E*Trade
Jul 15, 2002 | 11:29 am
#1
Original Poster
Join Date: Apr 2001
Location: Kensington, CT, USA
Posts: 97
E*Trade
I originally opened an E*Trade account under a promotion with Northwest Airlines. I received the following notice: E*TRADE Securities, Incorporated will reorganize and be renamed E*TRADE Securities LLC ("E*TRADE
Securities"). On September 3, 2002, E*TRADE Clearing LLC ("E*TRADE Clearing") will become our clearing firm and perform
centralized cashiering, bookkeeping, and execution functions for our cash and margin accounts. E*TRADE Clearing also is a
wholly-owned indirect subsidiary of E*TRADE Group, Inc.
Does anyone know what E*Trade is reorganizing and should I consider moving my account?
Securities"). On September 3, 2002, E*TRADE Clearing LLC ("E*TRADE Clearing") will become our clearing firm and perform
centralized cashiering, bookkeeping, and execution functions for our cash and margin accounts. E*TRADE Clearing also is a
wholly-owned indirect subsidiary of E*TRADE Group, Inc.
Does anyone know what E*Trade is reorganizing and should I consider moving my account?
Jul 15, 2002 | 4:18 pm
#2
Join Date: Jan 2002
Location: atlanta, GA
Posts: 2,040
I don't know why they are doing this but it is unlikely to affect your accounts or FF miles.
It sounds like they created their own clearing agency and are now using them to clear the trades.
Etrade is publicly traded and they may explain the purpose in their SEC filings.
It sounds like they created their own clearing agency and are now using them to clear the trades.
Etrade is publicly traded and they may explain the purpose in their SEC filings.
Jul 16, 2002 | 5:25 am
#3
Join Date: Feb 2000
Location: (SMV) St. Moritz, Switzerland
Programs: LH SEN, AA AAirpass, IC Ambassador Platinum, *wood Gold
Posts: 1,343
Just a guess on my part.
They may have just acquired a seat on the exchange. That would allow them to execute trades directly, rather than have one of the other brokerages "clear" (actually buy and sell on the exchanges) trades for them.
They may have just acquired a seat on the exchange. That would allow them to execute trades directly, rather than have one of the other brokerages "clear" (actually buy and sell on the exchanges) trades for them.