NAB Launches Online Share Trading Platform

Submitted by Share Trading on 19 September, 2012 - 09:39

National Australia Bank (ASX:NAB) has announced plans to launch its own online share trading platform, Nabtrade, to compete with the existing market players which dominate up to 76 percent of the marketplace:

  • NAB Wealth group executive Steve Tucker said to the Australian, "This is a market that has been very sleepy (and) there's been two incumbents, who provide (for) that space and they've done very little to provide global innovation to local investors."
  • NAB estimates there are 2.5 million share traders in the market, with an estimated 20 percent who are current customers in its retail banking operations.
  • Nabtrades fee would be in line with other providers: $19.95 per trade.
  • NAB currently owns existing full service brokerage firm is JBWere.
  • NAB previously provided limited online trading services through a trading platform provided through a third party, IWL (a company which was acquired by Commsec)