Macquarie Bank launches new internet platform

Macquarie Bank launches new internet platform

Summary: Macquarie Bank has teamed up with finance news aggregator Wotnews to deliver a new retail online trading platform.

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TOPICS: Banking
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Macquarie Bank has teamed up with finance news aggregator Wotnews to deliver a new retail online trading platform.

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Macquarie Bank's Edge platform
(Credit: Liam Tung/ZDNet.com.au)

Head of direct investing, James Leplaw, unveiled the new platform aimed at retail investors that will today compete with online retail products such as ANZ's Online Investment Account trading platform, which allows ANZ deposit holders to trade a bundle of ASX-200 shares.

Unlike the ANZ retail investor product, Macquarie's Edge platform costs nothing to access its basic features, including (otherwise freely available) market data and aggregated news collated by its technology partner, financial news aggregator service, Wotnews. Edge does not limit trading to a bundle. The site can be viewed here.

Features offered on Edge include the ability to develop closed networks with other Edge members, real-time trading and SMS notifications triggered by price, company announcement or stock market information. SMS alerts cost $3.30 per bundle of 10.

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Edge stock view
(Credit: Liam Tung/ZDNet.com.au)

Leplaw said that fully fledged investors would get access to Macquarie's "plain speak" stock reports, derived from more complex reports to institutional investors, but translated by Macquarie Bank's in-house editors for consumption by retail investors. The reports cost $75 per month or will be issued to traders conducting five or more transactions per month. Brokerage rates vary between $23.95 and $28.95 for regular investors.

Macquarie plans to integrate its older 2007-launched platform Macquarie Prime with Edge during the first half of 2010.

Topic: Banking

Liam Tung

About Liam Tung

Liam Tung is an Australian business technology journalist living a few too many Swedish miles north of Stockholm for his liking. He gained a bachelors degree in economics and arts (cultural studies) at Sydney's Macquarie University, but hacked (without Norse or malicious code for that matter) his way into a career as an enterprise tech, security and telecommunications journalist with ZDNet Australia. These days Liam is a full time freelance technology journalist who writes for several publications.

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