ANZ to phase out eTrade in favour of CMC Markets
After local markets closed yesterday, and before the London opening, ANZ announced that all customers who use its ANZ Share Investing service (formally known as eTrade) will be shifted to CMC Markets.Under the agreement, ANZ will continue to manage and provide existing investment lending and cash management services. No details of payments or other benefits to either company were disclosed.ANZ has previously said it was looking at options for the future of its share trading platform, and a trade sale was a rumoured to be imminent."[A sale] was one of the options under consideration, but this is where eTrade ended up," an ANZ spokesman said. "As we have said with other assets, we want to be able to provide our customers with a service. We don't need to own and to maintain the trading platform for [eTrade], as it's not part of our core business.""That's CMC's core business, whereas for ANZ running and owning a retail investor trading platform has been identified as giving no benefit."In other words, this arrangement will ensure a new platform for ANZ customers to trade shares. Nevertheless, an ANZ spokesman said CMC would benefit from the bulk of ANZ customers' share trading activities.ANZ also said it would "work with CMC Markets to identify opportunities for its existing ANZ Share Investing employees".