has advised CMC Markets Stockbroking Ltd, a UK-listed company, which will gain more than 500,000 retail stockbroking clients as ANZ Bank and Share Investing Limited exit online stockbroking.
According to Maddocks, CMC Markets will provide its online stockbroking platform to ANZ under a white-labelling arrangement with ANZ branding. The ANZ retail stockbroking clients are expected to transfer to the CMC platform in September 2018.
The transition will make CMC Markets the second-largest stockbroker in Australia by both number of clients and trades executed.
The Maddocks team was led by special counsel Brendan Tomlinson and included partners Andrew McNee and Bruce Heddle, special counsels Arlene Colquhoun and Olivia Hillier and associates Jack Evans and Julian Law.
The deal, which is not subject to customary approvals, is expected by CMC to add $40 million in gross revenue.
Global firm loses two managing partners
Maddocks advises on major National Broadband Network supply deal