Openmarkets boosts board ahead of planned Nasdaq listing

Openmarkets has appointed Glenda Mcloughlin and Leah Fricke as non-executive directors as the Sydney-based trading and wealth management fintech works towards a Nasdaq listing.

Both appointments take effect immediately. Mcloughlin will chair the Audit Committee, while Fricke will chair the Risk Committee.

The appointments expand the board from three to five members. Openmarkets is pursuing a merger that would create a Nasdaq-listed entity, alongside plans for international expansion and new product areas.

Board additions

Mcloughlin is a company director and investment banker who has held executive roles at Morgan Stanley, Credit Suisse and Barclays Capital.

Her board experience includes AnteoTech, Senex Energy, Metgasco and National Art School. She has served as chair and as a member of audit and risk committees.

Fricke is a non-executive director and former senior executive with experience in regulated businesses across private, listed and multinational environments. Her focus includes governance, audit and risk, including technology and cyber risk oversight.

She is a non-executive director and chair of the Audit Committee at icare NSW, and also sits on the boards of ColCap Financial and Forager Funds Management.

Both new directors have been board observers since May 2023, giving them familiarity with Openmarkets' strategy, operating environment and governance work already underway.

Chair Naseema Sparks AM linked the appointments to the group's growth agenda.

"With global expansion ambitions and a large pipeline of operational and corporate activity ahead, now is the right time to add to our board's governance and risk management capability. The wealth of expertise Ms Mcloughlin and Ms Fricke bring to the board will be invaluable to Openmarkets in the period ahead," Sparks said.

Nasdaq pathway

Openmarkets has agreed to a merger and Business Combination Agreement with Lake Superior Acquisition Corp. If completed, the combined group would become a Nasdaq-listed company.

Lake Superior Acquisition Corp trades on Nasdaq under the ticker LKSPU. The transaction remains subject to regulatory approvals and customary closing conditions.

Under the terms of the deal, Openmarkets was assigned an estimated enterprise value of US$300 million before any earn-out.

The board appointments come as Openmarkets targets a larger footprint in Asia and the United States. It has also flagged an expansion into decentralised finance (DeFi).

Product direction

Initial DeFi work will focus on crypto trading and real-world asset tokenisation, described as the fractionalisation of assets such as funds, real estate, private equity and private credit.

The company also plans to integrate cryptocurrency trading into its existing trading technology platform. It has started building partnerships to support the work and is reviewing its regulatory authorisations.

Openmarkets is a financial services and technology provider headquartered in Sydney, with offices in Melbourne and Brisbane.

It provides trade execution, clearing and settlement services, options risk management and equity order management applications. Clients include fintech providers, dealer groups, private wealth advisers, stockbrokers and high-volume traders.

Finance hire

Openmarkets has also appointed Michael Crawford as chief financial officer. He has three decades of experience across banking, fintech and markets.

Crawford previously held executive finance roles at Mynted, AMP, Commonwealth Bank of Australia and Macquarie Group. He will manage the finance function during a period of growth and expansion.

The proposed Nasdaq process and planned expansion into new markets and DeFi-related activities are expected to keep governance and risk oversight in focus as Openmarkets works through regulatory approvals and deal-closing conditions.