Nomura Research Institute : OpenMarkets Boosts Back-office Capacity with Australian-first NRI Equities Processing Technology Implementation
Australia’s fastest-growing online stockbroker, OpenMarkets, today
announced the successful upgrade of its back office technology to NRI
Financial Solutions for Broker Dealers provided by the Nomura Research
Institute (NRI, TOKYO:4307), a leading global provider of system
solutions and consulting services.
The transition sees OpenMarkets become the first Australian broker to
use NRI’s state-of-the-art and robust back-office solution for
processing equity trades giving it a clear advantage in features,
scalability and automation.
NRI, Japan’s leading consulting and technology solutions provider, is
one of the major affiliates of the financial powerhouse, Nomura Holdings
The move extends OpenMarkets’ track record in dealing with leading
global players following the company’s recent integration with Saxo Bank.
OpenMarkets transitioned to NRI Financial Solutions for Broker Dealers
to advance and customize its post-trade multi-asset capabilities as part
of its focus on automating processes and increasing scalability.
The safe, rapid and smooth transition to the new system involved moving
the entire client base to the new ASX settlement PID 1136 after close of
business on Friday, July 7th and in time for start of business on
Monday, July 10th.
NRI’s work with OpenMarkets continues the company’s expansion into the
Australian securities market technology space. In December 2016, NRI
acquired ASX-listed technology company, ASG Group to expand their
technology services presence in Australia. Further, NRI Financial
Solutions for Broker Dealers is already enabled for ISO 20022 which
means a more streamlined transition for NRI clients to ASX’s impending
CHESS replacement system.
OpenMarkets CEO, Andrea Marani said, “NRI is an innovative,
technology-driven company able to provide OpenMarkets with greater
efficiencies and integration capabilities. As OpenMarkets was seeking a
more technologically advanced system, one that could efficiently
integrate with our internal systems, and accommodate our expanded
services (such as the recent integration with Saxo Bank), partnering
with NRI was a natural fit.”
“We are a technology-focused broker that builds and manages much of our
own in-house technology via our partnership with Paritech. This includes
our own middleware and order management systems, both of which are
dependent upon seamless integration with the back-office solution which
NRI was well-suited to provide. We are very excited to announce our
partnership with NRI and the opportunities it represents, both locally
NRI’s deep technical expertise and resources, backed by a strong balance
sheet (it is listed on the Tokyo Stock Exchange with a market
capitalization of AUD 12 billion), give it the scale and flexibility to
swiftly respond to new opportunities.
The highly flexible cloud-based NRI Financial Solutions for Broker
Dealers platform helps financial securities companies adapt to rapidly
changing technological and regulatory landscapes – a crucial element for
OpenMarkets as it expands its business to other international markets.
Mr. Toru Watanabe, President, NRI Financial Technologies India said:
“NRI is totally dedicated to offering the best solutions and services in
Australia and around the world to support our customers as the industry
relies more and more on fast-moving technology to enable speed and
“As a new technology vendor to the Australian capital market, it was a
major challenge for us to find the right client partner who could help
us establish our back office system in Australia, and who were attracted
enough to our technology to take the chance of being our first client in
Australia for processing equities.
“Working closely with OpenMarkets we have come to understand their need
for a high level of operational efficiency in order to provide superior
service to their rapidly expanding client base. We are happy that they
found our system suitable for their operations process automation and
integration goals. We are committed to meet their high standards and the
challenge of continuous improvement in the level of automation. We are
excited to partner with OpenMarkets as they expand their business in
Australia and internationally.”
Open Thinking. Open Technology. Open Opportunities.
OpenMarkets Australia Limited (OpenMarkets) is an innovative digital
stockbroker that provides execution-only brokerage services to retail
traders, advisers and intermediaries, including the new breed of
‘robos’. It is a full market participant of ASX, Chi-X, NSX and SIM VSE,
meaning it trades, clears and settles its own trades.
Founded in 2012 OpenMarkets has rapidly grown its average monthly
trading turnover to AUD 2-3.5 billion, consistently ranking in the top
15 brokers in Australia by volume.
In 2016, OpenMarkets received a 5-star
CANSTAR rating for outstanding value in share trading, was awarded 3rd
place winner in the Deloitte Technology Fast 50 in November, and has
recently been nominated in the 2017
Fintech Business Awards in the ‘Platform Innovator of the Year’
OpenMarkets sets itself apart from other brokers with its technology
capabilities, open APIs and open philosophy towards third party
integration. Its growing network includes banks, external trading
platforms, administration platforms, managed accounts platforms and
financial planning software.
About Nomura Research Institute (NRI)
Founded in 1965, NRI is a leading global provider of system solutions
and consulting services with annual sales above AUD 4.75 billion.
NRI offers clients holistic support of all aspects of operations from
back- to front-office, with NRI’s research expertise and innovative
solutions, as well as understanding of operational challenges faced by
financial services firms. The clients include broker-dealers, asset
managers, banks and insurance providers. NRI has 35 offices in 14
countries globally including New York, London, Tokyo, Hong Kong and
Singapore, and over 11,000 employees.
NRI has been recognized during the 2017
FTF News Technology Innovation Awards as ‘Best Clearing and
Settlement Solution’ and ‘Best New Post-Trade Solution.’ Placed in the
Top 10 of the 2016
IDC Financial Insights FinTech Rankings and in the 2016
American Banker and BAI FinTech Forward Rankings.
In a move to expand into Australia, NRI has become ASX CHESS accredited
and has been working with OpenMarkets over the past ten months to tailor
its back office technology to suit the Australian market and
OpenMarkets’ specific needs.
What is Back Office software?
‘Back Office’ software provides brokers and trading participants with
the necessary sub-register, securities and settlements messaging system.
At its core, it is used for registering HINs and securities with CHESS
and share registries, messaging other trading and settlement
participants, and for processing settlements. It is also used to manage
an array of other processes required by brokers.