Ameritrade, a US private client stockbroker, is buying TD Waterhouse’s US brokerage business, which will create the biggest online retail br...

Ameritrade, a US private client stockbroker, is buying TD Waterhouse’s US brokerage business, which will create the biggest online retail broker in the US, according to a statement from Ameritrade.

The combined company will operate under the name TD Ameritrade and is expected to have revenues of more than $1.8 billion, with average client trades per day of approximately 239,000, the highest in the industry.

In exchange for the US brokerage business of TD Waterhouse USA, TD Bank Financial Group will receive approximately 32 per cent ownership in TD Ameritrade.

The new firm will have the third largest account base in the US with approximately 5,931,000 total accounts and 3,248,000 qualified accounts. Total client assets will be approximately $219 billion.