Consolidation Hitting Brokers And Researchers

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By Rudi Filapek-Vandyck

IWL (IWL) and E*trade Australia (ETR) may have ended their merger talks without tangible results, but the predicted consolidation of the online broking industry is still moving on.

Trade magazine for the banking sector The Sheet reports this morning that ANZ (ANZ) subsidiary ANZ National has agreed to buy New Zealand’s Direct Broking service from financial service provider Dorchester Pacific.

According to The Sheet, Direct Broking represents a seven percent market share in equities trading on the other side of the Tasman Sea.

In addition, press speculation has it that specialised fund management researcher Morningstar is about to announce it has bought Australia’s leading independent equity researcher and fledgling financial media company Aspect Huntley.

To be continued, no doubt.

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