But will they use crappy IBKR Lite or TOS @ SCHW? I think the cheap crowd goes to SCHW. And if IB doesn't communicate well their better execution, they will suffer as well. If IB wants the crowd they are going to have to do something. Tough to convert the crowd to IBKR PRO if they all trade at SCHW.
I kind of hope they axe TOS so all the fanboyism stops and people discover better brokers. TDs offerings are basically PlaySkool My First Platform tier with how expensive everything is for futures and options trading. I remember fighting with them every month to reduce my options commission down from 4.99 + .50c a contract and they refused to drop it lower despite trading a few hundred contracts a year. They think their platform is enough to justify the cost when you could go to IB and get the exact same experience (they even have bloomberg streaming and IV rank now) with rock bottom commissions and WAY better execution. If you only trade futures TOS is a terrible platform, and AMP/Optimus/etc are significantly better with (again) better execution and platform options.
SCHW and AMTD According to the November 2019 PR, https://pressroom.aboutschwab.com/p...oration-to-Acquire-TD-Ameritrade/default.aspx the deal should close "in the second half of 2020". MS and ETFC Feb 20, 2020 "Morgan Stanley to Acquire E*TRADE, Creating a Leader in all Major Wealth Management Channels" https://www.morganstanley.com/press-releases/morgan-stanley-to-acquire-e-trade The deal is "expected to close in the fourth quarter of 2020". .
Morgan Stanley Closes Acquisition of E*TRADE October 02, 2020 https://www.businesswire.com/news/h.../Morgan-Stanley-Closes-Acquisition-of-E*TRADE https://www.morganstanley.com/press-releases/morgan-stanley-closes-acquisition-of-e-trade "Morgan Stanley Closes Acquisition of E*TRADE" Feb 20, 2020 "Morgan Stanley to Acquire E*TRADE, Creating a Leader in all Major Wealth Management Channels" https://www.morganstanley.com/press-releases/morgan-stanley-to-acquire-e-trade .
SCHW and AMTD According to the November 2019 PR, https://pressroom.aboutschwab.com/p...oration-to-Acquire-TD-Ameritrade/default.aspx the deal should close "in the second half of 2020". October 2020 update Schwab Provides Update on Regulatory Actions Related to Its Acquisition of TD Ameritrade https://www.businesswire.com/news/h...s-Related-to-Its-Acquisition-of-TD-Ameritrade https://www.sec.gov/Archives/edgar/data/316709/000095010320019329/dp137329_ex9901.htm Schwab expects to close the transaction on October 6, subject to the customary closing conditions set forth in the merger agreement. .
It's just the end of the road for Scottrade, TDA and E Trade being independent. The consolidation is now pretty much over: IB will likely remain independent. TDA will be completely merged into Schwab, but TOS should remain, which is all I need. Schwab would never be so dumb as to get rid of TOS. Schwab probably bought TDA over E Trade because of TDA's technology.
I know people on here say how valuable TOS is to the Schwab/TDA. What is valuable is assets under management!! Schwab Bank is a cash cow!! And yes, retaining assets is very important. It is what is killing the full service brokers (Morgan Stanley). As you're having generational pass down of assets...You have things like Robinhood and IB stepping in and up to bat. But after a few "glitches", many young people will wake up and look for fuller customer service. Just my thoughts...