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25/11/2009: Australia's Largest Cfd Provider Acquires Major Stock Broking Group

Australia's largest CFD provider, CMC Markets has completed negotiations to acquire leading non advisory stock broking group, Andrew West Stockbrokers.

Based in the UK, CMC Markets Plc has 22 offices worldwide with over 1000 staff and is a market leading provider of OTC derivatives on four continents, in Australia it has a 53% market share of the CFD trading population.*

Andrew West Stockbrokers is a non advisory stock broking group with offices in Sydney, Melbourne and the Gold Coast offering online and telephone broking services to over 130,000 clients.

CMC Markets Asia Pacific Managing Director, David Trew said negotiations with AWS were completed today and the combined operation will create Australia's new non-bank aligned broking powerhouse.

"AWS is one of Australia's established online brokers with over a decade of trading experience and the services of each company are complementary," Mr Trew said. "AWS presents the best fit for CMC Markets' leadership position and is a logical progression of our expansion plan into the wider investment industry.

"There is a growing demand for integrated trading and investment offerings that will enable investors to leverage their existing portfolios for the long term, while taking advantage of market movements in the short and medium-term.

"The integrated company will also fill the void left by other brokers which have aligned themselves with the banks. It will combine our respective specialist skills and capabilities as trading and investment service providers."

Andrew West Stockbrokers Managing Director and proprietor, Andrew West said he would be staying on with the company, along with most of his staff and key executives, to oversee an exciting phase of expansion.

"AWS and CMC Markets share a similar culture and ideas for the future," Mr West said. "This move will provide the necessary resources for the next step in our expansion."

* Investment Trends Australia



 
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