Discount broker TD Waterhouse Group, Inc. plans to offer online trading of Hong Kong stocks in the first quarter of 2000.
Recently, the Stock Exchange of Hong Kong (SEHK) accepted the broker as a member of the exchange, and the Securities and Futures Commission (SFC) supplied the company with license to trade in Hong Kong securities.
At the same time, TD Waterhouse has also acquired a seat on the SEHK from a leading Hong Kong brokerage, Harvester Securities Co. Ltd. Harvester’s managing director, Clifton Chiu, will become vice-chairman of TD Waterhouse in Hong Kong, according to the company. Financial terms, however, were not disclosed.
“Adding stock trading in Hong Kong is an important step in our global strategy of being a significant player in every market we enter,” said Stephen D. McDonald, CEO of TD Waterhouse.
McDonald added that TD Waterhouse would continue to expand in Hong Kong, Japan and other high-growth markets.
Chiu said, “We are pleased to join with TD Waterhouse to expand the options available to Hong Kong investors, and to contribute our strong local knowledge and experience.”
TD Waterhouse has operations in Hong Kong, Canada, Australia, the United Kingdom and the United States, where TD Waterhouse operates the country’s third-largest discount brokerage firm.
The company’s June 1999 initial public offering (TWE) on the New York Stock Exchange (NYSE) of approximately US$1 billion was considered the largest IPO of an Internet-related company and the 14th largest IPO in NYSE history.
Globally, the broker claims to have over 2.8 million customer accounts and US$113 billion in assets under administration.
TD Waterhouse’s principal shareholder is the TD Bank, which owns 88.5 percent of the company. TD Bank is the fifth-largest bank in Canada with assets of more than US$142.8 billion as of April 30