Draft:Openmarkets Group

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  • Comment: Coverage is largely negative but that is completely missing from this draft. Not surprising given that it is submitted by a paid editor. Avgeekamfot (talk) 08:04, 4 June 2026 (UTC)
  • Comment: In accordance with the Wikimedia Foundation's Terms of Use, I disclose that I have been paid by my employer for my contributions to this article. ~2026-33051-40 (talk) 05:15, 4 June 2026 (UTC)


Openmarkets Group
TypePrivate
IndustryFinancial technology, Financial services
Founded2012
Key people
Ivan Tchourilov (CEO)
ProductsWholesale brokerage, trading technology, wealth management infrastructure
Websiteopenmarkets.com.au

Openmarkets Group is an Australian financial technology company headquartered in Sydney. It provides wholesale brokerage, trading technology, and wealth management infrastructure to financial services businesses, fintech platforms, and institutional clients. The company operates under Australian Financial Services Licence (AFSL) No. 246705 and is a registered market participant of the ASX, Cboe Australia, and the National Stock Exchange of Australia (NSX).

History

Openmarkets was established in 2012 as a technology-focused stockbroker providing direct market access to Australian equity markets.[1]

In 2016, Openmarkets entered a strategic partnership with Saxo Capital Markets Australia.[2]

By March 2021, Openmarkets had become Australia's second-largest retail stockbroker by number of trades, overtaking CMC Markets Australia. The company raised A$10 million in a pre-IPO funding round at that time.[3][4]

Following regulatory enforcement action in 2023, Openmarkets transitioned from retail brokerage to a dedicated business-to-business infrastructure model, serving financial services licensees and institutional clients exclusively.

Regulatory matters

2017 infringement notice

In 2017, the ASIC Markets Disciplinary Panel (MDP) issued an infringement notice to Openmarkets relating to 1,858 wash trades executed on behalf of clients between 2015 and 2016. The trades occurred because Openmarkets failed to activate an anti-wash trade filter in its trading system and did not use an ASX service that prevents on-market self-executions. Openmarkets paid a A$200,000 penalty in connection with that notice.[5]

2023 penalty and enforceable undertaking

In July 2023, ASIC announced that Openmarkets Australia Limited had paid a A$4.5 million penalty — the largest ever imposed by the ASIC Markets Disciplinary Panel — and had entered into an enforceable undertaking.[6][7][8]

The penalty related to multiple contraventions of market integrity rules between 2018 and 2021, including failures in trade surveillance, suspicious trading monitoring, client money handling, and staff resourcing. The MDP noted that Openmarkets had a prior history of compliance failures, describing this history as "very poor" and treating it as an aggravating factor. The MDP stated it would have imposed a higher penalty but for Openmarkets agreeing to an enforceable undertaking and not contesting the alleged contraventions.[9]

The company's former Head of Trading was also banned from providing financial services for three years in connection with the same matter.[10]

Independent expert review

Under the terms of the enforceable undertaking, ASIC appointed Ashurst Risk Advisory as an independent expert to review Openmarkets' compliance framework. The first summary report, issued in January 2024, identified 58 remedial actions required across the company's operations. A follow-up review conducted between July and October 2024 confirmed that all 58 actions had been implemented. ASIC accepted the second report in January 2025, formally resolving the enforceable undertaking.

Business operations

Openmarkets Australia Limited provides wholesale brokerage and trading infrastructure services to Australian financial services licensees. Its services include trade execution, clearing and settlement across ASX, Cboe Australia, and the NSX; application programming interface (API) connectivity for fintechs and institutional brokers; managed accounts infrastructure; and portfolio administration services for wealth managers.

In 2026, the company announced plans to expand into private wealth management, with a target of attracting 50 financial advisers over a three-year period.[11]

The company is the first broker connected to the National Stock Exchange of Australia (NSX) and holds full market participant status with clearing and settlement capabilities.[12]

Proposed Nasdaq listing

In January 2026, Openmarkets entered into a Plan of Merger and Business Combination Agreement with Lake Superior Acquisition Corp. (Nasdaq: LKSP), a United States-listed special-purpose acquisition company (SPAC). The transaction, if completed, would result in Openmarkets listing on the Nasdaq Capital Market at an estimated enterprise value of approximately US$300 million.[13][14]

The transaction is subject to regulatory and shareholder approvals and the filing of a Form F-4 registration statement with the US Securities and Exchange Commission. The agreement includes an outside closing date of 31 December 2026, after which either party may terminate the agreement if the transaction has not been completed.

References

  1. "Openmarkets Group Company Profile". CB Insights. 2024. Retrieved 2026-05-01.
  2. "OpenMarkets Australia Pays $200,000 Penalty Following ASIC Notice". Finance Magnates. 28 September 2017. Retrieved 2026-05-01.
  3. "OpenMarkets is now Australia's second largest retail broker and is eyeing an ASX listing". Stockhead. 9 March 2021. Retrieved 2026-05-01.
  4. "OpenMarkets raises $10m, moves up ranks". Financial Standard. 9 March 2021. Retrieved 2026-05-01.
  5. "OpenMarkets Australia Pays $200,000 Penalty Following ASIC Notice". Finance Magnates. 28 September 2017. Retrieved 2026-05-01.
  6. "Openmarkets hit with largest ever MDP penalty". Financial Standard. 6 July 2023. Retrieved 2026-05-01.
  7. "Aussie Broker Openmarkets Fined AU$4.5M for Market Integrity Violations". Finance Magnates. 6 July 2023. Retrieved 2026-05-01.
  8. "Openmarkets cops record fine over renewed wash trades by problem client". The Inside Investor. 7 July 2023. Retrieved 2026-05-01.
  9. "23-184MR: Openmarkets pays record $4.5 million penalty, enters enforceable undertaking, former Head of Trading banned". Australian Securities and Investments Commission. 6 July 2023. Retrieved 2026-05-01.
  10. "Openmarkets cops record fine over renewed wash trades by problem client". The Inside Investor. 7 July 2023. Retrieved 2026-05-01.
  11. "Openmarkets makes private wealth play". Financial Standard. May 2026. Retrieved 2026-06-01.
  12. "Openmarkets Australia Limited broker profile". National Stock Exchange of Australia. Retrieved 2026-05-01.
  13. "Openmarkets in USD $300m SPAC merger for Nasdaq listing". ChannelLife Australia. 28 January 2026. Retrieved 2026-05-01.
  14. "Openmarkets Agrees To $300 Mln SPAC Merger With Lake Superior". RTTNews. 23 January 2026. Retrieved 2026-05-01.