To settle trades with OpenMarkets, you’ll need one of the following cash accounts linked to your trading account:
- Macquarie Bank Cash Management Account
- Bank West Cash Management Account
If you require a new Cash Account
If you do not have an existing cash account, we can either:
- Pass on the information in this application to initiate a new online Macquarie application on your behalf*
- OR you may download/complete a Bank West application and mail it to us with this form, along with original certified copies of your ID. (See ID requirements).
You’ll receive an email with link to review your application on Macquarie’s website and accept their terms. Once accepted, your account is considered active and Macquarie will post out a Welcome Pack with your internet banking details.
When you’re ready to start trading simply transfer enough funds into the account via internet or telephone banking.
If you have an existing Cash Account
If you have an existing account with one of the above providers, simply provide us with the details in your OpenMarkets Account Application Form and submit a third party authority form following the instructions below.
Adding Third Party Authority
In addition you must grant OpenMarkets with third party authority to debit/credit on this account for trade settlement.
- Existing Macquarie (CMA) accounts – complete a Macquarie Third Party Authority Form download here
- Existing DDH Graham accounts – complete a DDH Third Party Authority Form download here
What is a Cash Account?
Cash Accounts are a type of bank account typically used for investing. They usually involve no fees, earn interest on your cash in between transactions and can feed data into external platforms.
How It Works
When you buy or sell a security, settlement always takes place on two business days after the trade date (T+2). On this date, we’ll either deposit or withdraw funds from your linked cash account. Funds can then be transferred in and out just like a normal bank account, although not all cash accounts have an ATM facility.
Frequently Asked Questions
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 ensuring smooth settlement of trades. With an everyday bank account our systems 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 automatic Straight-Through-Processing of trades.