AustraliaÆs top banks come together for online joint venture

Aggregated portal to serve up banks'' wholesale products and services from next year.
Australias top four banks National Australia Bank, Commonwealth Bank of Australia, Australia New Zealand Banking and Westpac Banking have announced an online joint venture that will bring the banks wholesale financial products and services together in one portal.

AusMarkets.com will be launched next year, at first offering money market, debt securities and information and risk management content such as research, news, rates and portfolio analytics to the banks Australian clients. This will be followed by a full suite of interest rate derivatives and foreign exchange products as well as possible expansion of the service to overseas clients.

Co-operation between the four fiercely competitive institutions is significant in light of the government...

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