TD Waterhouse fights for top spot
Canadian discount broker TD Waterhouse's recent acquisition of American Express' share dealing services will significantly expand its customer base and threatens Barclays Stockbrokers position as the UK's largest execution-only trading platform and distributor of covered warrants. Shamillia Sivathambu reports
TD Waterhouse announced plans to buy American Express Financial Services Europe (AEFSE) in November last year. The acquisition means TD Waterhouse will gain control of all of AEFSE's customer accounts, numbering close to 250,000. TD Waterhouse currently has 300,000 accounts, and according to Manchester-based Richard Forsyth, senior manager, product development at the broker, the addition of AEFSE's customers to TD Waterhouse's existing platform helps bring the company closer to the top spot
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