The Fersts sell TradeFreedom

Scotiabank Buys Canadian Online Broker TradeFreedom

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.

“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”, said Chris Hodgson, Executive Vice-President, Head of Domestic Personal Banking, Scotiabank.

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.

“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.”

“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.