EXCLUSIVE: RBS white-labels retail trading platforms
Royal Bank of Scotland has launched two platforms to cater for the increasingly active retail trading sector. The products, NatWest Index and RBS Spread Trading, have both been white-labelled from CMC Markets.
“From June 28, NatWest Stockbrokers entered into an introductory broker agreement with CMC Markets UK for the provision of spread betting and contracts for difference (CFD)/foreign exchange trading. All customer transactions, dealing, administration and monitoring of account margin will be carried out by CMC Markets UK,” says an RBS spokesperson.
“The RBS service went live on July 10. The service was introduced following research with existing customers who are active traders, which confirmed that there was a demand for these products. The service responds to our customers’ needs and the requirements of today’s modern investors,” the spokesperson adds.
It is an open secret that RBS had been conducting trials of CMC’s platform internally for several months before the two platforms’ launch. However, there was speculation that the deal stalled after RBS took an undisclosed stake in TTT Moneycorp at the start of the year. Although TTT Moneycorp’s primary business is to provide cash foreign exchange services, it has branched out into the speculative sector with a white-label solution from one of CMC’s rivals.
That has not proved the case and RBS has gone ahead with CMC, which is recognized as one of the leaders in its sector.