Frequently Asked Questions


With effect from 1 September 2020 or such later day as notified to you by Macquarie, Macquarie will be changing its contractual entity facing clients with respect to cash equities in Asia to Macquarie Securities (Australia) Limited (“MSAL”). Note that where you have taken action to confirm your acceptance of this change prior to 1 September 2020, this change will only take effect from 1 September 2020 or such later day as notified to you by Macquarie.

In line with our strategic focus on the Asia-Pacific (APAC) region, we are consolidating our AsiaPac customer base to our Australian brokerage entity, Macquarie Securities (Australia) Limited (“MSAL”).

No. MSAL will be replacing MBL HKB as contracting party facing all clients with respect to the cash equities business. 

Yes. There will be no change to the way your relationship with Macquarie is managed. All our front, middle and back office contact points will remain unchanged.

Our Hong Kong sales traders who are currently licensed with Macquarie Bank Limited, Hong Kong branch, and who will be moved to another entity Macquarie Asia Securities Limited upon it obtaining Hong Kong Type 1 license, will continue to be your point of contact and serve you in the same manner. Therefore in addition to being a client of MSAL as your contracting entity, you will also be treated as a client of the relevant Hong Kong entity only to the extent of either of them acting as an introducing broker between you and MSAL. Both MSAL and the introducing broker would share the commission paid by you. 

Yes. Macquarie will continue to offer the same extensive range of products and solutions to its clients.

You are strongly encouraged to review the new terms as soon as possible. If you have any questions on the terms, please let us know as soon as possible; otherwise, please accept the terms by clicking the acceptance button because that would help both of us to keep proper audit trail of this change. If local law and regulation allow, we may be able to treat your continuous trading as a consent by conduct but in some limited circumstances (e.g. if the Hong Kong rules require), we may not be able to trade with you if you do not respond.

Anyone who has the authority to agree to enter into brokerage arrangement within your organisation. If you are not the right recipient, please forward the communication to the right people within your organisation immediately.

MSAL does not have a credit rating.

Where you trade Australian stock, the clearing and settlement will be conducted by Macquarie Bank Limited and you will face the credit risk of Macquarie Bank Limited. Where you trade any other stock, you will face MSAL (an ASIC regulated, licensed broker on the ASX) from a credit risk perspective and have recourse against MSAL. Note that as MSAL is regulated in Australia by ASIC, the relevant regulatory authority in your jurisdiction may not have the authority to take any enforcement action against MSAL

No, for non-Australian clients, the DMA will still go through our Hong Kong server and we are still subject to the regulations in Hong Kong on electronic execution.

If you previously contracted to MBLHKB for participation in the Commission Sharing Agreement scheme you will now contract to MSAL going forward. Any Macquarie entity may arrange for the payment to your provider. By accepting the new terms, the Commission Sharing Agreement will be transferred to MSAL at the same time.

MSAL and Macquarie Asia Securities Limited will have access to client and personal data in order to fulfill their know-your-client obligations. MSAL and Macquarie Asia Securities Limited are subject to Macquarie’s privacy policy and your data would be kept within Macquarie in the same manner unless we notify you otherwise.

MSAL is required to provide crossing notification to clients if it enters into the transaction as principal and execute the trade as a crossing, unless you agree not to receive such notification. We will take your agreement to clause 3.3 of the MSAL Terms to be your agreement to opt out of receiving such crossing notification.

If you would like to receive crossing notification, please send a completed ASIC Market Integrity Form 3.4.3 Crossing Notification Form indicating your preferred method of delivery of such crossing notification to If you do not wish to receive crossing notifications, you do not need to complete or return the form.


No. This will not be affected.

No there will be no changes to our settlement instructions.

These two markets are ID markets, and clients who trade direct on their own ID will continue to face our onshore brokerage entities in these markets.