TD Waterhouse will launch an "active trading platform"
Post/Bloomberg say TD Waterhouse targets Ameritrade
2004-09-15 08:40 ET - In the News
The Financial Post reports in a Bloomberg dispatch Wednesday that TD Waterhouse will try to win back clients from discount brokerage rivals such as Ameritrade by offering a new "package" for frequent stock traders, its parent company's chief executive officer said. Bloomberg's David Scanland and Sean Pasternak write that TD Waterhouse is losing market share to Ameritrade and Scottrade, which are focused on frequent stock traders, said Edmund Clark, CEO of Toronto-Dominion Bank, TD Waterhouse's parent. "The active trading market is dominated by Ameritrade," said Mr. Clark, speaking at an investor conference in Toronto. TD Waterhouse will launch an "active trading platform" to win back frequent traders this fall, Mr. Clark said. He did not provide details. The number of daily trades handled by TD Waterhouse slumped to 87,000 in the quarter ended July 31, from 135,000 in the first quarter, as stock prices slumped. Ameritrade clients made 113,000 trades a day in August, compared with 73,000 for TD Waterhouse. Mr. Clark said TD Waterhouse is gaining share from full-service brokerages such as Merrill Lynch by targeting customers with assets of between $200,000 (U.S.) and $300,000 (U.S.). |
