Online brokerage Ameritrade Holding Corp., which reorganized the company last June, has completed the conversion of clients from National Discount Brokers Corp. and launched Ameritrade Plus, the third segment in its Private Client Division.
Omaha, Neb.-based Ameritrade acquired the online trading arm of National Discount Brokers (NDB.com) for about $154 million in stock last July from Deutsche Bank AG, which exited the U.S. online brokerage business.
Ameritrade said that ndb.com’s clearing services are now integrated into its clearing operations.
“One of the main benefits (of Ameritrade Plus) is the Account Executive, which is similar to a personal broker,” said Joe Moglia, chief executive officer of Ameritrade. “This offering allows more choice and greater customization to meet the investing needs of different segments of self-directed investors.”
Ameritrade said it converted the ndb.com clients to its own front-end system and clearing engine approximately 10 weeks after finalizing the purchase.
The new service platform incorporates the best features of each company, using ndb.com’s Web site navigation and many of its investing tools along with Ameritrade’s state-of-the-art trading technology, the company said. The commission is $15 for Internet equity market orders.
The company’s Private Client Division includes Ameritrade Brokerage, for investors seeking value and ease of use, and Ameritrade Pro, serving professional and highly active traders.
