E*TRADE exiting its Direct Online Brokerage Business

E*TRADE has decided to exit its direct online brokerage business for its UK share dealing service for equities, CFDs, spread betting and SIPP accounts.

‘..Following a strategic review, E*TRADE has decided to withdraw from the provision of local market trading services in the United Kingdom. As a result, and subject to your express consent, we will be transferring your account to TD Waterhouse, one of the UK’s leading online brokers…’

Meanwhile, London Capital Group Holdings plc (“LCG”) in a separate announcements has confirmed the continuation of the E*TRADE white label offering -:

TD Waterhouse has today announced that it will be acquiring the UK customer base of E*Trade Securities Limited (UK). LCG, which currently provides the financial spread betting service to E*TRADE’s UK customers, is pleased to announce that TD Waterhouse has confirmed that LCG will continue to provide this service to those customers following the completion of the acquisition.

Comments: So long! I really liked the ETrade platform and their frequent trader rate was much easier to achieve than SelfTrade and they were cheaper.

Tags: london capital group

This entry was posted on Friday, January 29th, 2010 at 1:32 pm and is filed under Industry Happenings. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.