(October 12 – 10:00 ET) –
TD Waterhouse Group Inc. has
scrapped its deal with Island
ECN. Instead its joining the
REDIBook ECN consortium.
TD Waterhouse announced a US$25
million investment in Island ECN
earlier this summer. But the deal
fell into trouble after Island
ECN became the subject of
regulatory attention in the U.S.
Today, TD Waterhouse says the deal
didn’t go through because of “an
inability to reach agreement on
issues of corporate governance
and valuation.”
REDIBook is a co-operative
ventue of Spear, Leeds &
Kellogg, Charles Schwab Corp.,
Fidelity Investments, and
Donaldson, Lufkin & Jenrette.
Terms of the deal were not
disclosed.
With the REDIBook deal, TD
Waterhouse will now also offer its
U.S. customers access to its
after-hours trading service that’s
expected to launch in early
November. The after-hours session
will be from 16:30 EST to 19:00
ET Monday through Friday; and
will involve Nasdaq-traded stocks
and some listed listed securities.
-IE Staff
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