US online brokerages TradeKing and Zecco said that they had agreed to amalgamate their operations. The firms did not reveal the financial conditions of the transaction.
The combed company will serve some 500,000 client accounts with several billion dollars in client assets, the brokerages said.
As a result of the amalgamation, TradeKing’s clients will be able to use Zecco’s forex trading capabilities and mobile trading applications, while Zecco’s customers will benefit from TradeKing’s options trading tools, educational offerings and customer service, the firms noted.
Raymond James Financial (NYSE:RJF) acted as M&A advisor and Pillsbury Winthrop Shaw Pittman LLP – as legal advisor to Zecco on the deal. In addition, Cooley LLP was legal counsel to TradeKing.
TradeKing was founded in December 2005 and is based in Fort Lauderdale, Florida. The company specialises in online stock and options trading.
Zecco was set up in July 2006 and is based in San Francisco, California. The company offers an online stock, options and forex trading platform.