TradeFloor has finalised its acquisition of self-clearing online stockbroker OpenMarkets and the technology behind CCUBE’s wealth management solution as it attempts to build a trading ecosystem with a full suite of products for “planners, advisers and retail traders”.
TradeFloor, OpenMarkets and CCUBE now belong to one entity – OpenMarkets Group.
“These acquisitions will enable us to build an independent trading ecosystem where advisers and planners can come to find the best possible solutions for clients,” said TradeFloor managing director Ivan Tchourilov. “We’re also building dedicated products like OpenTrader, a trading platform for self-directed investors.
“We’ve already seen significant economic results come out of the OpenMarkets acquisition and have been able to fast-track our plans to strengthen our intermediary offering with the acquisition of CCUBE technology.”
Despite tripling its users over the past 12 months, CCUBE entered voluntary administration in February after failing to complete a capital raise as the financial fallout of COVID-19 hit home.
Key CCUBE staff members have been rehired to provide customer support during the transition, while former chief operating officer David Gage is now interim CEO after Nathan MacPhee left the position in February.
“We’re happy to see our clients in the hands of a company with a clear understanding of the planning and advisory space,” Mr Gage said. “Our clients will have continued access to the CCUBE platform and will soon have access to TradeFloor solutions as well.
“OpenMarkets Group has been able to rehire some CCUBE staff members at a time when so many workers have been impacted by COVID-19 and for that, we are immeasurably grateful.”
CCUBE clients will have ‘uninterrupted access’ to the platform.
Biggest problem with ccubem they wouldn’t actually let you test or try the system. Looked like a decent piece of software but hiding it away behind a pay wall is a stupid business decision if you actually have what you say you have.