TD Ameritrade

Corporate brand

TD Ameritrade was a United States online brokerage and electronic trading brand that became part of Charles Schwab Corporation in 2020.

Last updated August 26, 2026

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Overview

TD Ameritrade was a United States financial-services and online brokerage brand serving individual investors, active traders, and investment professionals. Its business centered on electronic trading in stocks, exchange-traded funds, options, mutual funds, bonds, futures, foreign exchange, and other financial instruments, supported by web, mobile, telephone, and professional platforms. The company began in 1975 as First Omaha Securities, founded by Joe Ricketts. It developed a technology-oriented brokerage model and established Ameritrade Clearing in 1983. In 1988, it introduced a push-button telephone system for obtaining market quotations and entering orders, an early effort to make securities trading more accessible outside traditional full-service brokerage offices. Ameritrade became a public company through an initial public offering in March 1997. A defining transformation occurred in 2006, when Ameritrade acquired the United States operations of TD Waterhouse from Toronto-Dominion Bank. The combined business adopted the TD Ameritrade name, while TD Bank Group received a 39 percent ownership interest. The transaction expanded the company’s customer base and strengthened its position as a major American discount brokerage. TD Ameritrade subsequently broadened its technology and product offering through acquisitions and platform development, including the 2009 purchase of thinkorswim, a trading platform known for tools aimed at active and derivatives traders, and the 2017 acquisition of Scottrade’s brokerage business. The brand’s public identity emphasized investor education, self-directed investing, transparent tools, and technology-enabled access to markets. Its offerings included standard brokerage accounts, retirement accounts, managed-investing services, research, market data, educational content, and advanced trading software. Thinkorswim became one of its most recognizable platforms, particularly among active traders and options users. TD Ameritrade also faced significant legal, regulatory, and reputational issues. A 2007 data breach exposed sensitive customer information, leading to litigation and a later settlement. The company was also criticized over its marketing and distribution of funds associated with the Reserve family during the 2008 financial crisis. Separate litigation concerning auction-rate securities resulted in a large settlement and security repurchase program in 2009. These matters placed customer protection, product suitability, conflicts of interest, and information security at the center of scrutiny surrounding the company. Charles Schwab announced its acquisition of TD Ameritrade in 2019, and the transaction closed in 2020. Following the acquisition, customer accounts and services were progressively migrated to Schwab. The TD Ameritrade platform was ultimately shut down in May 2024 after the transition process. The former brand therefore remains historically important in United States retail brokerage, but it is no longer an independent operating company.

History

TD Ameritrade traces its origins to First Omaha Securities, established in 1975 by Joe Ricketts. The business pursued a discount-brokerage and technology-oriented model rather than relying primarily on traditional branch-based advice. In 1983, it created Ameritrade Clearing as a central counterparty clearing broker. Five years later, it introduced a push-button telephone quotation and order-entry service, extending electronic access to customers before widespread consumer internet adoption. The company went public in March 1997. Its most important strategic transaction came in 2006, when Ameritrade acquired the United States brokerage operations of TD Waterhouse from Toronto-Dominion Bank. The combined company was renamed TD Ameritrade, and TD Bank Group received a 39 percent stake. Ameritrade’s Canadian operations were transferred to TD Bank and combined with TD Waterhouse Canada. The new structure gave the brand a larger customer base and a stronger position in the American retail-brokerage market. Growth after the merger included both platform investment and acquisitions. In January 2009, TD Ameritrade acquired thinkorswim in a cash-and-stock transaction. The platform added sophisticated charting, analysis, options tools, and order-management capabilities for active traders. In 2013, the company opened a new headquarters facility in Omaha. In 2017, it purchased Scottrade’s brokerage division, further increasing scale in retail brokerage. In 2018, TD Ameritrade and Havas placed an advertisement within the Bitcoin blockchain, an unusual marketing experiment linking the brokerage brand with emerging digital-asset technology. The company’s history also includes several significant controversies. In November 2007, it disclosed that hackers had obtained sensitive customer data. A class-action case later led to a 2011 settlement providing compensation to customers who experienced identity theft, although the distribution of settlement proceeds was criticized. During the 2008 financial crisis, customers were exposed to problems involving the Reserve Primary Fund and Reserve Yield Plus. TD Ameritrade had promoted or distributed affiliated Reserve products, and critics alleged that commissions and product descriptions created conflicts of interest or misrepresented investment risk. The Reserve Primary Fund broke the buck after losses associated with Lehman Brothers securities, while Reserve Yield Plus declined in value. TD Ameritrade agreed in 2008 to reimburse certain Reserve Primary Fund losses, and in 2011 settled an investigation by the U.S. Securities and Exchange Commission relating to Reserve Yield Plus. The fund made its final distribution in 2016. In 2009, TD Ameritrade settled claims concerning the marketing of auction-rate securities. The resolution included a payment of approximately $456 million and the repurchase of affected securities. These events contributed to broader scrutiny of brokerage product marketing, customer disclosures, and conflicts of interest. Leadership changed several times. Joe Moglia left the chief executive role in 2008 and became chairman, with Fredric Tomczyk succeeding him as CEO. Tim Hockey became CEO in 2016. Hockey resigned in 2020 amid a disagreement with the board concerning the company’s growth, and Moglia retired as chairman in July of that year. Charles Schwab announced its acquisition of TD Ameritrade in 2019. The transaction closed in 2020, after which Schwab integrated the business and transferred customer accounts. The TD Ameritrade platform was closed in May 2024. The brand is now defunct as an independent brokerage, although its technology, customer relationships, and product history form part of the combined Charles Schwab business.

2024
TD Ameritrade platform discontinued
[1]TD Ameritradeen.wikipedia.org
The platform was shut down in May after customer accounts were migrated to Schwab.
2020
Acquired by Charles Schwab
[1]TD Ameritradeen.wikipedia.org
Charles Schwab completed its acquisition of TD Ameritrade.
2017
Scottrade brokerage division acquired
[1]TD Ameritradeen.wikipedia.org
The acquisition expanded TD Ameritrade’s retail brokerage scale.
2013
Omaha headquarters opened
[1]TD Ameritradeen.wikipedia.org
TD Ameritrade opened a new headquarters facility in Omaha.
2009
thinkorswim acquired
[1]TD Ameritradeen.wikipedia.org
The company acquired thinkorswim, adding an advanced active-trading platform.
2006
TD Waterhouse United States acquisition
[1]TD Ameritradeen.wikipedia.org
Ameritrade acquired TD Waterhouse’s United States operations and adopted the TD Ameritrade name.
1997
Initial public offering
[1]TD Ameritradeen.wikipedia.org
Ameritrade became a publicly traded company in March.
1988
Telephone quote and order-entry system introduced
[1]TD Ameritradeen.wikipedia.org
Customers could obtain quotations and enter orders through a push-button telephone system.
1983
Ameritrade Clearing established
[1]TD Ameritradeen.wikipedia.org
The company established a central counterparty clearing-broker operation.
1975
First Omaha Securities founded
[1]TD Ameritradeen.wikipedia.org
Joe Ricketts founded the brokerage that later developed into TD Ameritrade.

Products and positioning

Technology-led, self-directed investing and active trading for retail investors, supported by educational resources and professional-grade market tools.

Online brokerage
TD Ameritrade brokerage accounts
The core offering provided self-directed investors with access to taxable brokerage accounts and a broad set of securities, including stocks, exchange-traded funds, options, mutual funds, bonds, futures, and foreign exchange. Accounts were supported by online research, market data, educational content, and electronic order execution.
Trading platform · 2009
thinkorswim
Acquired in 2009, thinkorswim was TD Ameritrade’s best-known advanced trading platform. It served active traders through sophisticated charting, technical analysis, options analysis, strategy tools, streaming data, and configurable order-entry functions. The platform became an important differentiator for customers trading options and other complex instruments.
Mobile trading
TD Ameritrade Mobile
The mobile offering extended account monitoring, research, quotations, portfolio management, and trade execution to smartphones and tablets. It formed part of the company’s broader effort to make self-directed investing available across desktop, web, telephone, and mobile channels.
Investment services
Retirement and managed-investing services
TD Ameritrade offered individual retirement accounts and services for customers seeking portfolio guidance or managed investment solutions in addition to purely self-directed trading. These offerings complemented the company’s brokerage infrastructure and investor-education resources.

Controversies

2020
Customer login information reportedly sold online
Reports indicated that TD Ameritrade customer login information was being offered on the dark web.
Source
2009
Auction-rate securities settlement
The company resolved allegations that auction-rate securities had been marketed as short-term investments through a payment and repurchase program for affected securities.
Source
2008
Reserve fund losses and product-marketing scrutiny
Customers were affected when the Reserve Primary Fund broke the buck and Reserve Yield Plus declined in value. Critics alleged that TD Ameritrade’s product marketing, commissions, and descriptions created conflicts of interest or understated risk.
Source
2007
Customer information breach
Hackers obtained extensive customer information, including personally identifying data and trading activity. A later class-action settlement provided compensation to customers who experienced identity theft.
Source

2018Bitcoin blockchain advertisement
United States
TD Ameritrade and Havas created an advertisement inserted within the Bitcoin blockchain, using an emerging digital technology as a distinctive brand and marketing vehicle.
Outcome. Not publicly established in the cited reference.
Source
2011TD Ameritrade Park Omaha naming-rights sponsorship
United States · Omaha
The company held naming rights to the Omaha baseball venue then known as TD Ameritrade Park Omaha under a twenty-year agreement beginning in 2011.
Outcome. After the Schwab acquisition, the naming rights were retained but the venue was renamed Charles Schwab Field Omaha.
Source

Brand decisions

2019
Agree to be acquired by Charles SchwabM&A
Background
Industry consolidation and competition in retail brokerage led TD Ameritrade and Charles Schwab to pursue a combination.
Action taken
Charles Schwab announced an acquisition of TD Ameritrade, which closed in 2020.
Aftermath
Customer accounts and services were migrated to Schwab, and the TD Ameritrade platform was closed in May 2024.
Source
2017
Acquire Scottrade brokerage divisionM&A
Background
TD Ameritrade pursued additional retail-brokerage scale and customer relationships.
Action taken
The company acquired Scottrade’s stock-brokerage division.
Aftermath
The transaction expanded TD Ameritrade’s presence among United States retail investors.
Source
2009
Acquire thinkorswimM&A
Background
The company wanted to strengthen its technology and appeal to active traders.
Action taken
TD Ameritrade acquired thinkorswim in a cash-and-stock transaction.
Aftermath
thinkorswim became a flagship platform for advanced trading and options activity.
Transaction value. Approximately $606 million (2009 acquisition)
Source
2006
Acquire TD Waterhouse United States operationsM&A
Background
Ameritrade sought greater scale in United States retail brokerage by combining with the American operations of TD Waterhouse.
Action taken
The acquisition was completed, the combined business was renamed TD Ameritrade, and TD Bank Group received a 39 percent stake.
Aftermath
The transaction created the TD Ameritrade brand and became the foundation for its subsequent expansion.
Source

Recent events

Unconfirmed
Reported2021.07.27
Schwab cuts employees during TD Ameritrade integration[2]Schwab在整合TD Ameritrade期间裁员wealthmanagement.com
Charles Schwab made another round of job cuts as it continued integrating TD Ameritrade. The cuts included sales executives and members of the digital services team; Schwab did not disclose the total number of positions terminated.
2020.10.26
Reported2020.10.27
Charles Schwab announces workforce reduction[3]嘉信理财宣布裁员wishtv.com
Charles Schwab said it was laying off approximately 1,000 employees, about 3% of the combined workforce of Charles Schwab and TD Ameritrade, to reduce overlapping or redundant roles.
2020.10.06
Reported2020.10.06
Charles Schwab completes acquisition of TD Ameritrade[4]嘉信理财完成对TD Ameritrade的收购learnbonds.com
Charles Schwab completed its acquisition of TD Ameritrade, a former rival, in an all-stock deal.
Unconfirmed
TD Ameritrade reports first-quarter results[5]TD Ameritrade公布第一季度业绩forex.cnfol.com
TD Ameritrade reported first-quarter results, with net revenue of $1.48 billion and earnings per share of $0.82. The article said revenue increased year over year while earnings per share declined.
2019.11.25
Reported2019.11.25
TD Ameritrade appoints Stephen Boyle interim CEO[6]德美利证券任命Stephen Boyle为临时CEOfinance.sina.com.cn
TD Ameritrade appointed executive vice president and chief financial officer Stephen Boyle as interim president and chief executive officer, effective immediately; he was to guide the management team through its fiscal 2020 plan and integration planning with Charles Schwab.
2019.11.25
Reported2019.11.25
Charles Schwab announced plans to acquire TD Ameritrade[6]德美利证券任命Stephen Boyle为临时CEOfinance.sina.com.cn
Charles Schwab announced a plan to acquire TD Ameritrade in an all-stock transaction valued at $26 billion. The deal was expected to be completed in the second half of 2020.
2019.10.01
Reported2019.10.01
TD Ameritrade announces it will match Schwab’s no-fee trading offer[7]德美利证券宣布跟进嘉信理财的免佣交易优惠latimes.com
TD Ameritrade announced that it would match Schwab’s no-fee trading offer. The article reported that the move could cost TD Ameritrade as much as $240 million per quarter, or roughly 16% of its net revenue.

Sources14 sources

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