the future include exchange traded options, straight through processing, a hold funds facility, access to initial public offerings and floats, integration of existing margin lending product and access to international securities.

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