TD Ameritrade - wikipedia TD Ameritrade This article is about the online broker. For banks of similar branding, see TD Bank. TD Ameritrade Holding Corporation Type Public Traded as NASDAQ : AMTD Russell 1000 component Industry Financial services Founded 1971 ; 47 years ago ( 1971 ) Headquarters Omaha, Nebraska, U.S. Key people Tim Hockey, CEO Joe Moglia, Chairman J. Joseph Ricketts, Founder Steve Boyle, CFO Services Brokerage firm Revenue $3.676 billion ( FY 2017 ) Operating income $1.466 billion ( FY 2017 ) Net income $872 million ( FY 2017 ) Total assets $38.627 billion ( FY 2017 ) Total equity $7.247 billion ( FY 2017 ) Owner Toronto - Dominion Bank ( 42 % ) Number of employees 8,800 Website www.amtd.com www.tdameritrade.com TD Ameritrade is a brokerage firm based in Omaha, Nebraska with a major trading center in St Louis, Missouri. The letters TD are derived from Toronto - Dominion Bank, the largest shareholder. The company provides services for individuals and institutions that are investing online. The company offers an electronic trading platform for the purchase and sale of financial securities including common stocks, preferred stocks, futures contracts, exchange - traded funds, options, mutual funds, and fixed income investments. It also provides margin lending, and cash management services. Contents 1 Current operations 2 History 3 Legal actions 3.1 Security breaches 3.2 Auction rate securities scandal 3.3 Customer losses in reserve money funds 4 Sponsorships 5 See also 6 References 7 External links Current operations As of September 30, 2017, Ameritrade had 11,004,000 funded customer accounts and client assets of $1.118 trillion. In fiscal year 2017, the company executed an average of 510,710 client transactions per day. In fiscal year 2017, the company derived 37.6 % of its revenues from commissions and fees including fees for order flow, 30.1 % of its revenues from Toronto - Dominion Bank for investment of idle cash balances, 18.8 % of revenues from interest, 11.5 % from investment product fees, and 2.0 % from other sources. History In 1975, the Securities and Exchange Commission banned the practice of fixed brokerage commissions and J. Joseph Ricketts and three partners opened First Omaha Securities, Inc. in Omaha, Nebraska. In 1983, Ameritrade Clearing Inc. was established as a Central counterparty clearing broker. In 1988, the company introduced the first quote and order entry system via the touch - tone phone. In 1995, the company acquired K. Aufhauser & Company, Inc., the first firm to offer online securities trading. In January 1996, TransTerra 's Accutrade launched `` Accutrade for Windows, '' which led to a surge in investing online. In September 1996, TransTerra merged with Ameritrade. In March 1997, Ameritrade became a public company via an initial public offering. In February 2001, Ameritrade acquired TradeCast, which had approximately 60 broker / dealer, hedge fund and money management customers, for $67.3 million. In July 2001, Ameritrade acquired National Discount Brokers for $154 million, adding $6.3 billion in client assets. In September 2002, Ameritrade acquired Datek Online Holdings Corporation. In June 2003, Ameritrade acquired Mydiscountbroker.com. In 2004, Ameritrade acquired Bidwell and Company in January, BrokerageAmerica in February, and JB Oxford and Company in October. In January 2006, Ameritrade Holding Corporation acquired the United States brokerage business branded as TD Waterhouse from Toronto - Dominion Bank. The business was renamed TD Ameritrade. In February 2008, the company acquired accounts from Fiserv. In May 2008, CEO Joe Moglia announced he would be vacating the CEO position and would become Chairman. Fredric Tomczyk, the former COO, was named his successor. In January 2009, TD Ameritrade acquired Thinkorswim, a producer of software for active traders, in a cash and stock deal valued at approximately $606 million. In 2013, the company opened a new $250 million headquarters in Omaha. In September 2017, the company acquired Scottrade, based in St Louis, Missouri, making St Louis the second largest hub for TD Ameritrade. The transition of client accounts occurred in February 2018. In April 2018, TD Ameritrade and Havas placed an ad inserted within the bitcoin blockchain. Legal actions Security breaches In November 2007, the company reported that hackers gained access to most of its clients ' names, Social Security numbers, dates of birth, addresses, phone numbers and trading activity. In 2011, after being sued in a class action lawsuit, the company settled by agreeing to compensate customers that were victim to identity theft between $50 and $2,500 each. The settlement was criticized for netting the attorneys almost as much money as the victims. Auction rate Securities scandal In 2009, TD Ameritrade settled a lawsuit alleging it had marketed auction rate securities as short - term investments. The settlement included a $456 million payment and the buyback of the securities, compensating investors for losses. Customer losses in Reserve money funds The company recommended to its customers to invest cash holdings in a money market fund that was an affiliate of the Reserve Primary Fund and the fund gained approximately $1 billion in assets as a result of such marketing by the company. The company received commissions from the fund for steering customers. In September 2008, during the financial crisis of 2007 -- 2008, as a result of its holdings in securities of Lehman Brothers, the fund was forced to break the buck and $1 billion in cash equivalents of TD Ameritrade clients were frozen. The company was accused of having a conflict of interest as a result of commissions that it received, for having poor marketing ethics, and for misrepresenting the safety of the investment. Fredric Tomczyk, President of the company, argued that the contract with the Reserve Fund was a standard contract and that `` an investment firm has to make money in some way. '' The company was named in class action lawsuits by its customers and the U.S. Securities and Exchange Commission launched an investigation into its marketing practices. In 2008, the company agreed to reimburse its customers for up to a 3 % loss in the Reserve Primary Fund, or up to $50 million. In 2011, the company settled the SEC case and agreed to pay 1.2 ¢ per share of the Reserve Yield Plus Fund that was held by its customers, or $10 million in total. The Reserve Yield Plus made its final distribution in 2016 and investors received 97 to 98 cents on the dollar in addition to compensation from TD Ameritrade. Sponsorships The company owns the naming rights to TD Ameritrade Park Omaha for which it pays an average of $1 million a year. See also Comparison of online brokerages in the United States References ^ Jump up to : `` TD Ameritrade Holding Corporation 2017 Form 10 - K Annual Report ''. U.S. Securities and Exchange Commission. Jump up ^ Brown, Lisa. `` TD Ameritrade closes on purchase of Scottrade, up to 1,000 job cuts planned ''. stltoday.com. Retrieved 2018 - 05 - 14. ^ Jump up to : `` Timeline : Milestones in TD Ameritrade history ''. Omaha World - Herald. October 31, 2016. Jump up ^ Kamen, Ken ( September 2, 2010 ). Reclaim Your Nest Egg : Take Control of Your Financial Future. John Wiley & Sons. Jump up ^ AMERITRADE HOLDING CORPORATION Form S - 1 JANUARY 21, 1997 Jump up ^ `` AMERITRADE, IN ACQUISITION, SEEKS INSTITUTIONAL CLIENTS ''. The New York Times. Bloomberg News. February 15, 2001. Jump up ^ `` Ameritrade buys TradeCast ''. CNNMoney. February 14, 2001. Jump up ^ `` Ameritrade in deal to buy NDB.com ''. Chicago Tribune. August 1, 2001. Jump up ^ `` AMERITRADE WILL BUY NATIONAL DISCOUNT BROKERS ''. The New York Times. Reuters. August 1, 2001. Jump up ^ Sorkin, Andrew Ross ( April 8, 2002 ). `` Ameritrade In Deal to Buy Online Rival Datek ''. The New York Times. Jump up ^ Craig, Susanne ( April 8, 2002 ). `` Ameritrade Agrees to Buy Datek In $1.29 Billion Stock Agreement ''. The Wall Street Journal. ( subscription required ) Jump up ^ `` Ameritrade Closes on Mydiscountbroker.com Account Acquisition '' ( PDF ) ( Press release ). Business Wire. June 16, 2003. Jump up ^ `` Ameritrade to buy Bidwell & Co ''. American City Business Journals. November 7, 2003. Jump up ^ `` Ameritrade to Acquire Accounts from BrokerageAmerica '' ( Press release ). Business Wire. October 2, 2003. Jump up ^ `` JB Oxford & Company Completes Sale of Retail Accounts to Ameritrade, Inc '' ( Press release ). PRNewswire. October 12, 2004. Jump up ^ Ian, Austen ( June 23, 2005 ). `` TD Waterhouse USA Is Sold to Ameritrade ''. The New York Times. Jump up ^ `` Ameritrade Closes TD Waterhouse Acquisition ''. NBC News. Associated Press. January 25, 2006. Jump up ^ `` Sale of Fiserv unit to TD Ameritrade closes ''. American City Business Journals. February 4, 2008. Jump up ^ `` TD Ameritrade names COO Fred Tomczyk as next CEO ''. Fox News. Associated Press. May 15, 2008. Jump up ^ `` TD Ameritrade COO named next CEO ''. The Globe and Mail. Bloomberg News. May 16, 2008. Jump up ^ `` TD AMERITRADE to Acquire thinkorswim '' ( Press release ). Business Wire. January 8, 2009. Jump up ^ Hubbard, Russell ( July 31, 2013 ). `` TD Ameritrade shows off its new $250 million headquarters ''. Omaha World - Herald. Jump up ^ `` TD Ameritrade Closes Acquisition of Scottrade Financial Services, Inc '' ( Press release ). Business Wire. September 18, 2017. Jump up ^ Edwards, Greg ( September 18, 2017 ). `` TD Ameritrade closes on acquisition of Scottrade ''. American City Business Journals. Jump up ^ `` TD Ameritrade Completes Scottrade Account Conversion ''. TD Ameritrade Holding Corporation. February 28, 2018. Retrieved 12 March 2018. Jump up ^ `` TD Ameritrade and Havas Placed an Ad on the Blockchain ''. Retrieved 2018 - 05 - 14. Jump up ^ `` TD Ameritrade 's 6 million customers hit with security breach ''. CNET. November 26, 2007. Jump up ^ Carolina Bolado ( September 13, 2011 ). `` TD Ameritrade Settles Data Breach Suit For Up To $6.5 M ''. Law360. Jump up ^ KRAVETS, DAVID ( July 11, 2008 ). `` Ameritrade Hack Settlement : $2 Per Victim, $1.8 Million for Lawyers ''. Wired. Jump up ^ Pepitone, Julianne ( July 20, 2009 ). `` TD Ameritrade settles auction - rate securities case for $456 M ''. CNNMoney. Jump up ^ `` SEC Charges TD Ameritrade for Auction Rate Securities Sales Practices '' ( Press release ). U.S. Securities and Exchange Commission. July 20, 2009. Jump up ^ `` TD Ameritrade Agrees To Auction - Rate Buyback ''. The New York Times. Associated Press. July 20, 2009. Jump up ^ HOLZER, JESSICA ; MAXEY, DAISY ( February 4, 2011 ). `` TD Ameritrade Settles SEC Case Over Reserve Fund ''. The Wall Street Journal. ( subscription required ) Jump up ^ Oneal, Michael ( November 2, 2008 ). `` Fund losses fuel customers ' anger ; Revenue - sharing deal raises questions of conflict ''. Chicago Tribune. Jump up ^ MAXEY, DAISY ( September 12, 2009 ). `` Reserve Yield Plus Investors in SEC Plea ''. The Wall Street Journal. ( subscription required ) Jump up ^ ANAND, SHEFALI ; SCANNELL, KARA ( September 25, 2008 ). `` Ameritrade to Make Clients Whole on Primary Fund ''. The Wall Street Journal. ( subscription required ) Jump up ^ AMBROSE, EILEEN ( December 16, 2008 ). `` Investors feel burned by what looked like a money market fund ''. The Baltimore Sun. Jump up ^ `` Investors in fallen money fund Reserve Yield Plus ca n't access cash ''. New York Daily News. Associated Press. October 3, 2008. Jump up ^ `` SEC Charges TD Ameritrade for Failing to Supervise Its Representatives Who Sold Shares of the Reserve Yield Plus Fund '' ( Press release ). U.S. Securities and Exchange Commission. February 3, 2011. Jump up ^ `` TD Ameritrade investors in Reserve money fund could share settlement ''. USA Today. Associated Press. February 3, 2011. Jump up ^ `` FEDERAL COURT APPROVES FINAL DISTRIBUTION OF ASSETS '' ( PDF ) ( Press release ). Reserve Funds. April 11, 2016. Jump up ^ `` TD Ameritrade Inks Naming - Rights Deal For CWS Ballpark In Omaha ''. Advance Publications. June 9, 2009. External links Business data for TD Ameritrade Holding Corporation : Google Finance Yahoo ! 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Question: what does the td in td ameritrade stand for
Answer: Toronto-Dominion