Charles Schwab Announces Plan to Adopt thinkorswim Trading Platforms as Part of TD Ameritrade Integration
August 05 2020 - 4:15PM
Business Wire
TD Ameritrade’s thinkpipes platform also to be
adopted for independent advisor clients
The Charles Schwab Corporation (“Schwab”) today announced it
plans to integrate the award-winning thinkorswim® and thinkpipes®
trading platforms, education and tools into its trader offerings
for retail and independent advisor clients following its
acquisition of TD Ameritrade.
“Our plan to adopt the thinkorswim suite of products and
educational resources reflects its status as one of the strongest
retail active trader platforms in the industry,” said Barry
Metzger, Senior Vice President of Trading Services at Charles
Schwab. “For users of Schwab’s StreetSmart Edge® platforms, there
is no change. As we look ahead, we intend to thoughtfully combine
the great capabilities, tools and service at both firms to provide
a unified, world-class trading experience for clients.”
For advisors, the thinkpipes platform offers a multitude of
features, including real-time charting and efficient trading and
allocation, which have made it a market leader. “The combination of
our respective trading teams’ experience and capabilities with the
advanced trading technology of thinkpipes will create an even more
compelling offer for advisors when integration is complete,” said
Bernie Clark, Executive Vice President and Head of Schwab Advisor
Services. Schwab also plans to retain TD Ameritrade Institutional’s
customizable portfolio rebalancing solution iRebal® as part of its
offering for independent advisor clients. Additional technology
solutions continue to be evaluated for consideration as part of the
combined platform.
While the company has said that adopting Schwab platforms and
systems generally will be the most effective way to achieve a
successful and timely integration, Executive Vice President of
Schwab’s Integration Management Office Jason Clague asserted that
“We are committed to leveraging material advantages in TD
Ameritrade’s platforms when doing so enables us to deliver a
differentiated experience to all of our clients. That commitment
drove these decisions.”
“These decisions demonstrate Schwab’s dedication to continually
innovating and enhancing the experience for our clients,” added
Clague. “We will keep clients informed as plans take shape and the
integration process unfolds in the months ahead.”
Integration is expected to take between 18 to 36 months to
complete following the close.
On June 4, Schwab announced that the Antitrust Division of the
United States Department of Justice (DOJ) informed Schwab that the
DOJ closed its investigation of Schwab’s proposed acquisition of TD
Ameritrade. Schwab stockholders approved the acquisition later that
day during a special meeting of stockholders. Completion of the
transaction remains subject to the satisfaction (or, to the extent
permitted by applicable law, waiver) of the customary closing
conditions set forth in the merger agreement, including receipt of
other regulatory approvals. Subject to the satisfaction of those
conditions, the parties continue to expect that the transaction
will close in the second half of the year.
Once the deal closes, where and how clients of the two firms
access their accounts, their pricing, and who they contact for
service or advice will remain unchanged until the account
conversion process begins.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with more than 360 offices and 12.7
million active brokerage accounts, 1.7 million corporate retirement
plan participants, 1.4 million banking accounts, and $3.50 trillion
in client assets as of March 31, 2020. Through its operating
subsidiaries, the company provides a full range of wealth
management, securities brokerage, banking, asset management,
custody, and financial advisory services to individual investors
and independent investment advisors. Its broker-dealer subsidiary,
Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and
affiliates offer a complete range of investment services and
products including an extensive selection of mutual funds;
financial planning and investment advice; retirement plan and
equity compensation plan services; referrals to independent,
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides
banking and lending services and products. More information is
available at www.aboutschwab.com. Follow us on Twitter, Facebook,
YouTube and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements relating
to Schwab’s acquisition of TD Ameritrade, including timing of the
closing and integration. Achievement of these expectations is
subject to risks and uncertainties that could cause actual results
to differ materially from the expressed expectations.
Important factors that may cause such differences include, but
are not limited to, failure of the parties to satisfy the closing
conditions in the merger agreement in a timely manner or at all,
including regulatory approvals; litigation challenging the merger;
the risk that expected revenue, expense and other synergies from
the transaction may not be fully realized or may take longer to
realize than expected; the parties are unable to successfully
implement their integration strategies; and disruptions to the
parties’ businesses as a result of the announcement and pendency of
the merger. Other important factors are set forth in Schwab’s and
TD Ameritrade’s definitive joint proxy statement/prospectus dated
May 4, 2020, as supplemented, and Schwab’s and TD Ameritrade’s most
recent reports on Form 10-K and Form 10-Q.
Disclosures
TD Ameritrade, Inc., member FINRA/SIPC, and TD Ameritrade
Clearing, Inc., member FINRA/SIPC, are subsidiaries of TD
Ameritrade Holding Corporation (NASDAQ: AMTD). TD Ameritrade is a
trademark jointly owned by TD Ameritrade IP Company, Inc. and The
Toronto-Dominion Bank. TD AMERITRADE is the registered trademark of
TD Ameritrade IP Company, Inc.
(0820-0XNS)
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version on businesswire.com: https://www.businesswire.com/news/home/20200805005865/en/
For retail trader media inquiries: Alison Wertheim Charles
Schwab Phone: 415-667-0475 alison.wertheim@schwab.com
For independent advisor media inquiries: Rob Farmer Charles
Schwab Phone: 415-667-0083 rob.farmer@schwab.com
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