TORONTO, June 26 /CNW/ - Scotiabank today announced the signing of a
definitive agreement to acquire TradeFreedom Securities Inc., a privately
owned and dynamic Canadian online brokerage boutique. The transaction
complements product offerings currently available through the Bank's direct
investment arm, ScotiaMcLeod Direct Investing. Terms of the transaction were
not disclosed and are subject to regulatory approval.
"This transaction is an excellent strategic fit for both organizations
and we look forward to providing a seamless transition to the customers and
employees of TradeFreedom," said Chris Hodgson, Executive Vice-President, Head
of Domestic Personal Banking, Scotiabank. "Scotiabank anticipates no
interruption in TradeFreedom's business. The Bank will maintain TradeFreedom's
brand and leverage both platforms' competitive range of online brokerage
products and high quality customer service."
Established in 1999, TradeFreedom is a leading online broker for active
traders and investors, providing a sophisticated bundle of services, including
instant trading and confirmations with direct access to exchanges, electronic
communication networks (ECNs) and free streaming real-time data.
With both advanced Web and customizable desktop trading platforms,
TradeFreedom also offers U.S. and Canadian equity, options, futures and
foreign exchange trading, access to pre-market and after-hours trading, as
well as an array of advanced order types.
"TradeFreedom remains committed to our goal of being Canada's leading
brand for self-directed active investors," said Jay Ferst, Co-Chief Executive
Officer and Co-Founder. "Our entrepreneurial drive and experienced team,
coupled with the strong financial support of Scotiabank, will enable us to
continue to provide our clients with the high level of service they have come
to expect from TradeFreedom."
In a recent Surviscor Canadian online brokerage survey, TradeFreedom
ranked No. 3 overall in the active trader segment.
"At Scotiabank, our brand will live on and continue to strengthen,
providing active investors with better technology and service, said Dominique
Ferst, TradeFreedom's Co-Chief Executive Officer and Co-Founder.
TradeFreedom focuses on the fast-growing, self-directed active investor
market. TradeFreedom is a member of the Investment Dealers Association (IDA)
and the Canadian Investor Protection Fund (CIPF). Visit TradeFreedom at
"Scotiabank's focus going forward continues to be a strong
customer-centered strategy," said Barb Mason, Executive Vice-President, Wealth
ScotiaMcLeod Direct Investing is a member of the Scotiabank Group. With
industry-leading ratings for customer service and investment research, SMDI's
services include: equity, option, fixed income and mutual fund trading. Visit
ScotiaMcLeod Direct Investing at www.scotiamcleoddirect.com.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 58,000 employees, Scotiabank
Group and its affiliates serve approximately 12 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $412 billion in assets (as at April 30, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
TradeFreedom Securities Inc. (www.tradefreedom.com) is Canada's premier
online broker for active traders and investors. Since 1999, we have been
providing sophisticated online brokerage services, including instant direct
access to equities, options, futures, and forex, through better technology at
a better price.
For further information:
For further information: Frank Switzer, Scotiabank, at (416) 866-7238,
or firstname.lastname@example.org; Kathleen Cheong, TradeFreedom Securities
Inc., at (514) 344-5111 extension *317, or email@example.com