Iress, the ASX-listed software group behind the most popular stockbroking platform in the country, is facing a backlash from irate sell-side clients as it tries to push through price rises of more than 6.5 per cent.
Over the past two weeks, stockbrokers across the street have received emails stating their cost of using Iress’ third-party licence will rise to $999 come April 1 – on top of a 6 per cent increase a year ago. Although the cost increase for one license appears small, stockbroking firms can have tens to hundreds of licences, known as seats, one for every employee.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
