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Options involve risks and are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Options trading privileges subject to TD Ameritrade review and approval. Please read Characteristics and Risks of Standardized Options before trading options.The risk of loss in trading futures and forex can be substantial. Clients must consider all relevant risk factors, including their own personal financial situation, before trading.Trading foreign exchange on margin carries a high level of risk, as well as its own unique risk factors. Forex investments are subject to counter-party risk, as there is no central clearing organization for these transactions. Please read the Forex Risk Disclosure before trading this product. A forex dealer can be compensated via commission and/or spread on forex trades. TD Ameritrade is subsequently compensated by the forex dealer. Forex accounts are not protected by the Securities Investor Protection Corporation (SIPC).Options, Futures and/or forex trading privileges subject to review and approval. Not all account owners will qualify.All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success.Scottrade®, the Scottrade® logo and all other trademarks, whether registered or unregistered, are the property of TD Ameritrade, Inc. All rights reserved. Used with permission. TD Ameritrade, Inc., member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc., and The Toronto-Dominion Bank. © 2022 Charles Schwab & Co. Inc. All rights reserved.

史考特证券Scottrade美股开户指南及教程（2019年版） | 美股之家 | 美股百科 | 美港股开户投资

券Scottrade美股开户指南及教程（2019年版） | 美股之家 | 美股百科 | 美港股开户投资 美国华人开户必贝证券(免佣)富途证券(中国)盈透证券广告合作 美股之家 | 美股百科 | 美港股开户投资 首页IPOSPAC美港股开户境外银行卡盈透开户微信群如松 站内谷歌360 美股IPO早知道盈透证券开户富途证券开户（全球）长桥证券2024美股免佣：必贝证券2024接受中国开户的港美股券商在美华人美股港股开户优惠境外银行卡办理第一证券开户Wise跨境汇款指南中国人如何购买美国国债首页史考特证券Scottrade美股开户指南及教程（2019年版）史考特证券Scottrade美股开户指南及教程（2019年版）史考特证券Scottrade.com是和第一证券一样，是国人炒美股比较常用的券商之一，因为其中文服务及低费率优势，广为广大中国交易者中意，今天，为大家梳理下史考特证券Scottrade美股开户最新2019版教程，希望对你有帮助。更新：史考特证券2019年被TD收购，不再接受中国客户，2023可选券商：1、必贝证券（美股免佣交易）2、复星证券（原复星恒利）3、Rockflow（支持境外信用卡入金）4、盈透证券（须番强）史考特证券Scottrade美股账户开户要求：账户持有人年龄20周岁（含）以上；开户需填写《开户申请表》、《W-8BEN 表格》：W-8BEN 表格是用作向美国国税局(Internal Revenue Service)申报非美国人士身份的文件，非美国人可免税，每 3 年更新一次;开通一个证券账户，可以交易美国纽约交易所NYSE、纳斯达克NASDAQ、美国证券交易所的股票；填写融资账户申请单，开通融资账户，默认的现金账户只能做T+3交易（开通后可T+0）；开户免费，没有最低开户金额限制；只需要证券账户即可，不需要额外开立美国银行账户。史考特证券Scottrade美股账户优点：交易费相对便宜，单向一次（买+卖算2次）交易费7美元，一次买卖交易，14美元，不限股数（这点和盈透不同，盈透是200股/1美元，按股数收费），也就是说一次买超过1400股，史考特比盈透证券划算；无账户维护费、无账户不活跃费、无账户转移费或关闭账户费（这点比盈透好，盈透要收10刀）；开户就一并申请融资融券的功能，最低开户金只要USD 2000元，这样就可以做当日冲销Day Trade（T+0）操作并获得一倍的融资额度；完善的中文客服，其免费电话回拨还是不错的；提供即时报价交易系统，方便即时看盘交易（盈透的交易系统是硬伤）；规模足够大,官网显示其有500多家分店，而且该公司是 FINRA 和 美国投资人保护公司（SIPC）成员，对每个投资帐户提供50万美金的保障(其中10万美金为现金)，这样对于投资人的资金安全就有了保障（当然了，这些大部分券商都有，呵呵）。史考特证券Scottrade美股开户教程2015：1. 打开中文官网：https://chinese.scottrade.com/2. 选择“亚太居民申请”3. 如实填写申请资料4. 确认无误，点击“下一页”按钮，参照下图填写：5. 确认无误，点击“下一页”，参照下图填写就业信息，注意：不要选择无业或退休，会被审查，随便写个公司就好了，不会查你的。6. 确认无误，点击“下一页”，参照下图勾选和填写。（本页是调查你是否是专业投资者或是上市公司董事之类的，全部选否，这样可以得到美国方面对于非专业投资者的最大保护）。7. 确认无误后点击下一步，至此，网上开户申请就算告一段落了，Scottrade会根据你刚才在网页上提交的信息生成一个PDF文档，下载该文档。8. 按下图格式填写W8表格，手签签名后，扫描（或者手机拍下来导入到电脑即可），回传给史考特官网：api@scottrade.com注：W8表格的第17条的 Promotion Code（促销代码）可以填写我们的：87803456，这样我们双方都可以获得3次免费交易。直接把所有资料准备好后扫描到电脑上，然后打包发送到api@scottrade.com,接下来scottrade的工作人员会联系你确认资料，再过2个工作日账户就开通成功了，不需要传任何资料到美国或者寄快递到美国，很多教程已经过期，2015最新的，直接打包回传邮箱即可。需要准备好下列材料的扫描件（手机拍下来导入到电脑即可，不用扫描了）：身份证或护照扫描件驾驶证（如果有）扫描件，多一个证件审核会松一点最近6个月的信用卡账单/水电单/煤气单扫描件（用以证明现住址的东西）你刚刚填写的W8表格扫描件（需要手工签名）把以上资料通过电子邮件发送给api@scottrade.com，如果没有问题的话，2天后你就能收到开通账户的邮件提醒了，如果有问题，Scottrade的客服会与你电话联系的，所以要保持电话畅通，目前Scottrade打给中国客户的都是中文客服。9. 如果你收到史考特给你发送的邮件，祝贺你已经申请成功了，接下来就是入金了，国内建议：中行和工行，或者有香港银行账号的最好（史考特官方的银行账号是香港花旗的）。以上内容如果对你有所帮助，就在打印的PDF文件，申请表的第一页的17项Promotion Code（优惠代码）→ 填入代码87803456，这样你我都会有3次免费交易。 啊啊啊啊啊 9 2022年12月5日 22:55:09 5F 回复 纪念没有看账户，去年余额被归公了。。什么情况，怎么申请 美股之家 2022年12月6日 02:39:12 B1 回复 @ 啊啊啊啊啊 史考特证券（Scottrade）被TD Ameritrade收购，所以你要联系TD。不会归公，那不可能的。呵呵。 我 9 2022年12月16日 17:59:12 B2 回复 @ 美股之家 有群吗 美股百科 7 2022年12月17日 03:44:03 B3 回复 @ 我 QQ群：716356856，验证消息：美股之家 carey_j 9 2020年5月19日 21:57:54 4F 回复 我是以前的国内老客户，咨询下如何把钱转回到香港招商银行账号？ 美股之家 2020年5月20日 07:12:45 B1 回复 @ carey_j 直接出金就可以了啊。 幸运运羊羊 0 2019年9月11日 20:48:05 3F 回复 我在史考特证券交易亏损完了，剩余几百美元的钱出金了，但是一星期又回到帐户了，怎样办理出金呢，当时入金有客服管理，现在客服也不管了，有谁管呢 美股之家 2019年9月12日 06:13:30 B1 回复 @ 幸运运羊羊 这个不是实考特的问题，这个是现在内地银行卡无法接受境外券商的资金。因此，你如果要出金，需要办理一张境外银行卡，比如：https://www.mg21.com/usbank bamzy 1 2018年8月16日 01:33:25 2F 回复 变成德美利了 美股之家 2018年8月16日 07:01:16 B1 回复 @ bamzy 去年被TD Ameritrade收购了，目前已经不接受中国客户开户了。 gmh10086 1 2015年12月15日 16:58:16 1F 回复 现在炒美股的，我觉得嘉维证卷，瑞金证卷不错。另外还有老虎，富途也很好。还有sogotrade佣金比较低。有钱直接开个赢透证卷更好。 美股之家 2015年12月15日 17:31:40 B1 回复 @ gmh10086 史考特和第一证券费用较高，呵呵，频繁交易吃不消！ 发表评论 匿名网友 确定 昵称 Address 提交 取消 拖动滑块以完成验证 ΔBiyaPay券商极速出入金最新文章热评文章热门文章最近留言最新文章 广式腊味和中式腌制肉制品公司：荣业食品 Wing Yip Food Holdings Group(WYHG) 03/07 1.5K 香港建筑服务公司：鈞御集团 Primega Group Holdings(PGHL) 03/07 1.9K 加拿大锂矿公司：Lithium Americas (Argentina) Corp.(LAAC) 03/06 1.5K 美国电力基础设施公司：天能能源 Talen Energy Corporation (TLNE) 03/06 1.1K 中国钢铁产品制造商：禄达集团 Luda Technology Group(LUD) 03/06 1.3K热评文章 微牛证券美国开户最新优惠：入金最该送12股+10美元现金 09/07 76 微牛最新活动：入金送最高12只免费股+10美元+5%年化收益现金管理 04/30 40 老虎证券旗下老虎期货终生6折佣金开户优惠+指南 03/16 31 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平台还确保获得最高的QoS。他提供一个纳米布线器，能够根据性能和可制造性优化布线；超过5000万门的极大容量的一体化数据库；以及极高的效率。高度精确的硅虚拟原型技术能让你快速简单为很复杂、高性能的芯片在硅片上如何工作建立模型。该原型允许你探究修改和实现布局、布局规划、以及其他关键后端功能的效应，而使用物理设计工具只需要一小部分时间。 3、Incisive功能验证平台——为大型复杂的芯片提供最快、最高效的验证手段。它为开放设计和验证标准还有模拟电路，混合信号集成电路验证提供内生支持。同一个平台提供按需加速、事务级支持、硬件描述语言分析（linting）、覆盖、调试与分析、以及测试生成。 4、Allegro系统互连平台——能够跨集成电路、封装和PCB协同设计高性能互连。应用平台的协同设计方法，工程师可以迅速优化I/O缓冲器之间和跨集成电路、封装和PCB的系统互联。该方法能避免硬件返工并降低硬件成本和缩短设计周期。约束驱动的Allegro流程包括高级功能用于设计捕捉、信号完整性和物理实现。由于它还得到Cadence Encounter与Virtuoso平台的支持，Allegro协同设计方法使得高效的设计链协同成为现实。 同时，Cadence公司还提供设计方法学服务，帮助客户优化其设计流程；提供设计服务，协助客户进入新的市场领域。自1991年以来，该公司已连续在国际EDA市场中销售业绩稳居第一。 美股百科 Cadence的电子设计自动化产品涵盖了电子设计的整个流程，包括： • 客制IC技术 ─ Virtuoso平台，这是设计全自定义集成电路所需的工具，包括原理图输入、行为建模(Verilog-AMS)、电路模拟、自定义布局、实体验证、萃取等。主要用于模拟、混合信号、RF标准单元的设计。 • 数字与签核技术 ─ RTL到GDS II建置，包括 Genus合成技术、Conformal正规等价验证、Joules功率分析、Innovus布局与绕线、Tempus主频签核、Voltus功率完整性签核、Modus自动测试产生器。 • 系统与验证技术 ─ Cadence 验证包，包括JasperGold形式验证、Xcelium模拟、Palladium Z1硬件模拟、Protium S1 FPGA原型制作、Perspec软件驱动测试、Indago调试、以及验证IP产品组合。 • 硅智财 ─ 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Scottrade（史考特证券）如何？ - 知乎

Scottrade（史考特证券）如何？ - 知乎首页知乎知学堂发现等你来答​切换模式登录/注册美股开户美股入门Scottrade（史考特证券）如何？Scottrade 证券公司如何, 和第一理财相比，劣势在哪里？关注者70被浏览39,235关注问题​写回答​邀请回答​好问题​添加评论​分享​9 个回答默认排序匿名用户十分不建议用史考特，可能因为进军中国市场比较早，很多老股民用过史考特，普遍反应难用、服务差，经常连不上网。果然，今天看新闻，竟然要卖身了。都是按笔收佣金，不如在雪球开第一证券，至少服务好，在雪球交易产品也好用，佣金也比史考特便宜，开户还有福利。刚好雪球现在在搞转户活动，还是尽早转户吧，早转户早解脱 https://xueqiu.com/6123409880/72798035编辑于 2016-09-29 15:10​赞同​​1 条评论​分享​收藏​喜欢收起​匿名用户Scottrad史考特：佣金7$/每笔;收费在网络券商中属于中等水平，最低开户资金500$，不限股数;对于美股行情数据也是完全免费，但是对于股价低于$1的股票，额外收取交易总额0.5%的交易费用; 融资利率较高，交易限制较多，如不能裸卖期权;不能交易美国以外的市场、不能做期货、不能买基金，重视华人客户，但是客服电话一辈子也打不通，拥有超过500家营业网点，而且对于闲置的客户也不额外收费，经常会私自拿投资者的股票借出去给别人做空。Scottrade更适合资金规模比较小，只做股票，不做其它投资品种，不常做融资炒股的投资者以及交易次数不频繁的交易者。我建议新用户还是在新型互联网券商那儿开户，毕竟体验更好，用起来更习惯，服务也更周到。比如我在美豹金融开的户，美股0佣金交易，港股好像也是全行业最低，具体多少我不记得了，美股的话支持做空和做多，入金门槛也低至0美金，实时行情免费，但是没有PC端，且融资融券额度较小。编辑于 2016-09-18 14:16​赞同 12​​6 条评论​分享​收藏​喜欢

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Why Did Scottrade Close?

Closing of Scottrade Accounts

What Did Scottrade Reviews Say?

TD Ameritrade-Scottrade Deal

What Happened to Scottrade? FAQs

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What Happened to Scottrade?

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The acquisition of Scottrade, was completed by brokerage firm TD Ameritrade on Sept. 18, 2017.

Scottrade was an online brokerage firm that served more than 3 million accounts in the U.S. and had consolidated assets of approximately $24.4 billion.

Founded in 1980 by Rodger O. Riney, the firm had about 500 branch offices throughout the U.S. that provided in-person support and small-group educational seminars.

When Scottrade launched its website in 1996, it was one of the first brokerages to offer online trading. The firm offered a full lineup of investment products, trading services, bank accounts, and market research tools. Here’s a quick look at what happened to Scottrade and the effects of the deal on customers.

Scottrade was an online brokerage firm that served more than 3 million accounts in the U.S. and had consolidated assets of approximately $24.4 billion.The acquisition of Scottrade was completed by brokerage firm TD Ameritrade on Sept. 18, 2017.After the acquisition formally closed, all Scottrade accounts were officially moved to TD Ameritrade by February 2018.Scottrade was sold to TD Ameritrade for several reasons including concerns over rising regulatory pressure in the brokerage industry as well health issues of founder and CEO Rodger Riney.Scottrade was reviewed by several sites who unanimously gave the broker high marks for customer service.

Why Did Scottrade Close?

Scottrade Financial Services closed after TD Ameritrade bought Scottrade for $4 billion in cash and stock.

Ameritrade and privately-held Scottrade announced they had entered into a definitive agreement in late October 2016. The acquisition was completed about a year later on Sept. 18, 2017.

In a statement, TD Ameritrade said, “The combination of our two highly complementary organizations would positively alter the landscape of investing, extend our leadership position, and transform the lives of millions of investors for the better.”

Scottrade's Difficulties

The decision to sell came at a time when the brokerage industry was facing several new difficulties. The issues included demands for innovative technology and new federal rules requiring firms to act in their clients' best interests when advising on retirement accounts.

Securities analyst Michael Flanagan stated that Riney and his company were "looking forward and seeing a lot of industry challenges." Flanagan added that "Wall Street continues to be assaulted by the regulators, so the compliance issues are never-ending" and that regulators are "spending more money on technology and legal issues."

Scottrade wasn’t the only online brokerage deciding to close shop in 2016.

In April of that year, Ally Financial agreed to buy online broker and independent advisor TradeKing Group for about $275 million. In July, E-Trade Financial Corporation announced it had agreed to acquire OptionsHouse’s parent company Aperture New Holdings for $725 million in cash.

Scottrade’s decision to sell was also influenced by Riney’s health issues.

In late 2015, he announced he had been diagnosed with multiple myeloma, an incurable form of blood cancer. Riney and his wife, Paula, made an initial gift of $5 million to support multiple myeloma research at the Siteman Cancer Center, where Riney was receiving treatment.

The Alvin J. Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine is a cancer treatment, research, and education institution.

“When we learned there was not a lot of money going to multiple myeloma research, Paula and I decided to get more involved,” said Riney. “This is cutting-edge work, and our initial investment may move the needle by opening the door for additional grant funding.”

The Riney's gave an additional $20 million gift to set up the Paula C. and Rodger O. Riney Blood Cancer Research Initiative Fund at Washington University School of Medicine in 2018.

What Happened to Scottrade Accounts?

Following the completion of the acquisition, Scottrade Bank accounts were closed as of Feb. 17, 2018. Bank account balances were automatically deposited in the customers’ Scottrade brokerage accounts or sent as checks to close out the accounts. Brokerage account balances were transferred to the customers’ new TD Ameritrade brokerage accounts.

The transition was intended to be as seamless as possible for Scottrade customers. They were able to log into their new TD Ameritrade accounts by using their existing Scottrade account numbers as the user IDs with their old Scottrade passwords. Scottrade customers can also access their previous statements and tax documents through TD Ameritrade.

Today, TD Ameritrade provides brokerage services for 11 million accounts that total more than $1 trillion in assets.

What Did Scottrade Reviews Say?

Scottrade was reviewed by several sites who unanimously gave the broker high marks for customer service. Its reputation for customer service was mostly based on 500 branch locations and the rapport that was built with clients since its founding in 1980.

Those advantages were a holdover from the pre-Internet era. Though the company offered online trading since the mid-1990s, Scottrade reviews often pointed out that the online experience was not a company strength.

The qualities Scottrade brought to the 21st century from its 20th-century roots were also in some cases liabilities. The brokerage industry gradually shifted away from a few high-net-worth clients handled through personal interactions during the late 1990s.

Since then, the focus has been on lower transaction fees and getting more retail investors. The Internet brought down barriers between investors and gave them the ability to make trades without calling a broker.

Faith in traditional financial advisors and brokers took a hit after the 2008 financial crisis, especially with younger investors.

By 2016, Scottrade reviews were critical of the company for its high minimum balance on premium accounts, antiquated online interface, and lack of commission-free ETFs.

What Did the TD Ameritrade-Scottrade Deal Mean for Customers?

Scottrade brokerage accounts automatically transferred to TD Ameritrade as part of the transition process.

As of 2022, the combined company served almost 11 million client accounts with more than $1 trillion in assets. Scottrade had a reputation for providing excellent customer service.

That was something Ameritrade President and CEO Tim Hockey hoped to continue. According to Hockey, “Scottrade is so well known for outstanding client care—a credit to the culture that Rodger Riney and thousands of Scottrade employees have built over the last 37 years. It’s on us to continue that tradition.”

The acquisition adds scale and distribution capabilities to TD Ameritrade’s investing services and education. An Ameritrade news release predicted that “the combination of TD Ameritrade’s award-winning trading technology and long-term investing solutions with Scottrade’s larger branch network is expected to enhance the investing experience for millions of investors.”

It is now possible to compare the expanded TD Ameritrade to a popular discount broker like Charles Schwab. For its supporters, TD Ameritrade's customer service more than makes up for slightly higher fees.

Scottrade customers who transitioned to TD Ameritrade were given access to:

TD Ameritrade's platforms, including the TD Ameritrade website, the pro-level Thinkorswim platform, TD Ameritrade Mobile, and TD Ameritrade Mobile TraderMore trading products to choose from, including complex options, futures, and foreign exchangeMore investment advice and guidance, including managed portfolios, robo-advisors, and free goal planning servicesA more extensive range of investor education offerings, including classroom learning, one-on-one coaching, paper trading, and webcastsHundreds of branches across the U.S.

Before the acquisition, Scottrade had about 500 branch locations throughout the U.S. By 2019, those branches had either been converted to TD Ameritrade locations or closed. In September 2022, customers have access to Ameritrade’s 168 branch locations.

What Happened to Scottrade? FAQs

Did Scottrade Become TD Ameritrade?

After the acquisition formally closed in September 2017, all Scottrade accounts were officially moved to TD Ameritrade by February 2018.

Why Was Scottrade Sold to TD Ameritrade?

Scottrade was sold to TD Ameritrade for several reasons including concerns over rising regulatory pressure in the brokerage industry, as well health issues of founder and CEO Rodger Riney.

When Did TD Ameritrade Take Over Scottrade?

TD Ameritrade officially completed its acquisition of Scottrade on Sept. 18, 2017.

Scottrade or Ameritrade, Which One Is Better?

On Feb. 18, 2018, TD Ameritrade fully completed the conversion of Scottrade brokerage accounts to TD Ameritrade, essentially becoming a single platform.

Today, TD Ameritrade is well known for its extensive research capabilities, wide education offerings, numerous support channels, and zero-commission trades.

I Sold Shares on Scottrade, Now How Do I Get My Money?

All Scottrade accounts became fully integrated with TD Ameritrade in early 2018. In order to access any funds in your Scottrade account, simply enter your legacy Scottrade account number and legacy Scottrade password on TD Ameritrade's log-in page.

How Can I Access My Scottrade Account?

As mentioned above, in order to access your Scottrade account, enter your legacy Scottrade account number in the UserID field and your legacy Scottrade password on TD Ameritrade's log-in page.

Article Sources

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editorial policy.

U.S. Securities and Exchange Commission. "TD Ameritrade Closes Acquisition of Scottrade Financial Services, Inc."

Federal Reserve System. "Order Approving the Acquisition of a Savings and Loan Holding Company and Shares in Certain Nonbanking Subsidiaries," Page 3.

TD Ameritrade. "Client Letter."

TD Ameritrade. "2017 Annual Report," Pages 8, 65.

U.S. Securities and Exchange Commission. "Administrative Proceeding File No. 3-15702, In The Matter of Scottrade, Inc. Respondent," Page 2.

Paula & Rodger Riney Foundation. "Who We Are."

S&P Global Market Intelligence. "Lengthy Commission War Far from Certain Following TD Ameritrade-Scottrade Combo."

U.S. Securities and Exchange Commission. "Form 10-Q TD Ameritrade Holding Corporation," Page 10.

TD Ameritrade. "2018 Annual Report," Page i.

Ally Financial. "Ally Financial Announces Acquisition of TradeKing Group."

U.S. Securities and Exchange Commission. "E*Trade Announces Acquisition of OptionsHouse."

Washington University School of Medicine in St. Louis. "$20 Million Gift Boosts Multiple Myeloma Research."

TD Ameritrade. "About Us."

AdvisoryHQ. "Comparison: OptionsHouse vs Scottrade."

TD Ameritrade. "Tools & Platforms."

TD Ameritrade. "TD Ameritrade Branches."

TD Ameritrade. "Login Help."

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今年最大的一桩网络券商并购案，错过了太不应该 - 知乎

今年最大的一桩网络券商并购案，错过了太不应该 - 知乎首发于券业星球切换模式写文章登录/注册今年最大的一桩网络券商并购案，错过了太不应该小莽叔叔生活是一种飞行前不久，美国最大的在线折扣经纪商TD Ameritrade及其最大股东TD Bank Group宣布将斥资40亿美元收购知名券商Scottrade。此事在宣布之时曾引来海外金融机构及媒体的强势关注，但由于TD Ameritrade知名度略逊于嘉信理财这类明星公司，其业务也并未涉足中国内地，因此没有引起人们的注意。根据TD Ameritrade新闻通告，这项年内最大的互联网券商并购案将在2017年完成。而就在公告后一周，这家公司就宣布启动旗下智能投顾项目Essential Portfolios，零售业务整合方案的推陈出新，可谓节奏飞快。感慨一句「活久见」。券星研究猿曾在诸多谈话场合与他人聊到TD Ameritrade，这家公司的故事，可不比嘉信理财少。如今就借着这桩并购事件，与各位分享下我们对于这家互联网券商的认识和想法。先来简要地描述下这桩并购案本身的细节。10月24日，上市券商TD Ameritrade发布了其2016财年的业绩摘要，紧接着公布了这项并购案。整个收购过程将分为两个环节：首先，持有TD Ameritrade共计41.4%股权的最大股东TD Bank Group将以13亿美元现金收购Scottrade Bank；紧随其后，TD Ameritrade将以27亿美元现金和股票收购Scottrade Financial Services的证券业务。▲ TD Ameritrade对Scottrade的并购流程收购完成后，Scottrade的创始人兼CEO Rodger Riney将进驻TD Ameritrade董事会。接下来，需要进一段有关TD Ameritrade和Scottrade两家券商的简史。TD Ameritrade的最早前身是First Omaha Securities，一家与美国著名的「证券交易修订法案」同年（1975）诞生的清算服务商（Clearing Broker），1983年更名Ameritrade Clearing，1995年收购在线经纪商K. Aufhauser & Co。Ameritrade于1997年上市，2005年收购加拿大TD Bank Group旗下经纪商TD Waterhouse，更名为TD Ameritrade。2000年代，TD Ameritrade展开了一系列横向并购，并购目标多是折扣经纪商。与嘉信理财向综合理财商的演化路径不同，TD Ameritrade的目标客群仍定位为自主交易客户。它吸收各家被收购经纪商的优势，前后推出了SnapTicket（自主交易网站）、QuoteScope（技术分析工具）、Amerivest（投资组合建议）、thinkorswim（快速交易软件）等一系列颇具特色的交易工具，大部分都沿用至今。Scottrade成立于1980年，在90年代也跻身锐意创新的在线经纪商阵营，与嘉信理财、E*Trade、Ameritrade其名。到了2000年后，Scottrade采取线上线下并重的策略，在线上推出中文服务，线下持续扩张营业网点。直到今年被收购前，它总共在全国各个大小城市铺设了495家实体网点。值得一说的是，这些网点往往开在全美各大商超附近，每间仅有2到3名投资顾问，麻雀虽小但客户粘度极高。在收购案发生后，TD Ameritrade 新任CEO Tim Hockey说，「当我们查看Scottrade的客户信息时发现，他们的客户渗透率非常高，Scottrade实体网点的客户集中度，也要高于一般的经纪商。」不过进入2008年以后，Scottrade因为一系列负面事件受到监管机构的惩罚，诸如欺诈客户、代理交易、账户失窃等等，或多或少地影响了这家公司的声誉。简言之，TD Ameritrade与Scottrade属于各有特色的互联网经纪商，目标客群一致性较高。TD Ameritrade的核心竞争力在于技术实力，以及一系列自主研发的交易工具；Scottrade的相对优势之处，在于均匀分布的营业网点，以及高粘性客户群。▲ TD Ameritrade（绿色）与Scottrade（紫色）的营业网点分布每一桩并购案背后，都或多或少受政策或行业背景的驱动，经纪商价格战尚未停息，被动化投资的大浪又袭来。Morgan Stanley最新的报告预测，未来三年美国证券经纪业务的佣金水平将在当前基础上继续下降10%。下表是美国前五大互联网券商的在线交易费用信息，无论从从降幅空间还是业务规模的角度看，TD Ameritrade的经纪业务未来都将受到挑战。在券业星球今年8月推送的译文《共同基金的未来》中，我们提到了美国资产管理机构对于指数基金和ETF的热捧。ETFGI数据显示，截至2016年9月，全球ETF资产规模已经达到3.2万亿美元以上，超过了对冲基金管理规模。金融危机后，美国国债收益率继续下冲，权益类主动管理产品亦无法跑赢指数，基础资产收益率的下降导致投资者越发关注费率问题。近两年热度颇高的智能投顾，也在一定程度上推升了被动投资的理念。换言之，折扣经纪商赖以生存的活跃交易客户，产生了更多变数。拿TD Ameritrade最新公布的2016第四财季的季报来说，其客户账户数量较去年同期增加了5%，资产总量也有显著的上升，但日均交易额较去年同期却下降了7%。而根据2016财年的全年数据，TD Ameritrade的经纪业务收入占到了总收入的40%，这意味着被动化投资的大背景下，折扣经纪商也必须试图找到新的营收增长点。下一个问题，合并将为TD Ameritrade带来什么？梳理完两家公司的现状，便不难得出结论：这是TD Ameritrade向财富管理型机构转型的机会。对于TD Ameritrade而言，最大的好处在于Scottrade的线下高质量客户，将在一定程度上对冲经纪价格战和被动化投资带来的负面影响。▲ 合并后的各项经营指标TD Ameritrade迅速推出了Essential Portfolios，和我们熟知的Betterment一样，以ETF为工具来实现全球资产配置。而其原有的投资组合管理服务Amerivest将转向专业投顾，继续运营下去。同样重要的是，更大的业务规模将会使得TD Ameritrade降低单户运营成本。毕竟，控制成本才是通道类业务的终极竞争力所在。最后回到我们熟悉的套路，谈谈这桩并购案的启示。和研究高盛、大摩比起来，去关注TD Ameritrade这类公司，显然能给我们当下的经纪业务转型更多启发。合并后的TD Ameritrade客户总资产量接近1万亿美元，仍然远低于嘉信理财的2.7万亿。后者早已摆脱了折扣经纪商的定位，转型成为综合理财机构中的巨擘。如今的TD Ameritrade正在奋力追赶，全面、高效的在线服务体系，是它的重器。纯交易、纯线上都不会是互联网券商的未来，交易通道与财富管理终归是两种完全不同的商业模式。交易收入的影响因素在于行情、费率和客户数量，对于这三者，没有人能轻易扭转现状，而且互联网所起到的直接影响将会越来越小。而这几点，又恰恰是券业媒体和机构们逃不开的窠臼。财富管理的模式建立在客户存量资产的增长之上。对于长尾客户，标准化可复制的金融产品、交易服务是核心竞争力，互联网渠道、线下营业部是必要延伸，主次关系需要厘清。TD Ameritrade和Scottrade分别有一些闪光的地方，前文中已经提到。前者的历史，也可说是一部满载着光荣与梦想的并购史，大部分横向并购最终都被内化成了公司整体的优势，能做到这样并不易。▲ TD Ameritrade的历次并购与客户资产、交易情况而在跨界并购渐趋频繁的今日，埋头苦干的国内券商们，或许也该多去考虑类似的机会。微信公号：券业星球编辑于 2016-11-25 18:17证券业互联网证券经纪业务​赞同 62​​1 条评论​分享​喜欢​收藏​申请转载​文章被以下专栏收录券业星球强势关注互联网和新经济背景下的证券与资产管

TD Ameritrade to buy Scottrade in $4bn deal

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TD Ameritrade to buy Scottrade in $4B cash-and-stock deal | AP News

TD Ameritrade to buy Scottrade in $4B cash-and-stock deal | AP News

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TD Ameritrade to buy Scottrade in $4B cash-and-stock deal

By JOSH FUNK

 

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OMAHA, Neb. (AP) — Online brokerage TD Ameritrade is buying Scottrade in a $4 billion cash-and-stock deal that would significantly expand its branch network at a time when many financial firms are expanding automated adviser programs.In the two-stage deal announced Monday, TD Bank Group will buy Scottrade Bank first from Scottrade Financial Services Inc. for $1.3 billion in cash, and Scottrade Bank will be folded into TD BankThen, TD Ameritrade will buy Scottrade Financial Services for $2.7 billion in cash and stock. Part of that purchase will be financed by selling 11 million shares to TD Bank, which will continue to control 41 percent of TD Ameritrade’s stock.TD Ameritrade said that the transaction adds significant scale to its retail business and more than quadruples the size of its network of about 100 branch offices.TD Ameritrade CEO Tim Hockey said the branches should help it better serve clients and expand into more markets although the company will probably close about 150 of the 600 branches it will have after the deal.

“Financial decisions are very important to people and they like talking with someone they know and they can talk to in their community,” Hockey said.

TD Ameritrade anticipates about $450 million in combined annual expense savings.Combined, TD Ameritrade and Scottrade had $944 billion in total client assets and 600,000 average client trades per day for the year ended Sept. 30, on a pro forma basis.

“It gives us extraordinary scale,” Hockey said. “With that scale, those investments in technology will be spread over more clients.”CFRA Research analyst Cathy Seifert cut her rating on TD Ameritrade’s stock to “Hold” from “Buy” but she said the deal should provide a boost.“We view positively AMTD’s planned purchase, for $4B, of Scottrade Holdings, since it should help AMTD’s slowing revenue growth,” Seifert said.

Jefferies analyst Daniel Fannon said Scottrade is a good strategic fit with TD Ameritrade, and the deal makes sense given the potential cost savings.Scottrade founder and CEO Rodger Riney will join TD Ameritrade’s board.The deal is targeted to close by Sept. 30, 2017.In addition to the Scottrade deal, TD Ameritrade said its fourth-quarter profit declined 13 percent to $185 million, or 35 cents per share, as trading slowed.The company generates revenue from a combination of transaction fees, asset-based fees and investor education fees. Officials believe adding Scottrade’s clients will boost revenue with more trades and more opportunities to offer investment advice.TD Ameritrade’s fourth-quarter results fell short of the 38 cents per share analysts surveyed by Zacks Investment Research expected.TD Ameritrade said it expects to generate earnings per share between $1.50 and $1.80 next year excluding the Scottrade deal.Shares of TD Ameritrade Holding Corp. declined $1.23, or 3.3 percent, to $35.82 in afternoon trading Monday. Its shares have risen more than 6 percent over the past year.

JOSH FUNK

Josh covers railroads & Warren Buffett’s Berkshire Hathaway

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TD Ameritrade completes acquisition of rival Scottrade | AP News

TD Ameritrade completes acquisition of rival Scottrade | AP News

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TD Ameritrade completes acquisition of rival Scottrade

 

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OMAHA, Neb. (AP) — Online brokerage TD Ameritrade has completed its acquisition of rival broker Scottrade and will spend the next several months combining their operations.TD Ameritrade said Monday that the two-stage deal announced last fall had closed.As part of the transaction, TD Ameritrade’s biggest shareholder, TD Bank, purchased Scottrade’s bank for $1.4 billion cash.Then TD Ameritrade paid $1.7 billion cash and issued 28 million shares of stock to acquire Scottrade’s brokerage business.Scottrade client accounts should be moved over to TD Ameritrade’s platform by the end of March.Scottrade’s CEO will become an adviser to TD Ameritrade’s CEO. And Scottrade’s Peter deSilva will oversee the combined company’s retail trading operation. The two former Scottrade executives will remain in St. Louis instead of moving to TD Ameritrade’s headquarters in Omaha, Nebraska.

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

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Copyright 2024 The Associated Press. All Rights Reserved.

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