Simon Narroway, formerly head of Westpac's Global Transaction Services, has been named CEO of AusMarkets.com, an online wholesale banking joint venture between Australia's top four banks.
AusMarkets was established in November last year by ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac.
AusMarkets.com says it will be operational by the end of 2001, at first offering wholesale 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.
While the initial shareholders of the company that will manage AusMarkets.com will be the four major Australian banks, they say it will be an open and inclusive platform for other market participants. The project came about after research revealed that some clients with multiple banking relationships were interested in an aggregated portal in which to transact and manage their treasury operations.