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OzForex clients gain margin trading
Ruth Liew - Financial Standard, 11 September 2008OzForex clients will now get access to margin trading facilities via an arrangement between the online foreign exchange service and CFD provider, CMC Markets.
OzForex signed the deal today, which will allow users access to CMC Markets services via the foreign exchange company's website. The service however would only operate within Australia, said OzForex chief executive Neil Helm.
"Because OzForex does not provide any form of margin trading facilities and cannot offer any advice or information in relation to foreign exchange margin trading, we believe it is a value-add for our clients to provide a referral on our site to a company that could provide that service for them," said Helm.
Both firms however may use this arrangement as a stepping stone for future deals. Helm said the two firms would potentially expand this referral service outside of the existing scope.
CMC Markets provides a 24 hour service in four languages and began operating in Australia in 2002.
OzForex operates global offices in the UK and Canada and is a subsidiary of Macquarie Equities Limited.
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