General

What services does OpenMarkets provide?

OpenMarkets provides execution-only broking services for self-directed investors, advisers and intermediaries.

Services includes:

  • Direct Market Access to ASX, NSX, SIM VSE Equities and select Managed Funds
  • 2 trading platforms Pulse and WebTrader (multi-asset class platform coming in 2015)
  • One-Off Sales service
  • Real-time trading and data APIs
  • BookBuilds & IPOs
  • Education, events, training and support services

Does OpenMarkets offer investment advice?

No. We are an execution-only provider meaning we do not give investment advice, only general advice.

How much does it cost to trade?

$13.95 (up to $20,000 trade value) or 0.07% per trade – Equities, ETFs & Warrants: 
$28 (up to $20,000 trade value) or 0.28% per trade – Options:

One-Off Sales 
Min. $50 (up to $20,000 trade value) or 0.25% per holding
All prices are inclusive of GST.  See Pricing

Is there a fee to open an account?

No. It’s free to open an OpenMarkets trading account and linked Macquarie cash account.

I only want to sell some holdings. How can I do that?

Yes, please visit our One-Off Sales page for all the information.

I'm a foreigner, can I open an account?

Yes, we open accounts for international investors (living in most countries).  In addition to submitting an account application form, you’ll need provide:

  • An original certified copy of your passport (or driver’s licence where there displays a photo and signature)
  • A copy of a bill no more than 3 months old (to verify your residential address)
  • W8 BEN Form (US citizens only)

Can I trade on my iPad or iPhone?

You can trade via WebTrader on your iPad as it is accessed across the internet.  However, Pulse can only be accessed on a computer as accessed via installed software. Stayed tuned for the release of our mobile trading app in Jan 2015!

How do I update my account information?

To change a name:
– Submit a Change of Address Form 

To change a name:
– Submit a Change of Name Form
– Mail to us original certified documentation, i.e. Marriage/Divorce/Birth/Change of Name certificate

To update an email address (for contract notes):
– Email the request to service@openmarkets.com.au

Please submit all forms and requests to: service@openmarkets.com.au or where original certified documentation is required, post to: 

OpenMarkets Client Services
Suite 300
189 Queen Street
Melbourne VIC 3000

How do I reset my Password?

For WebTrader
Login and go to File > Setting > Password

For Pulse
Contact us on 1300 769 433 to set your new password over the phone.

Can I trade using my Margin Lending account?

Only with a Leveraged Equities Margin Loan.  Simply provide the details of your ML account in our account application form and submit to us along with a Leverage Equities’ Nominate a Financial Adviser Form 

Getting Started

How do I open an account?

Download one of our Application Forms and return to us:

Via email to:
service@openmarkets.com.au
Note: we will conduct an electronic ID check however if you do not pass you will need to mail to us certified copy of your passport or drivers licence. We will notify you if this happens. 

Via Mail to:
Suite 300, 189 Queen Street, Melbourne VIC 3000, along with an original certified copy of your driver’s licence or passport. 

Foreign applicants must submit applications by post along with:
– an original certified copy of your passport (or a driver’s licence is acceptable if a photo is displayed)
– a copy of a bill no more than 3 months old

How long does it take to process my application?

  • Applications with New HINs – typically between 2-3 business days.
  • Applications with HIN Transfers – typically between 3-5 business days.

For applicants that require a new Macquarie cash account, it is important to you activate the application immediately (on receipt of our first email) to avoid delays.

What happens when my application is processed?

  1. The first thing you’ll receive from us is an email prompting you to review and approve your new Macquarie application on Macquarie’s website. OR If you have opted to use an existing cash account (from one of our approved providers) and have submitted the required third party authority forms, your cash account will be linked to your OpenMarkets trading account within 3 business days.
  2. A Welcome Email will be sent to all applicants (that have provided an email address) with your trading account and platform login details.
  3. When you’re ready to trade, just transfer funds into your new or existing cash account.
  4. Log in to your chosen platform and start trading!

How do I transfer Issuer shares to my OpenMarkets HIN?

By completing an Issuer Sponsored Holdings Transfer Form and submitting it to service@openmarkets.com.au along with copies of the holdings statements.

Who can trade on my account?

Only persons that you officially grant authority to transact on your behalf. You can do this by completing a Third Party Authority Form

Investing & Trading

What's the difference between Pulse and WebTrader?

Pulse is an advanced live-streaming platform that is installed onto your computer desktop.

WebTrader is a simpler trading platform that can be accessed across any web browser.

See Compare the Platforms for a full comparison.

Which markets/products can I trade?

Markets:
– ASX, NSX & SIM VSE
– Global markets coming in 2015
 
Products available:
– Equities (Stocks, Warrants & ETFs)
– Exchange Traded Options (via Pulse platform only)
– Managed Funds (select providers) – advisers only
– Global Equities coming in 2015

Are real-time prices displayed on the platforms?

Yes. Both WebTrader and Pulse display live data, unlike some other platforms which display 20 minute delayed data. However WebTrader displays ‘click-fresh’ live data whereas Pulse displays live streaming data.

Is there a minimum for Buy orders?

The minimum trade value for a Buy Order is AUD$500.  There is no minimum for a Sell Order.

What Order Types are available?

The following Order Types available through our platforms:

In Pulse:
– Market to Limit & Limit
– Centre Point
– Iceberg
– Conditional – stop loss & trailing stops

In WebTrader:
– Market to Limit
– Limit

What time does the market open and close?

Normal trading hours are between 10am and 4pm.

See below full equity market phases (Sydney times)

Pre-open 
7am – 10am
You can can enter, amend or cancel any orders during this time. They will be queued in a price-time priority fashion until the market opens. 

Open
10am*
Opening takes place at 10:00 am Sydney time and lasts for about 10 minutes. The Opening Price is calculated during this phase based on overlapping bids and offers. The price is dynamic and can change during and up to below times for the stock. Securities open in five groups, according to the starting letter of their ASX code:
Group 1 10:00:00 am +/- 15 secs A-B, e.g. ANZ, BHP
Group 2 10:02:15 am +/- 15 secs C-F, e.g. CPU, FXJ
Group 3 10:04:30 am +/- 15 secs G-M, e.g. GPT
Group 4 10:06:45 am +/- 15 secs N-R, e.g. QAN
Group 5 10:09:00 am +/- 15 secs S-Z, e.g. TLS The time is randomly generated by ASX Trade and occurs up to 15 seconds on either side of the times given above, e.g. group 1 may open at any time between 9:59:45 am and 10:00:15 am. 

Normal Trading
10am – 4pm 
Normal Trading takes place from 10:00 am to 4:00 pm, Sydney time. The vast majority of trades take place during Normal Trading.

Pre CSPA
4pm – 4:10pm 
During this time the market is placed in Pre-CSPA. Trading stops and brokers enter, change and cancel orders in preparation for the market closing. This stage is similar to the Pre- Open stage.

Closing Single Price Auction 
4:10pm – 4:12pm
 The Closing Price is calculated during this phase, determined by overlapping bids and offers. This is the same as the Opening phase whereby the closing price is dynamic and can change right up until the random closing time. *Random + 60 secs 

 Adjust/Adjust ON
4:12pm – 6:50pm
During this phase you may cancel and amend orders (if they don’t improve your position. New orders cannot be entered.

 Purge Orders
6:50pm – 6:59pm
Orders that are expired orders, too far from market etc. will be centrally inactivated/purged.

 System Maintenance 
6:59pm – 7pm
Administration system adjustment session state.

 Close 
7pm – 9:30pm
 No Trading Messages may be entered or amended in ASX Trade and no matching or Auctions take place.

*Random +/- 15 secs

When would an order ever get rejected?

An order would typically get rejected if you:
– enter the incorrect price
– try to sell stock you don’t have
– do not have enough funds in your cash account for a Buy order

Which newswires are available?

  • ASX & NSX news
  • AAP & Dow Jones – available through Pulse only at an additional cost

Funding

What is a Cash Account?

A Cash Account is a type of bank account that’s used primarily for investing. It typically has no set up or monthly fees,  earns interest on your cash and can feed into external platforms.

Why can't I use my everyday bank account?

It’s our way of decreasing risk and ensuring seamless settlement of trades. With an everyday bank account our systems have no way of making sure you have enough funds to settle buy transactions.

Only with a linked cash account can we check your daily balance and allow for Straight-Through-Processing of trades, thanks to a daily file we receive from our approved providers.

Which Cash Account products does OpenMarkets support?

The following Cash Account products can be used to settle transactions on your OpenMarkets account:
– Macquarie Cash Management Account (CMA)
– DDH Graham (Bank of Queensland) Money Market Deposit Account

Coming soon in 2015:
– ANZ Cash Active
– CBA Cash Accelerator

Is there a minimum deposit?

No. There is no minimum balance requirements for our clients.  

I have an existing Cash Account, can I use it?

Yes. If you have an existing cash account with either one of our approved providers, just provide the details in the Account Application and submit a third party authority form directly following the instructions below.

Adding Third Party Authority 

For OpenMarkets to settle transaction on an existing cash account, you must grant us with third party authority by completing the following:

  • Existing Macquarie accounts – complete a Macquarie Third Party Authority Form download here (Sections 4 grants OpenMarkets with General Withdrawal authority to settle trades only)
  • Existing BOQ/DDH accounts – complete a DDH Graham Third Party Authority Form download here

How do I transfer money in and out of my cash account?

Typically Cash Accounts do not have ATM withdrawal facility, but you can transfer funds in and out using internet or telephone banking.  Your access details will be provided to you directly by the provider, e.g. Macquarie Bank posts a Welcome Pack that includes internet and telephone banking information.

Although OpenMarkets helps open a cash account, you are responsible for managing your cash account. 

Cash Account

What’s a Cash Account?

A Cash Account is a type of bank account that’s used primarily for investing. It typically has no set up or monthly fees, earns interest on your cash and can feed into external platforms.

Why can’t I use my everyday bank account?

It’s our way of decreasing risk. With an everyday bank account our systems would have no way of making sure you have enough funds when you buy. Only with a linked cash account can we check your daily balance and allow for Straight-Through-Procesing of trades.

Who are the approved providers?

We currently support the Cash Account products issued by Macquarie Bank (Cash Management Account. But stayed tuned as we integrate with other providers.

Does Macquarie’s $5,000 balance minimum apply to me?

No. This minimum does not apply to our clients.