TradeKing clients would gain access to Zecco's foreign-exchange trading capabilities. Privately-held Scottrade declined to disclose the number.įort Lauderdale, Fla.-based TradeKing is concentrated on equity-options trading, while San Francisco-based Zecco offers foreign-exchange trading in addition to stocks and options. Smaller rivals like Interactive Brokers Group Inc. TD Ameritrade had around 5.7 million, and E*Trade about 3.9 million. Charles Schwab held roughly 8.7 million client accounts at the end of March, according to Evercore Partners. "It's all about creating a firm with the resources to challenge the top five," said Don Montanaro, chief executive of TradeKing, referring to Charles Schwab Corp.įidelity Investments has around 13.5 million funded client accounts.
The financial terms of the deal weren't disclosed. The deal would consolidate a client base of around 500,000 accounts and place it sixth behind industry leaders. NEW YORK -(MarketWatch)- Online brokerage firms TradeKing Group and Zecco Holdings announced their merger on Tuesday, a tie-up meant to lure trades from larger rivals.
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