CMC Markets Strengthens Australian Presence Through Expanded Westpac Partnership

London-based broker to power trading platforms for Westpac and St.George customers, targeting 40% growth in client base.

CMC Markets has secured a major partnership extension with Westpac Banking Corporation, positioning the UK-based broker to significantly expand its footprint in the Australian retail trading market.

Under the multi-year agreement, CMC Markets Stockbroking—Australia’s second-largest stockbroker by market share—will serve as the exclusive technology provider for Westpac Share Trading and St.George Directshares platforms. The deal marks a strategic win for CMC as it continues to leverage white-label partnerships with major financial institutions in the region.

Integration Timeline and Technology Rollout

The partnership involves a 12-month implementation phase, during which CMC will integrate its proprietary web and mobile trading platforms with Westpac’s existing digital banking infrastructure. Westpac and St.George clients will gain access to CMC’s trading technology through a seamless white-label experience embedded within their banking ecosystem.

CMC Markets indicated that integration expenses will be largely capitalized rather than immediately expensed, with the firm anticipating substantial revenue contributions to its Australian CMC Invest division once the migration is complete.

Significant Growth Projections

The partnership is expected to deliver considerable scale benefits for CMC’s Australian operations. Upon full implementation, the broker projects approximately 40% growth in its customer base and a 45% increase in domestic equity trading volumes—metrics that underscore the strategic value of banking partnerships in the competitive Australian brokerage landscape.
Lord Peter Cruddas, CMC Markets Group CEO, emphasized the partnership’s importance to the company’s regional strategy.

“This is a significant and exciting opportunity for CMC Markets and continues our strong record in Australia in winning major technology partnerships with major banks,” Cruddas stated. “Our focus now turns to supporting Westpac and St.George customers, furthering our relationship with Westpac to ensure a smooth and successful future.”

Westpac’s Platform Modernization Strategy

For Westpac, the arrangement represents the culmination of a comprehensive strategic review of its share trading services. Ashley Stewart, Managing Director of Private Wealth at Westpac, confirmed that CMC Markets was selected following an extensive tender process designed to identify a technology partner capable of delivering enhanced functionality and user experience.

“We look forward to extending our relationship with them to deliver innovative trading features and a leading user experience, integrated with our online banking,” Stewart said.
The partnership aligns with broader trends in the Australian financial services sector, where traditional banks are increasingly outsourcing specialized trading technology to specialized brokers rather than maintaining proprietary platforms. This approach allows banks to offer competitive trading services while focusing on their core banking operations.

Market Context

CMC Markets has established a strong presence in Australia through similar white-label arrangements with major institutions. The expanded Westpac partnership reinforces the broker’s strategy of leveraging its technology infrastructure to capture market share through banking partnerships rather than competing solely for direct retail customers.

The deal comes as competition intensifies in the Australian online brokerage market, with both domestic and international players vying for market share amid growing retail investor participation.

Expanding Beyond Traditional Trading

While CMC Markets solidifies its position in conventional equity trading through partnerships like Westpac, the broker is simultaneously exploring emerging asset classes. The company recently announced plans to venture into digital assets through a collaboration with StrikeX, signaling its intention to offer tokenised assets to clients. This dual approach—strengthening traditional trading infrastructure while preparing for next-generation asset offerings—positions CMC Markets to serve evolving investor preferences across both established and emerging markets.

Read more about CMC Markets’ upcoming tokenised assets launch with StrikeX.